How OVLG complies with FTC regulations
1. Specific Disclosures to Consumers
Two Telemarketing Sales Rule provisions that came into effect on September 27, 2010, are as follows:
- Debt relief companies have to make specific disclosures to consumers.
- Debt relief companies can't misrepresent facts or give false information.
The Telemarketing Sales Rule applies to calls that consumers make to these firms in response to debt relief advertising.
OVLG follows these disclosure rules in all its interactions with clients.
2. Advance Fee Ban
The Final Rule prohibits debt relief companies from charging fees until the following conditions are met:
- The debt relief service successfully renegotiates, settles, reduces, or otherwise changes the terms of at least one of the consumer’s debts.
- There is a written settlement agreement, debt management plan, or other agreement between the consumer and the creditor, and the consumer has agreed to it.
- The consumer has made at least one payment to the creditor as a result of the agreement negotiated by the debt relief provider.
According to this rule, OVLG does not charge an upfront fee before negotiating with creditors. Check out our fee structure to learn when and how we charge fees.
3. Disclosures and Prohibited Misrepresentations
The Final Rule also prohibits misrepresentations about any debt relief service, including success rates and whether the provider is a nonprofit entity. The FTC’s Statement of Basis and Purpose, which accompanies the Final Rule, provides extensive guidance about the evidence providers must have to make advertising claims commonly used in selling debt relief services.
To avoid any miscommunication, before you hire us, OVLG will provide you with a Good Faith Estimate , a letter of acknowledgment , a written agreement (that provides a detailed explanation of our services and our fees), and our agreement with you.
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