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Debt Consolidation in Illinois
(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 Illinois.)
Illinois is no different from the rest of the country – many of its residents are in need of debt consolidation and consumer credit counseling services. With television and radio seemingly playing debt management ads every other commercial break, it is unfortunate that so few people understand what type of services are actually being offered. Even worse people have even more trouble figuring out how to differentiate the reputable companies from the agencies that are not. The purpose of this page is to educate Illinois consumers about what forms of debt consolidation are available to people struggling with debt, as well as what laws are available to protect consumers from debt scams.
There are two types of debt consolidation services currently available to people with credit card debt. The oldest debt programs are credit counseling services. The agencies that offer this type of assistance are usually non-profit, and they offer education classes for the public about managing finances, as well as individual budget counseling. If your situation permits, they may suggest you enroll in a debt management plan. These programs entail restructuring your debt on new payment terms, including reduced interest rates and waived late fees. Although many of the agencies who offer these programs are non-profit, that is no guarantee the services are affordable. Fees are charged for setting up and maintaining these plans, which must be limited according to the guidelines detailed later on in this page.
One of the newest forms of debt relief out there is debt settlement. This process involves getting creditors to accept 40 to 60% of a debt balance in a lump sum in full satisfaction of a debt. Due to the fact that you can pay back less than what you owe, it is generally the fastest way out of debt other than bankruptcy. Although the potential savings are significant, the risks associated with doing settlement makes this a logical option for people who are considering bankruptcy.
Do you want to speak with a debt advisor? Submit a form and PayingPaul.Com will match you for free!
Illinois Debt Management Laws
There are a number of safeguards in Illinois to protect consumers from unscrupulous debt counselors / consolidators. Much of the laws that are in place deal with the fees that can be charged for administering these types of programs.
Definition
According to the Illinois Division of Financial Institutions, “debt management services” involves “the planning and management of the financial affairs of a debtor for a fee and the receiving of money from the debtor for the purpose of distributing it to the debtor's personal creditors in payment or partial payment of the debtor's obligations or soliciting financial contributions from creditors.”
Fees
Companies who provide services that fall under this definition are required to abide by the following fee restrictions:
-a set up or consulting fee cannot exceed $50
-the median fee a company charges on a monthly basis cannot be more than $30
Licensed Debt Agenices
6:10 Services
D/B/A Debt-Free America
8355 Aero Drive, Suite 200
San Diego CA 92123
AAA Cook County Consolidation
7366 North Lincoln Avenue
Lincolnwood IL 60712
Alliance Credit Counseling, Inc.
15720 John J. Delaney Drive #100
Charlotte NC 28227-2747
American Credit Counselors, Inc.
23123 State Rd. 7, Suite 210
Boca Raton FL 33428
Black Hills Children's Ranch, Inc. d/b/a
1644 Concourse Drive P.O. Box 6860
Rapid City SD 57709
Budget Counselors Plus, Incorporated
501 North Clinton
Bloomington IL 61701
Capital Management Services, Inc.
1415 West 22Nd Street Tower Floor
Oak Brook IL 60523
Central Illinois Debt Management & Credit Education, Inc.
222 E. North Street
Decatur IL 62525
Central Illinois Debt Management & Credit Education, Inc.
719 Main Street, Suite A & B
Peoria IL 61602
Central Illinois Debt Management & Credit Education, Inc.
201 W. Springfield
Champaign IL 61824
Chestnut Health Systems, CCCS
Chestnut Credit Counseling Services
151 N. Springfield, Suite C
Joliet IL 60435
Chestnut Health Systems, CCCS
Chestnut Credit Counseling Services CCCS
1003 Martin Luther King Jr. Drive
Bloomington IL 61701
Chestnut Health Systems/Chestnut Cr.Cou
50 Northgate Industrial Drive
Granite City IL 62040
Christian Financial Ministries, Inc.
850-B Old Piedmont Road
Marietta GA 30066
ClearPoint Financial Solutions, Inc.
1890 Maine Street
Quincy IL 62301
ClearPoint Financial Solutions, Inc.
1623 Washington Avenue, Suite 200
Alton IL 62002
ClearPoint Financial Solutions, Inc.
123 South 10th Street, Suite 205
Mount Vernon IL 62864
ClearPoint Financial Solutions
159 W. Professional Park, Suite 1 4505 North Illinois
Swansea IL 62226
ClearPoint Financial Solutions, Inc.
