Consumer Counseling Services

consumer advisory services

hypothecary lending n. Credit given to a consumer who permits the use or possession of goods or services during a period of credit. Fifth Edition American Heritage® English Dictionary. Copyright © 2016 par Houghton Mifflin Harcourt Publishing Company. Edited by Houghton Mifflin Harcourt Publishers.

n. Lending through a retailer, banking, etc., mainly for the sale of consumer goods. The Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. 2005 Copyrights, 1997, 1991 by Random House, Inc. WordNet 3.0 and Farlex clipboard collections. 2003-2012 Princeton University, Farlex Inc.

Consumers' grievances encourage governments to take measures and concentrate on providing information.

Published in the March 2010 edition of Independent Counselor. Governments and the press have given much favourable consideration to the roles of loan officers in helping customers in difficulty. Prior to the global recession, the most common time the general publics learned about lending advice was in connection with wider debates about consumer debts and alternative repayments or insolvency.

Now, the focus of the story is on how advisory services are changing the life of the consumer and the governments and loan advisors who work together. President, Congress, state and municipal civil servants have all turned to loan advice services to help those experiencing consumer difficulties with services such as home advice, budgeting, finance and more.

Anyone in the loan advisory business can quote large and small instances of how loan advisory firms reduce the burden on governments and provide the services they need to help the consumer. In addition, consumer needs and governments' mandate to the business to tackle loan and sovereign matters exceed those of governments and other financing providers.

The graph above shows that about 24% of all grievances in the past year related to loan and loan category (see #2, 5, 7, 9, 9, 10 and 11 above). However, it is interesting to note that the narrative shows that, while finance-related services were stimulating grievances, loan administration and advice were downside, taking the 19nd out of 30 priority areas of attention.

Indeed, specific grievances about loan counseling were lower than those of major payment processors, collection agencies, bankers and creditors and nearly two-thirds of the other classifications. Whereas the FTC reports are only a consumer indicator, a close look at the figures shows how dramatically the difference between some of the different types is.

The FTC and other government bodies and consumer associations, for example, opened the NCPW on Monday 7 March. The FTC and its affiliates have taken a page for the weekly event from the mandate of the consumer loan advisory services and picked up a topic called "Dollars & Sense":

" The 2010 edition of NHCPW is promoting free resource to help individuals safeguard personal information, administer funds and debts, prevent ID fraud, help understanding loans and mortgages, and prevent fraud. The FTC and Prosecutors General, for example, have taken co-ordinated action to enforce the closure of hypothecary modifying firms that collect advance payments and purport to supply little or no service.

In the past year, combining, national and state police authorities have initiated well over 100 proceedings against such advertising people. The Commission has also taken nineteen actions against for-profit debt-relief firms, five of them last year. FTC and governments have also been active in pursuing cases of loan repairs, fiscal recovery programs, collections and corporate lending, to name a few.

In addition, the FTC is in the midst of drafting new regulations to tackle dishonest or misleading practice in providing mortgages, attracting and managing mortgages and providing remission. In addition, the FTC, in cooperation with the Bundesbank authorities, is considering further regulations to safeguard the private sphere of consumers' financial data.

Late last year, the House of Representatives adopted a bill to extend the Commission's powers as part of H.R. 4173, the Wall Street Reforms and Consumer Protection Act. Senate is anticipated to tackle these questions through FTC reauthorisation law, which would likely be viewed as separate from Senate finance reforms law.

Given the number of vulnerable customers and the need for services, the authorities and others should step up their efforts to provide advice. Meanwhile, the FTC and the public prosecutors are particularly proactive in monitoring debt-related services. The Congress itself is prepared to potentially strengthen the FTC's position of leadership in this area (even if it does not establish a new Consumer Finance Protection Agency).

Taking loans is relatively easy for loan agencies: Further develop (1) an emphasis on training and advice; (2) ensuring that grievances are kept to a minimum; (3) maintaining compliance with national and state legislation; and (4) seeking to train decision-makers to prevent accidental effects of consumer protection legislation.

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