ALLEN, Texas, Sept. 23, 2010 (GLOBE NEWSWIRE) -- Halo Financial Services, LLC, a nationwide debt settlement company, announced today that it is aligned with the recent Federal Trade Commission (FTC) ruling that will incite major reform in the debt relief industry beginning later this month. "As a debt settlement company that operates on a performance-based fee model, we are already in full compliance with the new FTC ruling," said Cade Thompson, Chief Executive Officer of Halo Companies, Inc. "We have always been a consumer-oriented proponent of reform in the debt relief industry, so we are looking forward to seeing a decline in the unethical business practices that have pervaded the industry for so long."
Based on the ruling by the FTC, debt settlement companies are prohibited from charging and accepting fees before the consumer's debt has been settled. The ruling also requires debt settlement companies to inform the consumer how long the debt settlement program will last, what the total cost will be and what potential negative effects may arise from the settlement.
Since its inception in January 2009, Halo Financial Services has helped clients successfully negotiate credit card and various unsecured debts while operating on a performance-based fee model. "Under the model, Halo Financial Services will be able to operate in up to 45 states, allowing us to serve more customers and continue to set the highest standards in the industry," said Thompson. "While the capital structure requirements of a no-advanced-fee model will be a challenging transition for many companies to make, bringing reform to this industry will create a more secure environment for the consumer."
Halo Financial Services provides a unique, holistic approach towards solving consumers' financial difficulties. Proprietary technology created in-house allows Halo to provide a thorough financial analysis that results in solutions tailored to each consumer.
Halo Companies, Inc. is no stranger to involvement in the debt industry reform, serving as invited testimony at interim hearings held by both the Texas House of Representatives and the Texas Senate earlier this year. "As a publicly-traded company, transparency is a prerequisite in all of our operations," said Jeffrey Rasco, Vice President of Government Relations and Compliance of Halo Companies, Inc. "We are a strong advocate of industry reform and continue to be actively involved in helping craft appropriate legislation at the state and federal level."
The need to establish standards within the debt settlement industry to protect consumers from engaging a disreputable firm is paramount. Looking ahead beyond the implementation of the new FTC rule, Halo Financial Services expects to see the number of unethical players in the industry decrease, allowing debt settlement to solidify its place as a viable and credible alternative to bankruptcy.
Consumers interested in learning more about debt relief options can visit HelpMeHalo.com for a free consultation from a Certified Debt Specialist.
About Halo Financial Services, LLC
Halo Financial Services, LLC is an industry leader for debt settlement services with custom-tailored programs designed to help consumers settle and pay off their unsecured debt. Halo Financial Services is a wholly-owned subsidiary of Halo Companies, Inc. (OTCQB:HALN). Halo Financial Services is ISO 9001:2008 certified and its negotiators are certified by the International Association of Professional Debt Arbitrators (IAPDA). For more information about Halo Financial Services, visit www.HelpMeHalo.com
About Halo Companies, Inc.
Halo Companies, Inc. (OTCQB:HALN) is a publicly-traded nationwide holding company located in Allen, TX. Halo operates primarily in the consumer financial services industry including debt, mortgage, real estate, credit, loan modification, and insurance. Halo has been recently recognized by Inc. Magazine, Comerica Bank's Collin 60, Capital One Bank Celebration of Enterprise, and the SMU Cox School of Business Dallas 100. For more information about Halo Companies, Inc., visit www.haloco.com.
Cautionary Language Concerning Forward-Looking Statements:
Information set forth in this press release contains forward-looking statements that are subject to risks and uncertainties, and actual results might differ materially. A discussion of factors that may affect future results is contained in Halo Companies' filings with the Securities and Exchange Commission. Halo Companies, Inc. disclaims any obligation to update and revise statements contained in this news release based on new information or otherwise.