1616 West Main Street, Suite 200
Marion IL 62959
ClearPoint Financial Solutions, Inc.
2937 Stanton Ave., Suite A
Springfield IL 62703
ClearPoint Financial Solutions, Inc.
1300 Hampton Avenue
St. Louis MO 63139
ClearPoint Financial Solutions, Inc.
8000 Franklin Farms Drive
Richmond VA 23229
Community Credit Counseling Corporation
5 Professional Circle, Route 34
Colts Neck NJ 07722
Consumer Credit Counseling
Division of Family Counseling Service
70 South River Street, Suite 2
Aurora IL 60506
Consumer Credit Counseling Service of Greater Atlanta, Inc.
100 Edgewood Avenue, Suite 1800
Atlanta GA 30303
Consumer Credit Counseling Service of Mchenry County, Inc.
400 Russel Court
Woodstock IL 60098
Consolidated Credit Counseling Services, Inc.
5701 West Sunrise Blvd.
Fort Lauderdale FL 33313
Consumer Credit Counseling Service of Elgin
22 South Spring Street
Elgin IL 60120
Consumer Credit Counseling Service of the Midwest, Inc.
4500 E. Broad Street
Columbus OH 43213
Consumer Credit Nationwide
3445 Spring Street
Davenport IA 52807
Consumer Debt Counselors, Inc
122 Harger Road, Suite 410
Oak Brook IL 60523
Consumers Alliance Processing Corporation
5937 Darwin Court
Carlsbad CA 92008
Credit Advisors Foundation
1818 S. 72nd Street
Omaha NE 68124-1704
Creditguard of America Inc.
5301 North Federal Highway, Suite 230
Boca Raton FL 33487
Debt Management Credit Counseling Corp.
700 Banyan Trail, Suite 200
Boca Raton FL 33431
Consumer Credit Counseling Service of Maryland and Delaware,
757 Frederick Road, 2nd Floor
Baltimore MD 21228
Consumer Credit Counseling Service of San Francisco
595 Market Street, Suite 1500
San Francisco CA 94105
Consumer Credit Management, Inc.
28124 Orchard Lake Road
Farmington Hill MI 48334
Consumer Credit Nationwide
1701 Broadmoor, Suite 220
Champaign IL 61821
Consumer Education Services, Inc.
3035 Boone Trail Extension, Suite M
Fayetteville NC 28304
Credicure, Inc
301 North Mildred Street
Charles Town WV 25414
Credit Card Management Services, Inc
. 4611 Okeechobee Blvd. Suite 114
West Palm Beach FL 33417
Debt Counseling Corp.
3033 Express Drive North Suite 103
Hauppauge NY 11749
Debt Reduction Services, Inc.
6213 N. Cloverdale Road, Suite 100
Boise ID 83713
Family Credit Counseling Service, Inc.
1607 Visa Drive, Unit #10
Normal IL 61761
Family Credit Counseling Service, Inc.
4306 Charles Street
Rockford IL 61108
Family Credit Counseling Service, Inc.
7354 W. Addison Street
Chicago IL 60634
Family Financial Education Foundation
724 Front Street, Suite 340
Evanston WY 82930
Family Service of Racine
420 7th Street
Racine WI 53403
Family Life Services
D/B/A Family Life Credit Services
2345 Meadow Ridge Pkwy.
West Fargo ND 58078
FreedomPoint Corporation
8930 Stanford Boulevard
Columbia MD 21045
Girard Personal Accounting Service
404 East Walnut Street
Bloomington IL 61701
Garden State Consumer Credit Counseling, Inc.
225 Willowbrook Road
Freehold NJ 07728
Greenpath, Inc.
D/B/A Greenpath Debt Solutions
150-16 1/2 Street
Rock Island IL 61201
In Charge Debt Solutions
D/B/A In Charge Debt Solutions
2101 Park Center Drive, Suite 320
Orlando FL 32835
Kennedy's Budget Counselors, Inc.
7 Arcade Court
Lincoln IL 62656
Institute For Debt Relief
400 East Randolph, Suite 700
Chicago IL 60601
Metropolitan Financial Management Corp.
D/B/A Auriton Solutions
201 East Army Trail Road, Suite 300
Bloomingdale IL 60108
Metropolitan Financial Management Corp.
