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Connecticut Debt Consolidation
Connecticut consumers, much like the rest of the country, are being inundated with advertising messages from debt consolidation and consumer credit counseling agencies. Unfortunately, far too few completely understand the nuances of debt management and either end up enrolling programs unfit for their situation or with companies who do not have their best interests in mind. The purpose of this article is to distinguish between the types of debt consolidation programs available for individuals, as well as to help inform clients about the laws regulating credit counseling in Connecticut.
(Note: the following is for education purposes only and PayingPaul.Com makes no guarantees about the accuracy of anything contained herein. It is not complete and may not be up to date. For legal advice please consult with a lawyer licensed in Connecticut.)
The two most common types of debt consolidation are debt counseling and debt settlement, also known as debt negotiation. Although both are considered forms of debt management, they are in fact very different in their approaches.
The first and oldest type is debt counseling. With the help of a credit counselor, you can analyze your budget, get tips on how to better manage your debt, and other assistance. If your situation permits, the credit counseling organization may suggest you enroll in a debt management plan. These programs are typically offered by non-profit debt organizations, who work on your behalf with your creditors to reorganize your debts into more favorable payment terms. This usually involves an interest rate reduction on your credit cards and the convenience of one low monthly payment. It should be noted that debt management programs are not for everyone and much of the services they offer can be done on one’s own. Even though they are normally offered by non-profits, they do charge a fee for these services.
Debt settlement services aim at getting creditors to agree to accept a lump sum equal to 40 to 60 percent of the outstanding balance in full satisfaction of a debt. The savings from negotiating your credit card debt can be quite dramatic, and it’s the fastest way to get rid of your debt without bankruptcy. Although you tend to save a lot more money in debt settlement, there are some disadvantages to using this type of service. Much of the downsides stems from the fact that you have to fall behind on your payments while in you are enrolled in the program in order to make your creditors willing to lower balance. Due to this fact, your credit will most likely be impaired, and it may result in escalated collections, such as creditor calls and even lawsuits.
Want to speak with a company that can help you get out of debt fast? Submit a form today and let PayingPaul.Com do the rest!
Connecticut Debt Management Regulations
Like most states, Connecticut has some regulation of the debt management industry. Under the law, only non-profits can act as “debt adjusters”, which is the legal term for debt consolidators in Connecticut, and even these companies must be licensed with the state.
Definition
A “debt adjuster” is defined as anyone who acts “as agent of a debtor, money or evidences thereof for the purpose of distributing such money or evidences thereof among creditors in full or partial payment of obligations of the debtor; and "debtor" means any individual who has incurred indebtedness or owes a debt for personal, family or household purposes.”
According to Connecticut Attorney General Richard Blumenthal, "Our law requires debt adjusters to be licensed, to safeguard clients' funds in a separate account, keep proper records, and make payments to creditors promptly.”
To learn more about the laws regulating this industry, please follow this link: Debt Statutes in Connecticut
Licensed Debt Management Agencies
A Safe Harbour Credit Management Harbour Credit Counseling Services, Inc. d/b/a 101 N. Lynnhaven Road, Ste. 300 Virginia Beach VA 23452
American Consumer Credit Counseling, Inc. 130 Rumford Avenue Newton MA 02446
American Credit Counselors, Inc. 23123 State Road, 7, Suite 210 Boca Raton FL 33432
American Credit Foundation, Inc. 7720 South 700 East Midvale UT 84047
American Debt Solutions, Inc. 902 Clint Moore Road, Suite 104 Boca Raton FL 33487
American Financial Solutions North Seattle Community College Foundation d/b/a 2815 2nd Ave., Ste. 280 Seattle WA 98121
Budget Planners American Debt Resources, Inc. d/b/a 209 Main Street, Suite 2 Northport NY 11768
Cambridge Credit Counseling Corp 67 Hunt Street Agawam MA 01001
CCCS-SF Consumer Credit Counseling Service of San Francisco d/b/a 595 Market Street, Suite 1500 San Francisco CA 94105
