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Debt Consolidation in Kansas
(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 Kansas.)
With credit card debt on the rise, so too are the number of people who are seeking solutions like debt consolidation and consumer credit counseling. Although many have seen successful outcomes to their money and debt troubles, others are less fortunate. For starters, many have chosen a type of debt reduction that is not suitable for their particular situation. Others have chosen the wrong debt company.
There are two types of debt consolidation programs: credit counseling and debt settlement. In Kansas, most of the companies operating are credit counseling agencies. (The laws in Kansas make it difficult for debt settlement companies to operate legally there).
Credit counseling involves working with creditors to reduce your debt interest charges. The organizations that administer these types of debt plans are usually not for profits, and although they still do charge a fee typically, these services can be beneficial for consumers who need help managing their credit card bills.
For consumers who are seeking ways to get debt free quickly, however, debt settlement or negotiation may be a better alternative. Although finding a company who operates in Kansas may be difficult, the opportunity for settling the debt yourself is possible. In a debt settlement plan, whether through a company or using a do-it-yourself model, the consumer stops paying the creditors and starts saving money each month. Once enough funds have been saved, the company or consumer offers a lump sum equal to substantially less than the balance in some cases to completely satisfy the debt. Creditors will in many cases accept this arrangement because the debtor is behind and they are worried they won’t be able to collect anything.
Kansas Debt Management Laws
Kansas requires all “credit services organizations”, which includes debt management companies, to be licensed with the state in order to provide services to residents.
Definition
Kansas defines “debt management services” as:
(1) Receiving or offering to receive funds from a consumer for the purpose of distributing the funds among such consumer's creditors in full or partial payment of such consumer's debts;
(2) improving or offering to improve a consumer's credit record, history or rating; or
(3) negotiating or offering to negotiate to defer or reduce a consumer's obligations with respect to credit extended by others.
Fees
The following are the fee requirements and limits that debt consolidators and credit counselors can charge in Kansas:
- Charge a one-time consultation fee not exceeding $50. The cost of a credit report on a consumer shall be paid from the consultation fee paid by the consumer;
- charge and collect monthly the lesser of a total maintenance fee of $20 per month, or $5 per month for each creditor of a consumer that is listed in the debt management services agreement between the registrant and the consumer;
Kansas Debt Regulations
Licensed Agencies
A New Horizon Credit Counseling Services Inc Ft. Lauderdale FL
Alliance Credit Counseling, Inc Charlotte NC
American Consumer Credit Counseling, Inc Newton MA
Black Hills Children's Ranch, Inc. Rapid City SD
Cambridge Credit Counseling Corp. Agawam MA
CareOne Services, Inc. Columbia MD
ClearPoint Financial Solutions, Inc. Richmond VA
Consolidated Credit Counseling Services, Inc. Fort Lauderdale FL
Consumer Credit Counseling of Springfield, Missouri - CCCS
Consumer Credit Counseling Service of Greater Atlanta, Inc.
Consumer Credit Counseling Service of San Francisco
Consumer Credit Counseling Service of the Midwest, Inc. Columbus OH
Consumer Credit Counseling Service, Inc. Salina KS
Consumer Education Services, Inc. Raleigh NC
Consumers Alliance Processing Corporation Carlsbad CA
Credit Advisors Foundation Omaha NE
CreditGUARD of America, Inc. Boca Raton FL
Debt Counseling Corp. Hauppauge NY
Debt Reduction Services, Inc. Boise ID
Family Credit Counseling Service, Inc. Rockford IL
Family Financial Education Foundation Evanston WY
Garden State Consumer Credit Counseling, Inc. Freehold NJ
GreenPath, Inc. Farmington Hills MI
Help Ministries Incorporated Mesa AZ
Housing and Credit Counseling, Inc. Topeka KS
InCharge Debt Solutions Orlando FL
Money Management International, Inc. Houston TX
National Foundation for Debt Management, Inc. Clearwater FL
North Seattle Community College Foundation Seattle WA
Take Charge America, Inc. Phoenix AZ
Town and Country Acceptance Corporation Birmingham AL
Other Resources
Filing Bankruptcy in Kansas
Bankruptcy Laws in Kansas
Debt Collection in Kansas
With credit card debt on the rise, so too are the number of people who are seeking solutions like debt consolidation and consumer credit counseling. Although many have seen successful outcomes to their money and debt troubles, others are less fortunate. For starters, many have chosen a type of debt reduction that is not suitable for their particular situation. Others have chosen the wrong debt company.