D/B/A Auriton Solutions
1700 West Highway 36, Suite 301
Roseville MN 55113
Momentive Consumer Credit Counseling Service, Inc.
615 North Alabama Street, Suite 134
Indianapolis IN 46204
Momentive Consumer Credit Counseling Service, Inc.
602 E. Fifth Street
Mt. Carmel IL 62863
Money Management International, Inc
D/B/A CCCS of Greater Chicago
70 East Lake Street, Suite 1115
Chicago IL 60601
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
1200 Rossevelt Road, Suite 121
Glen Ellyn IL 60137
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
129 South Phelps Avenue, Suite 811
Rockford IL 61108
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
16860 South Oak Park Avenue, Suite 102
Tinley Park IL 60477
Money Management International, Inc.
d/b/a CCCS of Central Illinois
416 Main Streeet, Suite 920
Peoria IL 60602
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
9009 West Loop South, Suite 700
Houston TX 77096
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
1515 North Harlem Avenue, Suite 205
Oak Park IL 60302
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
3601 Algonquin Road, Suite 230
Rolling Meadows IL 60008
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
10000 N. 31St Avenue, Suite D-100
Phoenix AZ 85051
Money Management International, Inc.
d/b/a CCCS of Greater Chicago
1320 South University Drive, Suite 200
Fort Worth TX 76107
National Foundation For Debt Management, Inc.
D/B/A Alternative Credit Solutions
14100 58Th Street North
Clearwater FL 33760
North Seattle Community College Foundation
D/B/A American Financial Solutions
2815 2nd Avenue, Suite 280
Seattle WA 98121
3700 Coconut Creek Parkway
Coconut Creek FL 33066
North American Consumer Credit Service Corporation
1761 W. Hillsboro Road, Suite 402
Deerfield Beach FL 33442
Springboard Non-Profit Consumer Credit
4351 Latham Street
Riverside CA 92501
Take Charge America, Inc.
20620 N. 19Th Avenue
Phoenix AZ 85027
Other Resources
Filing Bankruptcy in Illinois
Bankruptcy Laws in Illinois
Debt Collection in Illinois
Illinois is no different from the rest of the country – many of its residents are in need of debt consolidation and consumer credit counseling services. With television and radio seemingly playing debt management ads every other commercial break, it is unfortunate that so few people understand what type of services are actually being offered. Even worse people have even more trouble figuring out how to differentiate the reputable companies from the agencies that are not. The purpose of this page is to educate Illinois consumers about what forms of debt consolidation are available to people struggling with debt, as well as what laws are available to protect consumers from debt scams.
There are two types of debt consolidation services currently available to people with credit card debt. The oldest debt programs are credit counseling services. The agencies that offer this type of assistance are usually non-profit, and they offer education classes for the public about managing finances, as well as individual budget counseling. If your situation permits, they may suggest you enroll in a debt management plan. These programs entail restructuring your debt on new payment terms, including reduced interest rates and waived late fees. Although many of the agencies who offer these programs are non-profit, that is no guarantee the services are affordable. Fees are charged for setting up and maintaining these plans, which must be limited according to the guidelines detailed later on in this page.
One of the newest forms of debt relief out there is debt settlement. This process involves getting creditors to accept 40 to 60% of a debt balance in a lump sum in full satisfaction of a debt. Due to the fact that you can pay back less than what you owe, it is generally the fastest way out of debt other than bankruptcy. Although the potential savings are significant, the risks associated with doing settlement makes this a logical option for people who are considering bankruptcy.
Do you want to speak with a debt advisor? Submit a form and PayingPaul.Com will match you for free!
Illinois Debt Management Laws
There are a number of safeguards in Illinois to protect consumers from unscrupulous debt counselors / consolidators. Much of the laws that are in place deal with the fees that can be charged for administering these types of programs.
Definition
According to the Illinois Division of Financial Institutions, “debt management services” involves “the planning and management of the financial affairs of a debtor for a fee and the receiving of money from the debtor for the purpose of distributing it to the debtor's personal creditors in payment or partial payment of the debtor's obligations or soliciting financial contributions from creditors.”
