Bohemia, NY (PRWEB) March 08, 2013
On March 8, collection agency Rapid Recovery Solution offers a response to a Komo News article describing a proposed bill that seeks to regulate debt settlement for profit-seeking debt settlement companies.
The Komo News article claims that there are two types of companies that engage in debt settlement, saying that some companies are genuinely non-profit establishments while others take advantage of those in debt. The article reports that debt settlement companies will charge fees for their services because their operation has costs that need to be covered, saying that fees can generally cost between twenty and forty dollars – but the predatory companies will charge more in a dedicated effort to make money.
House Bill 1491 is reported to set a limit to how much monthly fees can add up to. In addition, a non-profit company will be required to generate a contract listing the cost of services and where money is going. “Consumer advocates say the aggressive attack could protect thousands of people from predators looking to cash in on debt,” reports the article.
John Monderine, CEO of the collection agency Rapid Recovery Solution, responds to the Debt Adjuster Bill and its impact on settling debts. “It is unfortunate that a bill like this even needs to be passed. When malicious people get involved with debt settlement or collections it gives the industry a terrible reputation. At Rapid Recovery Solution, we believe that settling a debt is always possible if the right opportunity and motivation are presented. There is no excuse for adding to the problem and victimizing those who are already in a difficult position.”
Founded in 2006, Rapid Recovery Solution, Inc. is headquartered at the highest point of beautiful Long Island. Rapid Recovery Collection Agency is committed to recovering your funds. We believe that every debtor has the ability to pay if motivated correctly. We DO NOT alienate the debtors; we attempt to align with them and offer a number of ways to resolve not only your debt but also all their debts.