 With the struggling economy, many people are finding themselves deep in credit card debt. Therefore, consumers are forced to turn to debt consolidation in order to get control of their finances. However, before a person decides to consolidate their credit card debt, they need to be aware of the credit... |
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Living with debt is by no means easy. There’s the constant concern of living paycheck to paycheck and the never ending issue of covering monthly bills and living expenses. While most of us pride ourselves on being self-sufficient, it’s hard to ignore that we all sometimes live well beyond our means.... |
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Indiana is a state that has its fair share of consumers who are bogged down by personal debt and in need of consumer credit counseling debt consolidation services. Although consumer debt may be so prevalent, very few people understand how debt management services work, nor do they know how to identify whether a company they are dealing with is potentially a fraud. To start out, one needs to learn about what types of debt management are available for consumers struggling with debt. For many consumers, the most appropriate debt solution is credit counseling. This type of service, usually offered by a non profit can help people with budgeting and financial education. If your situation cannot be remedied through these services, they may suggest you enroll in a debt management plan. These programs can help consolidate payments and lower interest charges on most unsecured debt. These programs do come with fees, so there is no guarantee that a debt management plan will be affordable. Do a thorough analysis of an organization before you choose to use their services. The second type of debt consolidation is known as debt settlement. The goal of these programs is to reduce your debt, not just interest rates. Although you can potentially save substantial sums of money by choosing this, there are some problems associated with this method for debt elimination. For one, during the course of the program, the consumer stops paying their credit cards. Due to this fact, the consumer will experience collection calls, possibly even lawsuits on their debts. Since it is a risky avenue for debt relief, one should only choose this avenue as a last resort before bankruptcy. Want to speak a debt consultant about your debt problem? Let PayingPaul.Com match you with a sympathetic company today! Indiana Debt Management Laws Step two is trying to figure out how to differentiate the good companies from the bad ones. Your first step should be to read PayingPaul.Com’s reviews of debt consolidation providers. Another way to protect yourself from potential scams is to learn about the laws regulating debt counseling in Indiana. In Indiana, all budgeting services are required to be licensed in order to operate in the state. Definition The laws, which deals with “budget service company(ies)”, pertains to any “person doing business as a budget counseling, credit counseling, debt management, or debt pooling service or holding himself out, by words of similar import, as providing services to debtors in the management of their finances and debts, and contracting with the debtor for a fee to receive from the debtor and disburse money or anything of value.” Fees Organizations that fall under that definition are required to follow certain guidelines in their dealings with debtors. One of the main purposes of this legislation is limit the fees that are being charged to cash-strapped debtors in the state. According to the law, a “budget service company” cannot charge more than 15% of the amount a debtor agrees to pay as a fee. In all, the company cannot receive more than 20% of the monthly amount the debtor agrees to pay in fees from the debtor AND the creditor (credit counseling firms get kick-backs called “fair share” as a fee from creditors for organizing and managing these plans). It should also be noted that lawyers licensed in Indiana and non-profits (so long as their fees are reasonable) are exempt from these provisions. For more information about these laws, visit this page: http://www.in.gov/legislative/ic/code/title28/ar1/ch29.html Licensed Agencies 6:10 SERVICES ACHIEVE CCA, INC. EVANSVILLE, IN AMERICAN CONSUMER CREDIT COUNSELING, INC AMERICAN CREDIT FOUNDATION, INC. BLACK HILLS CHILDREN`S RANCH, INC CAREONE SERVICES, INC. CLEARPOINT FINANCIAL SOLUTIONS, INC. CREDIT COUNSELORS CORPORATION DEBT DOCTORS, INC. LAFAYETTE, IN FAMILY FINANCIAL EDUCATION FOUNDATION FAMILY LIFE SERVICES, INC. GARDEN STATE CONSUMER CREDIT COUNSELING, INC. GREENPATH, INC INDY CREDIT COUNSELING, INC. Indianapolis, IN MONEY MANAGEMENT INTERNATIONAL, INC. MYSTAR FINANCIAL SOLUTIONS INC. Indianapolis, IN NORTH SEATTLE COMMUNITY COLLEGE FOUNDATION TAKE CHARGE AMERICA, INC. Other Resources Filing Bankruptcy in Indiana Bankruptcy Laws in Indiana Debt Collection in Indiana |
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