Get out of credit card debt fast, cheap, and without a loan. Our debt services can reduce your individual credit card debt by as much as 40-60% and help you get out of debt in 12-30 months!
Debt Consolidation in Maine
(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 Maine.)
In recent years, the number of Maine residents having problems managing credit card debt has increased, much like the rest of the country. An increase in the number of debt ridden individuals has created an influx of debt consolidation agencies and consumer credit counseling programs advertising in the state. Meanwhile, not only are consumers in the state uniformed about the different debt management services being offered, but many cannot decipher good debt companies from bad ones. The purpose of PayingPaul.Com is to educate Maine consumers about the top ways to pay off credit cards and how to identify the best debt services for your situation.
First and foremost, one searching for unsecured debt relief must understand that there are different debt consolidation options available. One of the most popular methods for debt management is credit counseling. This type of program is usually administered by a not for profit debt agency, who can help you with budgeting and other financial guidance. If your situation permits, they may suggest you enroll in a debt management plan. If so, a credit counselor will create proposals and submits them to your creditors requesting lowered interest rates, payments and waived charges such as over the limit and late payment penalties. As with all debt solutions, there are some things one must remember before choosing this avenue. First, just because the agency may be non-profit, there is no guarantee their services will be affordable. Credit counselors do charge fees, and many have come under fire from the IRS recently because of their unscrupulous practices. Secondly, these types of programs may have consequences for your credit report. Be sure to talk in depth with your counselor about these issues.
Another popular form of debt consolidation are debt settlement services. These programs are typically able to reduce credit card debt by as much as 40-60% and help you get financial freedom in as little as 12-36 months. Although the results may be alluring, one should seriously consider settlement because of the risks associated with it. In these plans, the consumer stops paying their creditors and starts saving money into a separate bank account each month. After sufficient money has accumulated, the company will contact a creditor and negotiate a lump sum pay off for the balance. Before this happens, however, a creditor will try collecting the debt as if it were any other past due account. This means “late payments” being reported to the credit bureaus, creditor calls, and in some cases, lawsuits.
Do you want to speak with a debt expert? Submit a form and PayingPaul.Com will match you with one today!
Maine Debt Management Regulations
Maine is one of many states that regulate the debt management arena. The goal of many of their laws is to protect Maine residents from debt consolidators and credit counselors who do not have the best interests of a consumer in mind when providing debt plans. As one would expect, much of the focus of the regulations lies on what fees a debt management company can charge when providing their services. According to Maine law, a “debt management service” involves:
“A. The receiving of money from a consumer for the purpose of distributing one or more payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligation; [2003, c. 172, §1 (NEW).]
B. Arranging or assisting a consumer to arrange for the distribution of one or more payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligation; [2003, c. 172, §1 (NEW).]
C. Exercising control, directly or indirectly, or arranging for the exercise of control over funds of a consumer for the purpose of distributing payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligation; or [2003, c. 172, §1 (NEW).]
D. Acting or offering to act as an intermediary between a consumer and one or more creditors of the consumer for the purpose of adjusting, settling, discharging, reaching a compromise on or otherwise altering the terms of payment of the consumer's obligation.”
It should be noted that the following entities are exempt from debt management laws in Maine:
1) attorneys licensed in Maine, unless their exclusive focus is debt management
2) financial organizations and lenders
3) debt management companies who are located in Maine but do not provide services to Maine residents
Entities that fall under the Debt Management Services Act are required to limit their fees according to the following: -$75 as an initial set up fee
-$40 as a monthly maintenance fee for programs that distribute monthly payments
-for debt settlement programs, the fee cannot exceed 15% of the amount by which a debt was reduced
For more information, please follow this link: http://janus.state.me.us/legis/statutes/32/title32ch80-A.rtf
Licensed Debt Agencies
AMERICAN FINANCIAL SOLUTIONS
CREDITGUARD OF AMERICA INC.
