MyDebtPortal.com's self serve debt settlement system conforms to new FTC Ruling Effective Immediately offering consumers an alternative to Traditional Debt Settlement.
El Dorado Hills, CA (PRWEB) September 27, 2010
MyDebtPortal.com a self serve debt settlement company, today announced that they have modified their self directed debt settlement solution to comply with the new FTC ruling effective immediately and not wait until October 27th when the advance fee ban kicks in. MyDebtPortal.com has removed the enrollment fees from their service, they have also changed their pricing structure to only charge upon successful settlement. The fee? a percentage of the consumers enrolled amount, only earned and payable upon a consumer getting a successful settlement.
"As opposed to before the FTC ruling, we now will act more like a full serve debt settlement solution in that we will provide full support and walk users through the system and help them every step of the way. Before the ruling we were more of a self serve only solution, now since we are putting our money where our mouths are in that we ONLY make money if we are successful in getting our clients creditors to accept less than they owe as payment in full, we figured we might as well go all the way and provide every service that a full service company offers," said David VanderVeer the CEO of MyDebtPortal.com.
The difference's that still remain in Self Directed Debt Settlement is that there is no power of attorney and the consumer is in complete control, the consumer works directly with their creditors trying to work out a settlement – the way the creditors prefer it. What MyDebtPortal.com does is provide all the program details, the letters, documents, tools and information that a consumer will need as they work through the process, using a user friendly system that gathers all the information from the consumer and then online tools for managing the various creditors accounts, the system then provides goal setting and program solutions, special purpose account services and many other value added services that a consumer needs as they work through the negotiating processes with their creditors.
Using a Self Directed Settlement system is a better, cheaper and faster solution because the consumer is in full control, they can start communication with their creditors and documenting their hardship from day one and submitting settlement offers to their creditors. Instead of hiding from their creditors like in typical debt settlement services, the MyDebtPortal.com solution encourages consumers to work with their creditors to find a solution.
Consumers can try it out for free and are under no obligation simply by going to http://www.mydebtportal.com
MyDebtPortal.com also has a private label solution that is offered to Debt Settlement Companies that want to offer a self directed solution to their clients that don’t want to go the full service route. By offering both it gives consumers a side by side choice to determine which solution is best for them.