As stated in my blog entry of May 29, 2008, there are several reasons I suggest debt negotiators avoid consumer (personal) debts. An additional reason is the pending legislation to regulate that area of debt settlement that will likely soon be adopted in every State of the Nation.
The Uniform Debt-Management Services Act (UDMSA) provides comprehensive regulation of debt counseling and debt settlement services. It provides guidance and regulation to the consumer credit counseling and debt settlement industries and is a comprehensive statute that provides rules for (among other things) registration requirements, bond requirements, certification requirements, disclosure requirements and penalties for non-compliance.
My sources assure me this Act applies only to consumer or personal debt counseling and debt settlement and not to Commercial or Business debt services. Our profession remains basically unregulated and will for the foreseeable future. That is because we are basically acting as business consultants, dealing only with commercial entities on both sides of a debt settlement negotiation.
I strongly recommend you avoid working with consumer debts on any level for many reasons. This pending legislation is just one more reason to stick with Commercial Debts ONLY.
Scott F. Soape
For additional information please visit the official website for UDMSA at http://www.udmsa.org/ .
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