Debt Education Company Raises the Standard on Consumer Debt Settlement Plans

Minneapolis,
MN (November 27, 2009) – In these stressful times, debt settlement firms have
increasingly come under fire for allegedly deceptive business practices.  Following in the footsteps of failed banks
and predatory lenders, the debt settlement industry has recently captured
headlines due to a number of investigations announced by states’ Attorney
Generals throughout the U.S.

Debt
settlement companies now have access to online employee training that teaches
counselors how to run an ethical – and profitable – business that delivers real
value to the client.  Industry experts
and consumer advocates, led by Global Debt System’s Boun Vilailath, have
collaborated to develop the comprehensive e-learning curriculum, which is
available through www.globaldebtsys.com.

Confidence
in the industry has dramatically declined.  The Federal Trade Commission proposes to
create strict rules under amendment 16CFR Part 310, commonly known as the
"Telemarketing Sales Rule," requiring debt settlement companies to
better disclose how debt settlement works and restricting their ability to
charge up-front fees to consumers. 

Debt
settlement companies are notoriously bad at the financial calculations involved
in consumer Debt Settlement Programs (DSP).  However, those companies are not solely
responsible for the failures of consumer plans.  All parties involved can, and do, disrupt the
settlement process.  Each consumer
entering into a DSP has his or her own unique set of circumstances, and those
circumstances can change – to the extent that a DSP underway may have to be
terminated.

More
of these early program terminations could be prevented if circumstances are
foreseen.  For instance, Global Debt Systems’ DSP model calculates balance
inflation, which results in a more realistic and reliable estimate being
provided to consumers.

“The
more accurate the initial estimate, the more confidence the consumer will have
in the program,” said Boun Vilailath.  “And,
the more the client can save toward negotiations, the quicker settlements could
be paid, while minimizing penalty fees.  To
maximize the success of a DSP requires that clients immediately begin saving as
much as possible, as soon as possible.”

The
e-learning curriculum, updated with the most recent regulatory and legislative
activities, starts in December.  Certifications are awarded upon
completion of the entire eight-course curriculum.  Early registration discounts are available.
 For more information, visit www.globaldebtsys.com.

About
Global Debt Systems

Global
Debt Systems improves the process of resolving delinquent consumer debt through
training and outreach efforts designed to create a more mutually beneficial
result for creditors, consumers, and debt settlement providers.  The
company provides e-learning services to companies and organizations that
educate and advocate for ethical business practices.

Located
in Minneapolis, Minnesota, the company donates time and a portion of its
profits to various non-profit organizations that promote responsible budgeting
and financial management.  Learn more
about Global Debt Systems at www.globaldebtsys.com.

Contact

Boun
Vilailath
Global Debt Systems
pressglobaldebtsys [dot] com
612-234-1806
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Location