Do you live in the state of Illinois and need help with debt relief? Many consumers living in Illinois have been devastated by the recent economic turmoil over the past couple of years. This recession has left large numbers of people stuck using their credit cards to survive; thus putting people deep in debt! At this point many of these people and this may be you, are now searching for a debt relief option to escape this hellish nightmare of credit card debt.
A lot of people have been turning to debt settlement; however this industry has gotten a bad reputation over the years as being riddled with “scammer” companies. If you are not only curious about whether Illinois debt settlement could be your answer for debt relief, but also curious to learn about the changes in the debt settlement industry to rid the scammers and help the American consumers then read on.
The Main Problem:
The reason the debt settlement industry earned its bad reputation was due to greedy companies who got into the industry with the sole reason of just earning quick fees and not really helping the overburdened consumer. These startup companies got into the industry because it was largely unregulated and the companies were able to charge their settlement fees upfront before ever negotiating a settlement for their client.
This structure of upfront fees is what led to many companies getting too greedy; in an effort to make as much money as possible these debt settlement companies would sign up as many people as they could. Even if the people they were signing up were not good candidates for the debt settlement process.
Many of these companies signed up so many people that they were not able to properly service their clients. In the long run many consumers ended up paying a lot of money in fees and never got the settlement handled for them.
Obviously this led to great upheaval with the American people; placing untold numbers of people in an even worse position than they were in prior to contacting the debt settlement company.
The Solution:
At this point something needed to be done. With a worsening recession, high credit card debts, and scam companies these people were in dire need of help. This is where the FTC stepped in and put their foot down. Finally after years of receiving complaints about unscrupulous debt settlement companies the FTC came in with some major industry changing moves.
The first major change to the debt settlement industry was to make it so that debt settlement companies could no longer charge fees upfront before settling their clients account. This ban on upfront fees changed everything!
Now no longer will you see companies in the debt settlement industry that are in it just to make a quick buck. Because these companies now earn their fees based on their performance of settling your debt and they only get paid once they complete the settlement on your behalf.
This makes it no longer a lucrative industry for those who are unwilling to do the work necessary to help the American people. This is GREAT news for those people who are stuck deep in debt and really need to find a way out; and who have decided that debt settlement will be the route for their relief. The consumer enrolling into an Illinois debt settlement program now has the peace of mind knowing they won’t be risking a lot of money to upfront fees.
In addition this ensures the debt settlement company will work to get the best possible deal for their client, most debt settlement companies that have stuck it out after these FTC changes earn their fee based on how much money they are able to save their client.
This results in a WIN-WIN for both parties involved.
Your Solution:
If you are living in Illinois and want to find a company that can work in your state who does not charge upfront fees then you have come to the right place.
Prestige Financial Solutions has been helping consumers to escape this trap of credit card debt and has been successfully using the PAYS (Pay As You Settle) model for almost two years.
We foresaw the coming change to the industry and wanted to proactively ensure that we are doing everything possible to stay in the good graces of both the American public and the FTC.
If you would like to speak with one of our debt analyst’s then click the link below and fill out an application for debt settlement, we will gladly go over all of the options available to you for Illinois debt relief.