AMERICAN DEBT SOLUTIONS INC
DEBT COUNSELING CORP
AMERICAN DEBT COUNSELING INC
CONSUMER EDUCATION SERVICES INC
CREDIT COUNSELING CENTERS OF AMERICA
A SAFE HARBOUR CREDIT MANAGEMENT
DEBT-FREE AMERICA
CONSUMER CREDIT MANAGEMENT INC
COMMUNITY CREDIT COUNSELING CORP
TAKE CHARGE AMERICA INC
DEBT SETTLEMENT AMERICA INC
INCHARGE DEBT SOLUTIONS
NATIONAL FOUNDATION FOR DEBT MANAGEMENT INC
AMERICAN CREDIT COUNSELORS INC
AMERICAN CONSUMER CREDIT COUNSELING INC.
CONSUMER CREDIT COUNSELING SERVICE OF SAN FRANCISCO
FAMILY FINANCIAL EDUCATION FOUNDATION
CONSUMER CREDIT COUNSELING SERVICE OF THE MIDWEST INC
SPRINGBOARD NONPROFIT CONSUMER CREDIT MANAGEMENT INC
IPAYDEBT FINANCIAL SERVICES INC
PLANFIRST PAYMENT SOLUTIONS INC
GREENPATH DEBT SOLUTIONS
CLEARPOINT FINANCIAL SOLUTIONS INC
CONSUMER CREDIT COUNSELING SERVICE OF GREATER ATLANTA INC
CONSUMER CREDIT COUNSELING OF MAINE
MONEY MANAGEMENT INTERNATIONAL
CONSUMER CREDIT AND BUDGET COUNSELING INC.
GARDEN STATE CONSUMER CREDIT COUNSELING INC
CONSOLIDATED CREDIT COUNSELING SERVICES INC
A NEW HORIZON CREDIT COUNSELING SERVICES INC
CAREONE SERVICES INC
CAMBRIDGE CREDIT COUNSELING CORP.
DEBT MANAGEMENT CREDIT COUNSELING
CONSUMER CREDIT COUNSELING SVC OF MARYLAND AND DELAWARE INC
CEEDCO INC
CONSUMERS ALLIANCE PROCESSING CORPORATION
OMEGA FINANCIAL SERVICES
Other Resources
Filing Bankruptcy in Maine
Bankruptcy Laws in Maine
Debt Collection in Maine
In recent years, the number of Maine residents having problems managing credit card debt has increased, much like the rest of the country. An increase in the number of debt ridden individuals has created an influx of debt consolidation agencies and consumer credit counseling programs advertising in the state. Meanwhile, not only are consumers in the state uniformed about the different debt management services being offered, but many cannot decipher good debt companies from bad ones. The purpose of PayingPaul.Com is to educate Maine consumers about the top ways to pay off credit cards and how to identify the best debt services for your situation.
First and foremost, one searching for unsecured debt relief must understand that there are different debt consolidation options available. One of the most popular methods for debt management is credit counseling. This type of program is usually administered by a not for profit debt agency, who can help you with budgeting and other financial guidance. If your situation permits, they may suggest you enroll in a debt management plan. If so, a credit counselor will create proposals and submits them to your creditors requesting lowered interest rates, payments and waived charges such as over the limit and late payment penalties. As with all debt solutions, there are some things one must remember before choosing this avenue. First, just because the agency may be non-profit, there is no guarantee their services will be affordable. Credit counselors do charge fees, and many have come under fire from the IRS recently because of their unscrupulous practices. Secondly, these types of programs may have consequences for your credit report. Be sure to talk in depth with your counselor about these issues.
Another popular form of debt consolidation are debt settlement services. These programs are typically able to reduce credit card debt by as much as 40-60% and help you get financial freedom in as little as 12-36 months. Although the results may be alluring, one should seriously consider settlement because of the risks associated with it. In these plans, the consumer stops paying their creditors and starts saving money into a separate bank account each month. After sufficient money has accumulated, the company will contact a creditor and negotiate a lump sum pay off for the balance. Before this happens, however, a creditor will try collecting the debt as if it were any other past due account. This means “late payments” being reported to the credit bureaus, creditor calls, and in some cases, lawsuits.
Do you want to speak with a debt expert? Submit a form and PayingPaul.Com will match you with one today!
