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Debt Consolidation in Idaho
(Note: this is for educational purposes only, and although efforts have been made to keep this up to date and correct, there are no guarantees about the accuracy of anything contained below. It should not be construed as legal advice. For legal advice, please consult with an attorney licensed in Idaho.)
With the number of people in Idaho finding themselves in credit card debt climbing, so too have the debt consolidation companies and consumer credit counseling agencies who are offering help. Although all debt management firms may seem the same to some, in reality they vary quite significantly. For one, some debt elimination companies offer vastly different services. Secondly, the ethics and practices varies substantially within the debt relief industry. In order to protect yourself from potential debt consolidation frauds, one must first be educated on the types of credit services being offered.
The most common type of service offered in Idaho is consumer credit counseling. These services are usually offered by non profit debt agencies, who offer education programs and budgeting help to consumers. If you situation permits, they may enroll you in a debt management plan to get creditors to lower your interest rates. These programs offer the convenience of consolidated credit card payments, as well as a shorter timeframe for getting out of debt.
Another type of debt management being advertised is known as debt settlement. This type of debt strategy aims at negotiating with creditors to lower the amount you owe. It is a fast debt solution, but there are many downsides to consider prior to choosing this avenue. When a consumer enrolls in these plans, they stop paying their credit cards and instead save the money each month into a separate bank account. During this time, since the creditors consider the debt past due, they report it as such to the credit bureaus and initiate collections activities accordingly, including phone calls and threatening letters. In some cases, a creditor may even pursue the balance in court.
Idaho Debt Management Laws
Finding what type of debt assistance is appropriate for you is one thing, finding the right company is another. When searching for the right company, other than checking out the PayingPaul.Com review, as well as the company’s BBB report, a good way to cross-reference a credit counselor is to check out the fees mentioned in their contract with what is allowable by state law. In Idaho, there are strict regulations in place that limit what a debt company can charge clients.
Definition
The law, which is in the Idaho Debt Collection Agency Act, any service “which engage or offer to engage in the business of receiving money from debtors for application to or payment of or prorating of any creditor or creditors of such debtor”, must be licensed to do so in Idaho. It goes on to also require for any business which “engage(s) or offer(s) to engage in the business of providing counseling or other services to debtors in the management of their debts, and contracting with the debtor to effect the adjustment, compromise, or discharge of any account, note or other indebtedness of the debtor.” The law requires that debt management companies be an exempt non-profit agency and have at least one office in the state.
To learn more about the laws surrounding the credit counseling industry in Idaho, visit this site: http://www3.state.id.us/cgi-bin/newidst?sctid=260220032A.K
Licensed Debt Agencies
Debt Free America
Alliance Credit Counseling
American Consumer Credit Counseling
American Credit Counselors
American Credit Foundation
American Debt Counseling
American Debt Solutions
Cambridge Credit Counseling
Consumer Credit Counseling Services of San Francisco CCCS
Consumer Credit Counseling Services of Northern Idaho CCCS Located in Lewiston, ID
Christian Credit Counselors
ClearPoint Financial Solutions
Community Credit Counseling
Consolidated Credit Counseling Services
Consumer Credit Counseling Service of Magic Valley CCCS
Consumer Credit Counseling Atlanta CCCS
Consumer Credit Management
Consumer Education Services
Credit Advisors Foundation
Consumer Financial Solutions Located in Boise, ID
Credit Guard of America (CreditGuard)
Debt Counseling Corp
Debt Management Credit Counseling
Debt Reduction Services
Express Consolidation
Family Credit Counseling Services / Family Credit Management Services
Family Financial Education Foundation
Novadebt
Golden State Debt Management
Greenpath Debt Solutions
Harbor / Harbour Credit Counseling Services
Help Ministries Debt Free
InCharge Debt Solutions
Auriton Solutions
Consumer Credit Counseling Services of the Inland Northwest CCCS
National Foundation for Debt Management
American Financial Solutions
Springboard Non-Profit Credit Management & Counseling
Take Charge America Credit & Debt Counseling
Other Resources
Filing Bankruptcy in Idaho
Bankruptcy Laws in Idaho
Debt Collection in Idaho
With the number of people in Idaho finding themselves in credit card debt climbing, so too have the debt consolidation companies and consumer credit counseling agencies who are offering help. Although all debt management firms may seem the same to some, in reality they vary quite significantly. For one, some debt elimination companies offer vastly different services. Secondly, the ethics and practices varies substantially within the debt relief industry. In order to protect yourself from potential debt consolidation frauds, one must first be educated on the types of credit services being offered.