There are two types of debt consolidation programs: credit counseling and debt settlement. In Kansas, most of the companies operating are credit counseling agencies. (The laws in Kansas make it difficult for debt settlement companies to operate legally there).
Credit counseling involves working with creditors to reduce your debt interest charges. The organizations that administer these types of debt plans are usually not for profits, and although they still do charge a fee typically, these services can be beneficial for consumers who need help managing their credit card bills.
For consumers who are seeking ways to get debt free quickly, however, debt settlement or negotiation may be a better alternative. Although finding a company who operates in Kansas may be difficult, the opportunity for settling the debt yourself is possible. In a debt settlement plan, whether through a company or using a do-it-yourself model, the consumer stops paying the creditors and starts saving money each month. Once enough funds have been saved, the company or consumer offers a lump sum equal to substantially less than the balance in some cases to completely satisfy the debt. Creditors will in many cases accept this arrangement because the debtor is behind and they are worried they won’t be able to collect anything.
Kansas Debt Management Laws
Kansas requires all “credit services organizations”, which includes debt management companies, to be licensed with the state in order to provide services to residents.
Definition
Kansas defines “debt management services” as:
(1) Receiving or offering to receive funds from a consumer for the purpose of distributing the funds among such consumer's creditors in full or partial payment of such consumer's debts;
(2) improving or offering to improve a consumer's credit record, history or rating; or
(3) negotiating or offering to negotiate to defer or reduce a consumer's obligations with respect to credit extended by others.
Fees
The following are the fee requirements and limits that debt consolidators and credit counselors can charge in Kansas:
- Charge a one-time consultation fee not exceeding $50. The cost of a credit report on a consumer shall be paid from the consultation fee paid by the consumer;
- charge and collect monthly the lesser of a total maintenance fee of $20 per month, or $5 per month for each creditor of a consumer that is listed in the debt management services agreement between the registrant and the consumer;
Kansas Debt Regulations
Licensed Agencies
A New Horizon Credit Counseling Services Inc Ft. Lauderdale FL
Alliance Credit Counseling, Inc Charlotte NC
American Consumer Credit Counseling, Inc Newton MA
Black Hills Children's Ranch, Inc. Rapid City SD
Cambridge Credit Counseling Corp. Agawam MA
CareOne Services, Inc. Columbia MD
ClearPoint Financial Solutions, Inc. Richmond VA
Consolidated Credit Counseling Services, Inc. Fort Lauderdale FL
Consumer Credit Counseling of Springfield, Missouri - CCCS
Consumer Credit Counseling Service of Greater Atlanta, Inc.
Consumer Credit Counseling Service of San Francisco
Consumer Credit Counseling Service of the Midwest, Inc. Columbus OH
Consumer Credit Counseling Service, Inc. Salina KS
Consumer Education Services, Inc. Raleigh NC
Consumers Alliance Processing Corporation Carlsbad CA
Credit Advisors Foundation Omaha NE
CreditGUARD of America, Inc. Boca Raton FL
Debt Counseling Corp. Hauppauge NY
Debt Reduction Services, Inc. Boise ID
Family Credit Counseling Service, Inc. Rockford IL
Family Financial Education Foundation Evanston WY
Garden State Consumer Credit Counseling, Inc. Freehold NJ
GreenPath, Inc. Farmington Hills MI
Help Ministries Incorporated Mesa AZ
Housing and Credit Counseling, Inc. Topeka KS
InCharge Debt Solutions Orlando FL
Money Management International, Inc. Houston TX
National Foundation for Debt Management, Inc. Clearwater FL
North Seattle Community College Foundation Seattle WA
Take Charge America, Inc. Phoenix AZ
Town and Country Acceptance Corporation Birmingham AL
Other Resources
Filing Bankruptcy in Kansas
Bankruptcy Laws in Kansas
Debt Collection in Kansas