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Debt Consolidation in Maryland
(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 Maryland.)
Maryland is the home of many debt consolidation firms and consumer credit counseling agencies. With credit card debt at an all-time high, the need for these services has increased dramatically. Unfortunately, with equipped with little knowledge of how these services actually work, many Maryland residents are choosing debt management options that may not be suitable for their situation. Worse yet, many are using companies that are dishonest in the results that their service can deliver. The purpose of PayingPaul.Com is to help people in debt learn about the alternatives at their disposal and how to differentiate between the best and worst debt companies.
There are two different types of debt consolidation programs. One, credit counseling, aims at helping consumers become debt free by helping with their budget and offering valuable financial education. If your situation fits, you may want to consider signing up for a debt management plan. These plans aim at obtaining a reduction in the interest rates on your credit cards, waived late fees, and a reorganization of your debt in general. The agencies who offer these programs are non profit>non-profit, although this in itself is no guarantee of its affordability or the company’s legitimacy. Many credit counselors have come under scrutiny for their unscrupulous practices, so it is increasingly important for consumers to do their research before choosing this avenue.
The other type of debt consolidation, debt settlement tries to lower your credit card balances. Since debt settlement is in many cases able to reduce your debt, not just interest,, it is generally the fastest method for getting out of debt. That being said, it is also one of the riskiest ways to get rid of your debt. In this type of debt service, you stop paying your creditors and instead put money into a savings account each month. Once sufficient funds have accumulated, the company will contact your creditors and negotiate a lump sum settlement of your account, sometimes for substantially less than what you owe. In the meantime, however, the consumer will experience collection activity such as creditor calls, late payments being reported to the credit bureaus, and possibly lawsuits. Due to these disadvantages, it is usually only an appropriate solution for debtors who are seriously overextended.
Want to speak with a debt help company? Submit a form today!
Maryland Debt Management Laws
Much of the protections offered to Maryland consumers seeking the help of debt consolidators deals with what fees are allowable for these type of programs.
Definition
Maryland law defines debt management services as “receiving funds periodically from a consumer under an agreement with the consumer for the purpose of distributing the funds among the consumer's creditors in full or partial payment of the consumer's debts."
Fees
As such, businesses that fall under this category are required to abide by the following fee caps:
-$50 limit for consultation fees (this includes any charges for getting a credit report)
-$8 per creditor as a monthly maintenance fee, but not to exceed $40 total
-“voluntary contributions” cannot be required
-fees cannot be charged to (a) prepare a financial analysis, (b) counsel a consumer about debt management, (c) provide a consumer with an education program, and (d) rescind a debt management services or credit counseling agreement
Exemptions
It should be noted that the law exempts the following parties:
(1) attorneys at law
(2) escrow agents
(3) certified public accountants
(4) banking institutions, credit unions, etc.
(5) a person who provides bill-payer services where no compromise or change in payment terms is arranged or debt counseling services provided
(6) a person who provides accelerated mortgage payment services
(7) a title insurer, title insurance agency, or abstract company
(8) a person acting under court order
(9) a person while acting in the dissolution of a company provides “debt management services” incidental to the dissolution of a business
(10) a trade association or mercantile association who provides “debt management services” while helping a business establishment
(11) a mortgage lender who is licensed and does not fall under the definition of a debt management services provider
For more information about consumer credit counseling and debt consolidation in the state, feel free to check out this link: http://dllr.state.md.us/finance/debtmgmtadv.htm
Licensed Agencies
AAA Fair Credit Foundation
230 W 200 South
Salt Lake City, UT 84101
Alliance Credit Counseling, Inc.
13777 Ballantyne Corporate Place
Suite 100
Charlotte, North Carolina 28277
American Consumer Credit Counseling, Inc.
130 Rumford Avenue
Newton, MA 02466
American Credit Counselors, Inc.
23123 State Road 7, Suite 215
Boca Raton, FL 33428
American Debt Counseling, Inc.
14051 NW 14th Street
Sunrise, FL 33323
Cambridge Credit Counseling Corp.
67 Hunt Street
Agawam, Massachusetts 01001
ClearPoint Financial Solutions, Inc.
8000 Franklin Farms Dr.
Richmond, VA 23229
Community Credit Counseling Corp.
5 Professional Circle, Route 34
Colts Neck, NJ 07722
Consumer Credit Counseling Service of Greater Atlanta
100 Edgewood Avenue, Suite 1800
Atlanta, GA 30303
Consumer Credit Counseling Service of Maryland/Delaware
757 Frederick Road, 2nd Fl
Baltimore, Maryland
Consumer Credit Counseling Service of San Francisco
595 Market Street, Suite 1500
San Francisco, CA 94105
Consumer Credit Management Services, Inc.
315 N.E. 2nd Avenue
Delray Beach, FL 33444
Consolidated Credit Counseling Services, Inc.
5701 W. Sunrise Boulevard, #200
Fort Lauderdale, FL 33313
Consumer Education Services, Inc.
3801 Lake Boone Trail, Suite 400
Raleigh, NC 27607
Credit Advisors Foundation
1818 South 72nd Street
Omaha, NE 68124
CreditGuard of America, Inc.
791 Park of Commerce Blvd., Suite 500
Boca Raton, FL 33487
Debt Counseling Corp.
3033 Expressway Drive North
Suite 103
Hauppauge, NY 11749
Debt Management Credit Counseling Corp.
