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NEW OPTION FOR POST-HOLIDAY DEBT RELIEF
FOR IMMEDIATE RELEASE!
Valencia, CA, December 12, 2001-Despite their best intentions some consumers will find themselves financially overwhelmed after the holidays. In the past those who could not sustain their minimum credit card payments inevitably turned to bankruptcy. Today, that's no longer the case. The emerging industry of debt mediation offers a viable alternative to bankruptcy, one made more secure as a result of consumer protections recently enacted by The Debt Solution, Inc., a nationwide provider of debt resolution services
"We find ourselves leaders in an evolving field," states Duane Anderson, President and co-founder of The Debt Solution, "and we felt it important to set a pattern that would further not only our growth, but the integrity of the industry."
Debt mediation serves a very specific financial niche; those who can no longer sustain the minimum payments on unsecured debt such as credit cards. Such are subject to the cumulative effects of late fees and punitive interest rates (as high as 29.99%) and strenuous collection efforts including harassment by mail and telephone as well as lawsuits.
Consumers declaring bankruptcy suffer personal humiliation, ten years of ruined credit, and exorbitant rates on future borrowings. Debt mediation completely avoids the stigma of bankruptcy and renders participants debt-free in approximately 24-36 months. Final negotiated settlements on outstanding balances (principle, interest and fees) can be as little as forty cents on the dollar. Most who complete the program actually improve their credit rating.
The Debt Solution, Inc., has enacted a package of consumer safeguards that set new standards for the debt elimination industry. The changes were enacted over the past six months in consultation with the company's legal firm, Proskaurer-Rose, LLC. The safeguards particularly address disclosure issues and the handling of consumer funds.
The disclosure process developed by The Debt Solution begins with a detailed financial analysis to determine an applicant's eligibility. Those who qualify sign a 10-point disclosure form which includes the debtor's agreed monthly set-aside and a calculated estimate of the time required to become debt-free. There is an additional orientation by the applicant's debt consultant and the applicant then has five days in which to reconsider his or her commitment.
Debt mediation firms vary in their handling of consumer funds. Under the program enacted by The Debt Solution an individual escrow account is set up at a participating bank for each new client. The procedure offers two key advantages.
First, consumers retain control of their funds throughout the entire settlement process. Monthly contributions from participants collect in their escrow account, allowing settlement offers to be made to creditors. When a creditor settlement is formulated, the proposal is sent to the consumer for approval. Funds are not dispersed from the consumer's account until that approval has been received.
Second, the procedure avoids co-mingling funds among debtors, or with the mediator's operating funds. Otherwise, if the mediator were to fail financially, consumer funds could be tied up in a lengthy recovery process or lost entirely.
Additional benefits of the new system are that all transactions can be handled electronically with real time account information available to clients online.
"Debt mediation is a very worthwhile procedure and far superior to bankruptcy as a solution for debt," observes Anderson. "Most creditors support it because they are treated fairly and recoup some funds at least, but others may attempt to derail the process in an effort to force a better deal for themselves. Participants should fully understand all aspects of the program."
About The Debt Solution:
The Debt Solution, Inc., headquartered in Valencia, California, provides debt mediation services to qualifying consumers throughout the United States and Canada as a viable alternative to bankruptcy.
The program offered by The Debt Solution differs from traditional debt counseling or debt consolidation. As these do not address the amount of outstanding indebtedness, they are not designed to help individuals who cannot sustain their minimum monthly payments. The program, while voluntary, is closely supervised. It greatly reduces the stress of creditor calls and produces a consumer who is totally debt-free within 24-36 months.
The Debt Solution offers additional services that educate the debt-free graduates to manage their incomes wisely, attain financial responsibility and live prosperous lives of wealth accumulation.
For more information on the Debt Solution call (866) 863 - 5544 or visit www.TheDebtSolution.com.
Sign Up Today!
If you are interested in getting out of debt, saving thousands in interest, and having your debts settled for pennies on the dollar, sign up today for our free personalized debt settlement consultation, with one of our certified debt consultants.
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