ClearPoint Financial Solutions, Inc. 8000 Franklin Farms Drive Richmond VA 23229
Community Credit Counseling Corp. 5 Professional Circle, Route 34 Colts Neck NJ
Consolidated Credit Counseling Services, Inc. 5701 West Sunrise Blvd. Fort Lauderdale FL 33313
Consumer Credit and Budget Counseling, Inc. 299 South Shore Road Marmora NJ 08223
Consumer Credit Counseling Service Money Management International, Inc. dba 61 Cherry St., Bldg. H #C-2 Milford CT 06460
Consumer Credit Counseling Service of Greater Atlanta, Inc. 100 Edgewood Avenue, Ste. 1800 Atlanta GA 30303
Consumer Credit Counseling Service of Southern New England, Inc. Money Management International, Inc. dba 225 Pitkin Street, #300 East Hartford CT 06108
Consumer Credit Counseling Service of Southern New England, Inc. Money Management International, Inc. dba 627 Route 32 North Franklin CT 06254
Consumer Education Services, Inc. 3801 Lake Boone Trail, Suite 400 Raleigh NC 27607
Credit Advisors Foundation 1818 South 72nd Street Omaha NE 68124
Credit Card Management Services, Inc. 4611 Okeechobee Blvd., Ste. 114 West Palm Beach FL 33417
CreditGUARD of America, Inc. 791 Park of Commerce Blvd., #500 Boca Raton FL 33487
Debt Counseling Corp. 3033 Express Drive North, Ste. 103 Hauppauge NY 11749
Debt-Free America 6:10 Services d/b/a 8575 Gibbs Drive, Suite 190 San Diego CA 92123
Family Financial Education Foundation 724 Front Streeet, Suite 340 Evanston WY 82930
GreenPath Debt Solutions GreenPath, Inc. d/b/a 38505 Country Club Drive, Ste. 210 Farmington Hills MI 48331
InCharge Debt Solutions 2101 Park Center Dr., Suite 320 Orlando FL 32835
iPayDebt Financial Services, Inc. 9433 Bee Caves Road Bldg. 3, Ste. 101A Austin TX 78738
Money Management International, Inc. 9009 West Loop South, 7th Floor Houston TX 77096
National Foundation for Debt Management, Inc. 14104 58th Street North Clearwater FL 33760
Novadebt Garden State Consumer Credit Counseling, Inc. d/b/a 225 Willowbrook Road Freehold NJ 07728
Take Charge America, Inc. 20620 North 19th Avenue Phoenix AZ 85027
Visual Credit Counseling, Inc. 1870 West Prince Road, #39 Tucson AZ
Other Resources
Filing Bankruptcy in Connecticut
Bankruptcy Laws in Connecticut
Debt Collection in Connecticut
(Note: the following is for education purposes only and PayingPaul.Com makes no guarantees about the accuracy of anything contained herein. It is not complete and may not be up to date. For legal advice please consult with a lawyer licensed in Connecticut.)
The two most common types of debt consolidation are debt counseling and debt settlement, also known as debt negotiation. Although both are considered forms of debt management, they are in fact very different in their approaches.
The first and oldest type is debt counseling. With the help of a credit counselor, you can analyze your budget, get tips on how to better manage your debt, and other assistance. If your situation permits, the credit counseling organization may suggest you enroll in a debt management plan. These programs are typically offered by non-profit debt organizations, who work on your behalf with your creditors to reorganize your debts into more favorable payment terms. This usually involves an interest rate reduction on your credit cards and the convenience of one low monthly payment. It should be noted that debt management programs are not for everyone and much of the services they offer can be done on one’s own. Even though they are normally offered by non-profits, they do charge a fee for these services.
Debt settlement services aim at getting creditors to agree to accept a lump sum equal to 40 to 60 percent of the outstanding balance in full satisfaction of a debt. The savings from negotiating your credit card debt can be quite dramatic, and it’s the fastest way to get rid of your debt without bankruptcy. Although you tend to save a lot more money in debt settlement, there are some disadvantages to using this type of service. Much of the downsides stems from the fact that you have to fall behind on your payments while in you are enrolled in the program in order to make your creditors willing to lower balance. Due to this fact, your credit will most likely be impaired, and it may result in escalated collections, such as creditor calls and even lawsuits.
Want to speak with a company that can help you get out of debt fast? Submit a form today and let PayingPaul.Com do the rest!
Connecticut Debt Management Regulations
Like most states, Connecticut has some regulation of the debt management industry. Under the law, only non-profits can act as “debt adjusters”, which is the legal term for debt consolidators in Connecticut, and even these companies must be licensed with the state.
