I just finished a new article on the problem we are facing with no more advanced fees being allowed on debt settlement. Check it out here:
No More Advance Fees on Debt Settlement? Options For DS Business Owners?
Yep, you sure did hear it right. The FTC just put out rules prohibiting advance fees on debt settlement. So for those of us in the debt settlement (“DS”) business, what do we do now? Don’t give up, you have options and this article will walk you through what those options are.
Your first option is the obvious one – start a debt negotiation business. And what we mean here is go out and get the license that might be required of you in your state and begin to offer debt negotiation services. Yes, we understand that you cannot charge advance fees but that’s OK. You will be in control of your business now and you can charge a fee based on the amount saved by your clients.
Second option is to expand your business to include debt coaching and credit coaching. These are both valuable additional service you can provide to your clients. We’ll show you more about how to run these types of businesses in a different writing.
Your third option is to wait and see what happens with your back-end providers. The industry will likely re-invent itself so affiliates who sign up new clients can still be paid. But it’s likely you will not be paid until the client gets a negotiated deal done with the creditor and you will be paid on a percentage of the amount saved. This will make the business less lucrative for all involved.
So your best option is likely the first option listed above. Why not learn how to be the debt negotiator, get your own license, do everything by the book and be compensated for your services. It’s not to late to learn how to enter this industry and you will be working with clients who will be grateful for your assistance with helping them with a real problem that people all over the country are dealing with today. The problem is they can’t afford to pay all of their debts but you can help. You can still have the client set up a savings account and there’s a legal way to run your debt negotiation business.
Do you want to know how to set up a debt negotiation company where you do not get paid until client saves money on a settled debt.
I have just completed my brand new guide to debt negotiation success, “Your Debt Negotiation Business Building Guide”.
Download it free here: Debt Negotiation Guide