Maine Debt Management Regulations
Maine is one of many states that regulate the debt management arena. The goal of many of their laws is to protect Maine residents from debt consolidators and credit counselors who do not have the best interests of a consumer in mind when providing debt plans. As one would expect, much of the focus of the regulations lies on what fees a debt management company can charge when providing their services. According to Maine law, a “debt management service” involves:
“A. The receiving of money from a consumer for the purpose of distributing one or more payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligation; [2003, c. 172, §1 (NEW).]
B. Arranging or assisting a consumer to arrange for the distribution of one or more payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligation; [2003, c. 172, §1 (NEW).]
C. Exercising control, directly or indirectly, or arranging for the exercise of control over funds of a consumer for the purpose of distributing payments to or among one or more creditors of the consumer in full or partial payment of the consumer's obligation; or [2003, c. 172, §1 (NEW).]
D. Acting or offering to act as an intermediary between a consumer and one or more creditors of the consumer for the purpose of adjusting, settling, discharging, reaching a compromise on or otherwise altering the terms of payment of the consumer's obligation.”
It should be noted that the following entities are exempt from debt management laws in Maine:
1) attorneys licensed in Maine, unless their exclusive focus is debt management
2) financial organizations and lenders
3) debt management companies who are located in Maine but do not provide services to Maine residents
Entities that fall under the Debt Management Services Act are required to limit their fees according to the following: -$75 as an initial set up fee
-$40 as a monthly maintenance fee for programs that distribute monthly payments
-for debt settlement programs, the fee cannot exceed 15% of the amount by which a debt was reduced
For more information, please follow this link: http://janus.state.me.us/legis/statutes/32/title32ch80-A.rtf
Licensed Debt Agencies
AMERICAN FINANCIAL SOLUTIONS
CREDITGUARD OF AMERICA INC.
AMERICAN DEBT SOLUTIONS INC
DEBT COUNSELING CORP
AMERICAN DEBT COUNSELING INC
CONSUMER EDUCATION SERVICES INC
CREDIT COUNSELING CENTERS OF AMERICA
A SAFE HARBOUR CREDIT MANAGEMENT
DEBT-FREE AMERICA
CONSUMER CREDIT MANAGEMENT INC
COMMUNITY CREDIT COUNSELING CORP
TAKE CHARGE AMERICA INC
DEBT SETTLEMENT AMERICA INC
INCHARGE DEBT SOLUTIONS
NATIONAL FOUNDATION FOR DEBT MANAGEMENT INC
AMERICAN CREDIT COUNSELORS INC
AMERICAN CONSUMER CREDIT COUNSELING INC.
CONSUMER CREDIT COUNSELING SERVICE OF SAN FRANCISCO
FAMILY FINANCIAL EDUCATION FOUNDATION
CONSUMER CREDIT COUNSELING SERVICE OF THE MIDWEST INC
SPRINGBOARD NONPROFIT CONSUMER CREDIT MANAGEMENT INC
IPAYDEBT FINANCIAL SERVICES INC
PLANFIRST PAYMENT SOLUTIONS INC
GREENPATH DEBT SOLUTIONS
CLEARPOINT FINANCIAL SOLUTIONS INC
CONSUMER CREDIT COUNSELING SERVICE OF GREATER ATLANTA INC
CONSUMER CREDIT COUNSELING OF MAINE
MONEY MANAGEMENT INTERNATIONAL
CONSUMER CREDIT AND BUDGET COUNSELING INC.
GARDEN STATE CONSUMER CREDIT COUNSELING INC
CONSOLIDATED CREDIT COUNSELING SERVICES INC
A NEW HORIZON CREDIT COUNSELING SERVICES INC
CAREONE SERVICES INC
CAMBRIDGE CREDIT COUNSELING CORP.
DEBT MANAGEMENT CREDIT COUNSELING
CONSUMER CREDIT COUNSELING SVC OF MARYLAND AND DELAWARE INC
CEEDCO INC
CONSUMERS ALLIANCE PROCESSING CORPORATION
OMEGA FINANCIAL SERVICES
Other Resources
Filing Bankruptcy in Maine
Bankruptcy Laws in Maine
Debt Collection in Maine