Posted by faVAnotary on 3/25/11 10:17am
Msg #377475

Professional Debt Settlement

Anyone have info or a new business that deals with debt settlements? Any liability to notary?

Reply by Linda_H/FL on 3/25/11 10:30am
Msg #377477

Search here for "debt settlement" for more info

but for starters

Msg #375608
Msg #373530
Msg #371720
Msg #371004
Msg #368893

The search button is your best friend..

Good Luck

Reply by Linda_H/FL on 3/25/11 10:31am
Msg #377478

Oh..and check your state laws as to your liability..MHO n/m

Reply by Lee/AR on 3/25/11 10:32am
Msg #377479

You are the face they see. You are the one they will remember if/when it all crashes down. Do you want that? I don't, so won't do them, but that's your call. The ones I've seen say you are the debt relief co's representative. Does a 'representative' have any liability? I dunno, and don't want to find out the hard way.

Reply by JanetK_CA on 3/25/11 4:22pm
Msg #377514

I'm with you, Lee

I've received several calls from them and have turned them down every time. I get the impression that they're having problems finding notaries to accept their business. I couldn't be happier about that! The term "notary public" should have no connection whatsoever with this activity, imo.

Reply by C. Rivera Chicago Notary Services on 3/25/11 4:38pm
Msg #377517

I used to feel that way about structured settlements...but

after accepting a few of those assignments, I started asking the signers/sellers if they are fully aware of the terms of the contract, and surprisingly, the majority said yes - and for those that don't I point out on their contract how they can cancel if they change their mind.

Same for debt settlement companies.

What I DON'T like, and don't work for, are those companies (and attorneys are notorious for this) who ask for up front fees (and ask for me to collect a check - uh nope!).

Almost all of the companies I work for will deduct their fees out from whatever amount the signers are selling, or will have paid them in advance.

Reply by Roadie_MD on 3/25/11 4:42pm
Msg #377519

structured settlements are not even close to the same

thing--you are comparing apples to oranges. They are not paying money out to a company on the 'chance' they can get them a loan and prevent them from losing their home. Structured settlements are legal and have been around for years.

Reply by C. Rivera Chicago Notary Services on 3/25/11 6:58pm
Msg #377536

....debt settlement programs are legal, but not sure if in

your state, but these programs are in mine, was not comparing the two fields, and yes I do know their differences.

<<They are not paying money out to a company on the 'chance' they can get them a loan and prevent them from losing their home>>

....not sure what you're talking about with this, I may have missed something??