New FTC debt settlement laws go into effect October 27th 2010
New FTC debt settlement laws and regulations
That leaves only a few legit debt settlement companies
New Federal Trade Commission rules will begin going into effect for debt settlement companies on October 27 2010. These changes will help protect the consumer like never before.

The biggest change is that debt-settlement companies will be barred from collecting upfront fees. The debt settlement company may not charge customers fees until it successfully renegotiates, settles, reduces or otherwise changes the terms of at least one of the consumers' debts.

The debt settlement companies must also disclose how long it will take to get results, how much the process will cost and any negative consequences that could arise for the consumer.

Fees must be spelled out in formal written agreements between the consumers and creditors. And the fees must be proportionate to the amount of debt that's been settled.

If the consumer pays into a dedicated account as part of the settlement agreement, that account must be established at a financial institution that offers federal deposit insurance. In addition, the account must be in the consumer's name and control, rather than in the control of the debt-settlement company.
The whole idea behind the new debt settlement regulations is of course to protect the consumer. These new regulations will surely weed out the many debt settlement companies that simply prey off of consumers with high debt amounts.

Premier Financial Debt Help has been preparing for the new changes and will still remain as one of the top ranked debt settlement companies online. Get trusted debt Help now!
A Debt Settlement company that you can trust
Premier Financial Debt Help is a top rated debt settlement company that does not charge upfront fees, is attorney backed and has many years of experience in the debt collections and debt settlement industry.

They know the debt settlement laws and they have a very professional staff that would be glad to go over the new debt settlement laws with you.

Visit the Premier Financial Debt Help website and get a free debt settlement consultation today!