On 27th October 2010, the Federal Trade Commission (FTC) amended laws that apply to medical bill consolidation. The new set of rules and regulations prohibit collection of upfront fees by debt settlement firms from debtors and make it mandatory for companies to primarily settle medical debts incurred by borrowers till they are fully satisfied. It is only then that such agencies can ask for a fee. Furthermore, companies that offer assistance for reducing overall medical dues have been notified that they need to erase off at least 35% of the debts. Till such time these firms would be required to invest their own money to cover up for expenses involved in negotiations. The legislation had its impact immediately.
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Companies which used to dupe debtors by charging advance fees for providing medical debt management plans went out of business as they failed to meet the terms and conditions mandated by the new law. Only legitimate firms managed to stay in business and as a result, people are now getting genuine services unlike before. That is precisely the reason why medical debt settlement programs are far better now and a borrower could secure deal for settling medical dues without having to bother about being cheated or even fooled by the agency from which he derives help. Gone are the days of scams as the debt settlement industry appears to be more authentic these days than ever before.
Therefore, it could be time for you to explore various debt relief options, if you have been faced with unmanageable medical debts. By seeking debt assistance from a reliable as well as reputable debt settlement company, you could be helped by debt specialists to overcome your financial hardships and get rid of debts quickly. Alternatively, even if you have $ 10K in unsecured credit debts, it makes sense to analyze your debt reduction alternatives by using such expert help. Normally, firms which provide debt help offer free evaluation to borrowers for analyzing their debt situation. You could use this to your advantage.
To get more useful information on your best medical or credit card debt management program options, it is recommended to utilize the professional services offered by reputed online service providers like LoansStore
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LoansStore guides consumer to get out of their credit card debts and maintain fiscal balance. Free credit counseling helps to get better debt relief ways.