The most common type of service offered in Idaho is consumer credit counseling. These services are usually offered by non profit debt agencies, who offer education programs and budgeting help to consumers. If you situation permits, they may enroll you in a debt management plan to get creditors to lower your interest rates. These programs offer the convenience of consolidated credit card payments, as well as a shorter timeframe for getting out of debt.
Another type of debt management being advertised is known as debt settlement. This type of debt strategy aims at negotiating with creditors to lower the amount you owe. It is a fast debt solution, but there are many downsides to consider prior to choosing this avenue. When a consumer enrolls in these plans, they stop paying their credit cards and instead save the money each month into a separate bank account. During this time, since the creditors consider the debt past due, they report it as such to the credit bureaus and initiate collections activities accordingly, including phone calls and threatening letters. In some cases, a creditor may even pursue the balance in court.
Idaho Debt Management Laws
Finding what type of debt assistance is appropriate for you is one thing, finding the right company is another. When searching for the right company, other than checking out the PayingPaul.Com review, as well as the company’s BBB report, a good way to cross-reference a credit counselor is to check out the fees mentioned in their contract with what is allowable by state law. In Idaho, there are strict regulations in place that limit what a debt company can charge clients.
Definition
The law, which is in the Idaho Debt Collection Agency Act, any service “which engage or offer to engage in the business of receiving money from debtors for application to or payment of or prorating of any creditor or creditors of such debtor”, must be licensed to do so in Idaho. It goes on to also require for any business which “engage(s) or offer(s) to engage in the business of providing counseling or other services to debtors in the management of their debts, and contracting with the debtor to effect the adjustment, compromise, or discharge of any account, note or other indebtedness of the debtor.” The law requires that debt management companies be an exempt non-profit agency and have at least one office in the state.
To learn more about the laws surrounding the credit counseling industry in Idaho, visit this site: http://www3.state.id.us/cgi-bin/newidst?sctid=260220032A.K
Licensed Debt Agencies
Debt Free America
Alliance Credit Counseling
American Consumer Credit Counseling
American Credit Counselors
American Credit Foundation
American Debt Counseling
American Debt Solutions
Cambridge Credit Counseling
Consumer Credit Counseling Services of San Francisco CCCS
Consumer Credit Counseling Services of Northern Idaho CCCS Located in Lewiston, ID
Christian Credit Counselors
ClearPoint Financial Solutions
Community Credit Counseling
Consolidated Credit Counseling Services
Consumer Credit Counseling Service of Magic Valley CCCS
Consumer Credit Counseling Atlanta CCCS
Consumer Credit Management
Consumer Education Services
Credit Advisors Foundation
Consumer Financial Solutions Located in Boise, ID
Credit Guard of America (CreditGuard)
Debt Counseling Corp
Debt Management Credit Counseling
Debt Reduction Services
Express Consolidation
Family Credit Counseling Services / Family Credit Management Services
Family Financial Education Foundation
Novadebt
Golden State Debt Management
Greenpath Debt Solutions
Harbor / Harbour Credit Counseling Services
Help Ministries Debt Free
InCharge Debt Solutions
Auriton Solutions
Consumer Credit Counseling Services of the Inland Northwest CCCS
National Foundation for Debt Management
American Financial Solutions
Springboard Non-Profit Credit Management & Counseling
Take Charge America Credit & Debt Counseling
Other Resources
Filing Bankruptcy in Idaho
Bankruptcy Laws in Idaho
Debt Collection in Idaho