SettleiTsoft Software Possible Solution to CFPB Consumer Survey of Debt Collection Experience Findings

    FORT LAUDERDALE, FL, January 14, 2017 /24-7PressRelease/ -- SettleiTsoft, a web-based and mobile debt negotiation software platform has been systematically designed to help alleviate the debtor's common problem of harassing debt collection phone calls and other predatory debt collection practices; empowering consumers to negotiate repayment of their debt in a non-threatening, secure environment.

SettleiTsoft has been developed to help consumers eliminate traditional predatory debt collection practices while changing the paradigm in the multi-billion-dollar debt settlement industry. This Patent Pending software enables debtors to electronically communicate and virtually negotiate with their creditors in a virtual setting through web portals and phone applications.

Under the Fair Debt Collection Practices Act (P.L. 95-109), debtors have the right to request in what manner and when creditors shall contact them. By utilizing the SettleiTsoft debt negotiation proprietary tools, communication capabilities, and sophisticated notification algorithms (which connect debtors and their creditors in real time), debtors are establishing this electronic method of communications as their preferred manner of negotiation, which should help cease collection phone calls from debt collectors.

"The software platform is the smart way to facilitate communications; allowing debtors to inform their creditors that they only wish to communicate and negotiate debt settlement arrangements through SettleiTsoft. Thereby stopping harassing collection methods, while streamlining the debt settlement process to operate much more efficiently and expediting the debt repayment process," said Antonio Garcia, CEO, Settleitsoft Inc.

The Consumer Financial Protection Bureau (CFPB) survey, which was released on January 12, 2017, shows widespread predatory debt collection practices that are threatening consumers who have debt issues. This watchdog agency is strongly considering strengthening debt collection regulations specifically regarding the manner in which the business is being conducted.

The debt collection market is huge with real, persistent and disturbing problems for the millions of consumers in financial distress. In fact, the CFPB has amassed more than 129,000 debt-collection complaints in its database; and the number continues to grow at a rapid pace.

The CFPB survey clearly demonstrates a constant - Debt collectors are becoming incredibly aggressive in their collection practices. Some of the most noticeable factors:

- One-in-four consumers said they felt threatened
- About one-third said the collector had called them between 9 pm and 8 am
- About 40% of consumers were contacted four or more times per week
- 17% said they usually were contacted eight or more times per week

By leveling the playing field between debtors and creditors, Settleitsoft, Inc. has made a major step in the right direction, which should directly assist consumers while simultaneously benefiting both the debt collection and debt settlement industry.

SettleiTsoft may contain step-by-step guidance throughout - with topic-specific videos and written instructions in every section of the software, as well as supporting a highly secured private messaging and filing system. In addition, there are myriad of debt relief alternatives to those who just want to control and better manage their personal finances.

To further examine the impact SettleiTsoft may have on the serious issues uncovered by the CFPB survey, visit www.settleitsoft.com.

The Settleitsoft Team is committed to the ongoing improvement of this powerful debt negotiation platform, helping consumers alleviate stressful collection activities and achieve financial stability.

The SettleiTsoft registered name and logo, as well as other company and product names, are trademarks of Settleitsoft, Inc. and/or related companies.

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