Fees
Companies who provide services that fall under this definition are required to abide by the following fee restrictions:
-a set up or consulting fee cannot exceed $50
-the median fee a company charges on a monthly basis cannot be more than $30
Licensed Debt Agenices
6:10 Services
D/B/A Debt-Free America
8355 Aero Drive, Suite 200
San Diego CA 92123
AAA Cook County Consolidation
7366 North Lincoln Avenue
Lincolnwood IL 60712
Alliance Credit Counseling, Inc.
15720 John J. Delaney Drive #100
Charlotte NC 28227-2747
American Credit Counselors, Inc.
23123 State Rd. 7, Suite 210
Boca Raton FL 33428
Black Hills Children's Ranch, Inc. d/b/a
1644 Concourse Drive P.O. Box 6860
Rapid City SD 57709
Budget Counselors Plus, Incorporated
501 North Clinton
Bloomington IL 61701
Capital Management Services, Inc.
1415 West 22Nd Street Tower Floor
Oak Brook IL 60523
Central Illinois Debt Management & Credit Education, Inc.
222 E. North Street
Decatur IL 62525
Central Illinois Debt Management & Credit Education, Inc.
719 Main Street, Suite A & B
Peoria IL 61602
Central Illinois Debt Management & Credit Education, Inc.
201 W. Springfield
Champaign IL 61824
Chestnut Health Systems, CCCS
Chestnut Credit Counseling Services
151 N. Springfield, Suite C
Joliet IL 60435
Chestnut Health Systems, CCCS
Chestnut Credit Counseling Services CCCS
1003 Martin Luther King Jr. Drive
Bloomington IL 61701
Chestnut Health Systems/Chestnut Cr.Cou
50 Northgate Industrial Drive
Granite City IL 62040
Christian Financial Ministries, Inc.
850-B Old Piedmont Road
Marietta GA 30066
ClearPoint Financial Solutions, Inc.
1890 Maine Street
Quincy IL 62301
ClearPoint Financial Solutions, Inc.
1623 Washington Avenue, Suite 200
Alton IL 62002
ClearPoint Financial Solutions, Inc.
123 South 10th Street, Suite 205
Mount Vernon IL 62864
ClearPoint Financial Solutions
159 W. Professional Park, Suite 1 4505 North Illinois
Swansea IL 62226
ClearPoint Financial Solutions, Inc.
1616 West Main Street, Suite 200
Marion IL 62959
ClearPoint Financial Solutions, Inc.
2937 Stanton Ave., Suite A
Springfield IL 62703
ClearPoint Financial Solutions, Inc.
1300 Hampton Avenue
St. Louis MO 63139
ClearPoint Financial Solutions, Inc.
8000 Franklin Farms Drive
Richmond VA 23229
Community Credit Counseling Corporation
5 Professional Circle, Route 34
Colts Neck NJ 07722
Consumer Credit Counseling
Division of Family Counseling Service
70 South River Street, Suite 2
Aurora IL 60506
Consumer Credit Counseling Service of Greater Atlanta, Inc.
100 Edgewood Avenue, Suite 1800
Atlanta GA 30303
Consumer Credit Counseling Service of Mchenry County, Inc.
400 Russel Court
Woodstock IL 60098
Consolidated Credit Counseling Services, Inc.
5701 West Sunrise Blvd.
Fort Lauderdale FL 33313
Consumer Credit Counseling Service of Elgin
22 South Spring Street
Elgin IL 60120
Consumer Credit Counseling Service of the Midwest, Inc.
4500 E. Broad Street
Columbus OH 43213
Consumer Credit Nationwide
3445 Spring Street
Davenport IA 52807
Consumer Debt Counselors, Inc
122 Harger Road, Suite 410
Oak Brook IL 60523
Consumers Alliance Processing Corporation
5937 Darwin Court
Carlsbad CA 92008
Credit Advisors Foundation
1818 S. 72nd Street
Omaha NE 68124-1704
Creditguard of America Inc.
5301 North Federal Highway, Suite 230
Boca Raton FL 33487
Debt Management Credit Counseling Corp.
700 Banyan Trail, Suite 200
Boca Raton FL 33431
Consumer Credit Counseling Service of Maryland and Delaware,
757 Frederick Road, 2nd Floor
Baltimore MD 21228
Consumer Credit Counseling Service of San Francisco
595 Market Street, Suite 1500
San Francisco CA 94105
Consumer Credit Management, Inc.