Definition
A “debt adjuster” is defined as anyone who acts “as agent of a debtor, money or evidences thereof for the purpose of distributing such money or evidences thereof among creditors in full or partial payment of obligations of the debtor; and "debtor" means any individual who has incurred indebtedness or owes a debt for personal, family or household purposes.”
According to Connecticut Attorney General Richard Blumenthal, "Our law requires debt adjusters to be licensed, to safeguard clients' funds in a separate account, keep proper records, and make payments to creditors promptly.”
To learn more about the laws regulating this industry, please follow this link: Debt Statutes in Connecticut
Licensed Debt Management Agencies
A Safe Harbour Credit Management Harbour Credit Counseling Services, Inc. d/b/a 101 N. Lynnhaven Road, Ste. 300 Virginia Beach VA 23452
American Consumer Credit Counseling, Inc. 130 Rumford Avenue Newton MA 02446
American Credit Counselors, Inc. 23123 State Road, 7, Suite 210 Boca Raton FL 33432
American Credit Foundation, Inc. 7720 South 700 East Midvale UT 84047
American Debt Solutions, Inc. 902 Clint Moore Road, Suite 104 Boca Raton FL 33487
American Financial Solutions North Seattle Community College Foundation d/b/a 2815 2nd Ave., Ste. 280 Seattle WA 98121
Budget Planners American Debt Resources, Inc. d/b/a 209 Main Street, Suite 2 Northport NY 11768
Cambridge Credit Counseling Corp 67 Hunt Street Agawam MA 01001
CCCS-SF Consumer Credit Counseling Service of San Francisco d/b/a 595 Market Street, Suite 1500 San Francisco CA 94105
ClearPoint Financial Solutions, Inc. 8000 Franklin Farms Drive Richmond VA 23229
Community Credit Counseling Corp. 5 Professional Circle, Route 34 Colts Neck NJ
Consolidated Credit Counseling Services, Inc. 5701 West Sunrise Blvd. Fort Lauderdale FL 33313
Consumer Credit and Budget Counseling, Inc. 299 South Shore Road Marmora NJ 08223
Consumer Credit Counseling Service Money Management International, Inc. dba 61 Cherry St., Bldg. H #C-2 Milford CT 06460
Consumer Credit Counseling Service of Greater Atlanta, Inc. 100 Edgewood Avenue, Ste. 1800 Atlanta GA 30303
Consumer Credit Counseling Service of Southern New England, Inc. Money Management International, Inc. dba 225 Pitkin Street, #300 East Hartford CT 06108
Consumer Credit Counseling Service of Southern New England, Inc. Money Management International, Inc. dba 627 Route 32 North Franklin CT 06254
Consumer Education Services, Inc. 3801 Lake Boone Trail, Suite 400 Raleigh NC 27607
Credit Advisors Foundation 1818 South 72nd Street Omaha NE 68124
Credit Card Management Services, Inc. 4611 Okeechobee Blvd., Ste. 114 West Palm Beach FL 33417
CreditGUARD of America, Inc. 791 Park of Commerce Blvd., #500 Boca Raton FL 33487
Debt Counseling Corp. 3033 Express Drive North, Ste. 103 Hauppauge NY 11749
Debt-Free America 6:10 Services d/b/a 8575 Gibbs Drive, Suite 190 San Diego CA 92123
Family Financial Education Foundation 724 Front Streeet, Suite 340 Evanston WY 82930
GreenPath Debt Solutions GreenPath, Inc. d/b/a 38505 Country Club Drive, Ste. 210 Farmington Hills MI 48331
InCharge Debt Solutions 2101 Park Center Dr., Suite 320 Orlando FL 32835
iPayDebt Financial Services, Inc. 9433 Bee Caves Road Bldg. 3, Ste. 101A Austin TX 78738
Money Management International, Inc. 9009 West Loop South, 7th Floor Houston TX 77096
National Foundation for Debt Management, Inc. 14104 58th Street North Clearwater FL 33760
Novadebt Garden State Consumer Credit Counseling, Inc. d/b/a 225 Willowbrook Road Freehold NJ 07728
Take Charge America, Inc. 20620 North 19th Avenue Phoenix AZ 85027
Visual Credit Counseling, Inc. 1870 West Prince Road, #39 Tucson AZ
Other Resources
Filing Bankruptcy in Connecticut
Bankruptcy Laws in Connecticut
Debt Collection in Connecticut