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May Law Update: FTC guards you from 500 shady debt relief providers
Created By: Andy Masaki On 3rd Jun,16
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FTC guards you from shady companies

1. More than 300 hundred mortgage and debt relief service providers have been banned by the U.S Federal Trade Commission (FTC) and another 500 sued. Mortgage and debt relief service providers are prohibited from charging any fee before delivering on their promises of mortgage or debt relief. They can’t misrepresent the services they offer and misled people with regards to their debt relief programs’ results.

Source: FTC bans hundreds mortgage assistance and debt relief operations

2. In March 2016 session, the Judicial Conference held under the United States Bankruptcy Court for the District of Puerto Rico, approved a New fee for electronic record retrieval effective June 1, 2016. Judiciary fee of $10 plus a flat rate pull charge of $9.90 will be levied and another $0.65 will also be charged for each page collected on behalf of the Federal Record Center (FRC).

Source: New fee for electronic record retrieval

3. The House in North Carolina has finally approved the law that will keep considering forgiven mortgage debt as income for state tax purpose. This legislative measure will be sent to the Senate for one final vote. After that, Gov. Pat McCrory will either sign into consent or use his veto on the subject. North Carolina continues to “de-couple” from federal tax law on the mortgage issue, as per Senate Bill 726.

Source: Forgiven mortgage debt as income

4. The United States Bankruptcy Court for the Southern District of Florida has empowered the clerk to execute voluntary Debtor Electronic Bankruptcy Noticing (DeBN) that’ll provide an alternative to the debtors to receive their documents from the clerk in electronic format instead of U.S Mail. Debtors must register with the clerk of court using the Local Form “Debtor’s Request to Receive Notices Electronically Under DeBN Program”.

Source: Debtor Electronic Bankruptcy Noticing

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  • The debt settlement program typically lasts between 6 months to 4 years time.
  • At least 30% of the debt amount per creditor needs to be accumulated in the trust account for OVLG to give the creditor any settlement offer.
  • Not all creditors or debt collectors will accept a reduction in the balance, interest rate, or fees a customer owes such creditor or debt collector.
  • Pending completion of the represented debt-relief services, the customer's creditors or debt collectors may pursue collection efforts, including initiation of lawsuits.
  • That the use of the debt-relief service will likely adversely affect the consumer's creditworthiness, may result in consumers being sued by their creditors, and may increase the amount owed to creditors as a result of the accrual of additional fees and interest.
  • Savings a customer realizes from use of a debt-relief service may be taxable income.
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