Monday, June 10, 2013

Debt Relief Industry News: Issue One Vol 1

Welcome to the premier issue of Debt Relief Industry News. Dedicated to sharing informative articles about the debt relief industry with a positive and constructive approach.

As the saying goes, "the only constant in life is change" and nothing facilitates change in an industry more then government regulation. Last October the Federal Trade Commission initiated a new ruling known as the TSR rule that affected how debt settlement companies could conduct their business with consumers. Considered one of the most profound changes was how they could collect their fees from their consumer clients. Now debt settlement companies had to collect the fee after a debt had been settled and not beforehand as many had done previously before the ruling. In addition to the change brought about by the Federal government there are many new state regulations that these debt relief companies had to consider in their dealings with consumers.

"The debt relief industry has always been evolving", said, Laurence Laros of the International Association of Professional Debt Arbitrators (IAPDA). He continues "The industry is also evolving by polarizing into a new debt relief industry which embraces both debt settlement and consumer credit counseling services. The Evolution 2011 conference embraces this development. The future of the debt relief industry is very bright for those willing to face the challenges of learning all options for debt relief available to consumers and fully advising consumer clients on all of their options while operating an efficient company with low overheads. The FTC TSR rule amendment has been in effect for 9 months now and well managed debt relief companies are starting to reap the rewards of their good work with cash flows from fees returning. We are seeing new companies starting and existing companies growing again."

To understand the changes to the debt relief industry it is important to understand the dynamics resulting from the changes. Vendors of debt relief software had to make application modifications, training and certification companies had to rewrite their training manuals, lead generation companies had to rewrite their scripts and websites, new approaches to the negotiation process, a rescue operation by thriving compliant debt settlement companies for consumers whose previous companies were forced to go out of business and then finally a host of new products and services to consider.

In subsequent issues we will look at these change in a non-biased and objective view. The purpose is to create a sense of urgency for unity within the debt relief industry. In future issues you will be able to read about reviews of new products and services, interviews with industry leaders, polls indicating opinions from debt relief professionals, and resources where one can go for more information. Become a follower of this blog and don't miss a single issue. And remember your comments are always welcome.

Publisher and Author
A1A Computer Professionals, Inc
(all rights reserved)