28124 Orchard Lake Road
Farmington Hill MI 48334
Consumer Credit Nationwide
1701 Broadmoor, Suite 220
Champaign IL 61821
Consumer Education Services, Inc.
3035 Boone Trail Extension, Suite M
Fayetteville NC 28304
Credicure, Inc
301 North Mildred Street
Charles Town WV 25414
Credit Card Management Services, Inc
. 4611 Okeechobee Blvd. Suite 114
West Palm Beach FL 33417
Debt Counseling Corp.
3033 Express Drive North Suite 103
Hauppauge NY 11749
Debt Reduction Services, Inc.
6213 N. Cloverdale Road, Suite 100
Boise ID 83713
Family Credit Counseling Service, Inc.
1607 Visa Drive, Unit #10
Normal IL 61761
Family Credit Counseling Service, Inc.
4306 Charles Street
Rockford IL 61108
Family Credit Counseling Service, Inc.
7354 W. Addison Street
Chicago IL 60634
Family Financial Education Foundation
724 Front Street, Suite 340
Evanston WY 82930
Family Service of Racine
420 7th Street
Racine WI 53403
Family Life Services
D/B/A Family Life Credit Services
2345 Meadow Ridge Pkwy.
West Fargo ND 58078
FreedomPoint Corporation
8930 Stanford Boulevard
Columbia MD 21045
Girard Personal Accounting Service
404 East Walnut Street
Bloomington IL 61701
Garden State Consumer Credit Counseling, Inc.
225 Willowbrook Road
Freehold NJ 07728
Greenpath, Inc.
D/B/A Greenpath Debt Solutions
150-16 1/2 Street
Rock Island IL 61201
In Charge Debt Solutions
D/B/A In Charge Debt Solutions
2101 Park Center Drive, Suite 320
Orlando FL 32835
Kennedy's Budget Counselors, Inc.
7 Arcade Court
Lincoln IL 62656
Institute For Debt Relief
400 East Randolph, Suite 700
Chicago IL 60601
Metropolitan Financial Management Corp.
D/B/A Auriton Solutions
201 East Army Trail Road, Suite 300
Bloomingdale IL 60108
Metropolitan Financial Management Corp.
D/B/A Auriton Solutions
1700 West Highway 36, Suite 301
Roseville MN 55113
Momentive Consumer Credit Counseling Service, Inc.
615 North Alabama Street, Suite 134
Indianapolis IN 46204
Momentive Consumer Credit Counseling Service, Inc.
602 E. Fifth Street
Mt. Carmel IL 62863
Money Management International, Inc
D/B/A CCCS of Greater Chicago
70 East Lake Street, Suite 1115
Chicago IL 60601
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
1200 Rossevelt Road, Suite 121
Glen Ellyn IL 60137
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
129 South Phelps Avenue, Suite 811
Rockford IL 61108
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
16860 South Oak Park Avenue, Suite 102
Tinley Park IL 60477
Money Management International, Inc.
d/b/a CCCS of Central Illinois
416 Main Streeet, Suite 920
Peoria IL 60602
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
9009 West Loop South, Suite 700
Houston TX 77096
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
1515 North Harlem Avenue, Suite 205
Oak Park IL 60302
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
3601 Algonquin Road, Suite 230
Rolling Meadows IL 60008
Money Management International, Inc.
D/B/A CCCS of Greater Chicago
10000 N. 31St Avenue, Suite D-100
Phoenix AZ 85051
Money Management International, Inc.
d/b/a CCCS of Greater Chicago
1320 South University Drive, Suite 200
Fort Worth TX 76107
National Foundation For Debt Management, Inc.
D/B/A Alternative Credit Solutions
14100 58Th Street North
Clearwater FL 33760
North Seattle Community College Foundation
D/B/A American Financial Solutions
2815 2nd Avenue, Suite 280
Seattle WA 98121
3700 Coconut Creek Parkway
Coconut Creek FL 33066
North American Consumer Credit Service Corporation
1761 W. Hillsboro Road, Suite 402
Deerfield Beach FL 33442
Springboard Non-Profit Consumer Credit
4351 Latham Street
Riverside CA 92501
Take Charge America, Inc.
20620 N. 19Th Avenue
Phoenix AZ 85027
Other Resources
Filing Bankruptcy in Illinois
Bankruptcy Laws in Illinois
Debt Collection in Illinois