subject: Is Debt Settlement an Ethical Way to Eliminate Debt? [print this page] It is perfectly safe to accept Debt settlement as a moral, legal and ethical option for people with serious debt problems and who are facing financial hardship. Debt settlement is a legal agreement between debtors and creditors where some part of what you owe, legally and harmoniously, is simply forgiven. It's actually the best and legitimate way for creditors to get some quantity as recovery as against nil.
Debt settlement programs have been made available to support consumers in cleaning out existing charge without repaying complete totals. It is a much more useful, effective, ethical and popular alternative to bankruptcy, litigation techniques and endless threatening collection calls. Debtors, who desperately need help with their unsecured loan obligations, yet still want to meet them honorably, can find debt relief in this manner. However whether it is an ethical method or not, arises only because it depends directly on your understanding of the legality of this issue.
For those of us who are finding it impossible to make both ends meet, lot of times we get duped by companies which are impostors and cheat us off whatever money we are left with. Hence the reason for this being a legitimate means to gain relief from debt needs to be answered. Many firms essentially promise their customers who are deep in debt unworkable results and to top it all charge outrageous processing fee for services that they are unable and unwilling to provide.
Even if such situation were to arise, you may seek help of advocates. Legislation not only benefits creditors, but in fact also protects unknowing and genuine consumers. The state too is working on this issue and requesting a number of states that they guide debt settlement companies to follow a legal procedure. Also authentic companies are required to complete forms and register legislation activity with the state's Attorney General so that they are more easily tracked. This exercise is needed by the government to identify unethical companies in a legal and ethical industry. The relevance is to eliminate those companies that have an illegal means of functioning and are in business only to deceive innocent customers.
Is Debt Settlement an Ethical Way to Eliminate Debt?
By: Clyde Archer
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