700 West Hillsboro Blvd.
Building 1, Suite 105
Debt Reduction Services, Inc.
6213 N. Cloverdale Road, Suite 100
Boise, Idaho 83713
Elimidebt Management Systems, Inc.
1800 Pembrook Drive, Suite 290
Orlando, FL 32810
Family Credit Counseling Service, Inc.
d/b/a Family Credit Management Services
4306 Charles Street
Rockford, IL 61108
Family Financial Education Foundation
724 Front Street, Suite 340
Evanston, Wyoming 82930
Garden State Consumer Credit Counseling, Inc.
d/b/a NovaDebt
225 Willowbrook Road
Freehold, NJ 07728
GreenPath, Inc.
d/b/a GreenPath Debt Solutions
38505 Country Club Drive, Suite 210
Farmington Hills, MI 48331
Harbour Credit Counseling Services, Inc.
d/b/a A Safe Harbour Credit Counseling Service
101 N. Lynnhaven Road, Suite 300
Virginia Beach, VA 23452
Help Ministries Incorporated
d/b/a Debt Free
1148 W. Baseline Road
Mesa, AZ 85210
InCharge Debt Solutions, Inc.
2101 Park Center Drive, Suite 320
Orlando, Florida
Money Management International, Inc.
9009 West Loop South, Suite 700
Houston, Texas 77096
National Foundation for Debt Management, Inc.
d/b/a Alternative Credit Solutions
14104 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
Safeguard Credit Counseling Services, Inc.
112 Parkway Drive South
Hauppauge, New York 11788
Spring Board Non-Profit Consumer Credit Management
4351 Latham Street
Riverside, CA 92501
Take Charge America, Inc.
20620 N. 19th Avenue
Phoenix, AZ 85027
Trinity Credit Counseling, Inc.
11229 Reading Road
Cincinnati, OH 45241
United Financial Systems, Inc.
23123 State Road Seven, Suite 240
Boca Raton, FL 33428
6:10 Services
d/b/a Debt-Free America
8575 Gibbs Drive, Suite 190
San Diego, CA 92123
Other Resources
Filing Bankruptcy in Maryland
Bankruptcy Laws in Maryland
Debt Collection in Maryland
Maryland is the home of many debt consolidation firms and consumer credit counseling agencies. With credit card debt at an all-time high, the need for these services has increased dramatically. Unfortunately, with equipped with little knowledge of how these services actually work, many Maryland residents are choosing debt management options that may not be suitable for their situation. Worse yet, many are using companies that are dishonest in the results that their service can deliver. The purpose of PayingPaul.Com is to help people in debt learn about the alternatives at their disposal and how to differentiate between the best and worst debt companies.
There are two different types of debt consolidation programs. One, credit counseling, aims at helping consumers become debt free by helping with their budget and offering valuable financial education. If your situation fits, you may want to consider signing up for a debt management plan. These plans aim at obtaining a reduction in the interest rates on your credit cards, waived late fees, and a reorganization of your debt in general. The agencies who offer these programs are non profit>non-profit, although this in itself is no guarantee of its affordability or the company’s legitimacy. Many credit counselors have come under scrutiny for their unscrupulous practices, so it is increasingly important for consumers to do their research before choosing this avenue.
The other type of debt consolidation, debt settlement tries to lower your credit card balances. Since debt settlement is in many cases able to reduce your debt, not just interest,, it is generally the fastest method for getting out of debt. That being said, it is also one of the riskiest ways to get rid of your debt. In this type of debt service, you stop paying your creditors and instead put money into a savings account each month. Once sufficient funds have accumulated, the company will contact your creditors and negotiate a lump sum settlement of your account, sometimes for substantially less than what you owe. In the meantime, however, the consumer will experience collection activity such as creditor calls, late payments being reported to the credit bureaus, and possibly lawsuits. Due to these disadvantages, it is usually only an appropriate solution for debtors who are seriously overextended.
Want to speak with a debt help company? Submit a form today!
Maryland Debt Management Laws
Much of the protections offered to Maryland consumers seeking the help of debt consolidators deals with what fees are allowable for these type of programs.
Definition
Maryland law defines debt management services as “receiving funds periodically from a consumer under an agreement with the consumer for the purpose of distributing the funds among the consumer's creditors in full or partial payment of the consumer's debts."
Fees
As such, businesses that fall under this category are required to abide by the following fee caps:
-$50 limit for consultation fees (this includes any charges for getting a credit report)
-$8 per creditor as a monthly maintenance fee, but not to exceed $40 total
-“voluntary contributions” cannot be required
-fees cannot be charged to (a) prepare a financial analysis, (b) counsel a consumer about debt management, (c) provide a consumer with an education program, and (d) rescind a debt management services or credit counseling agreement
Exemptions
It should be noted that the law exempts the following parties:
(1) attorneys at law
(2) escrow agents
(3) certified public accountants
(4) banking institutions, credit unions, etc.
(5) a person who provides bill-payer services where no compromise or change in payment terms is arranged or debt counseling services provided
(6) a person who provides accelerated mortgage payment services
(7) a title insurer, title insurance agency, or abstract company
(8) a person acting under court order
(9) a person while acting in the dissolution of a company provides “debt management services” incidental to the dissolution of a business
(10) a trade association or mercantile association who provides “debt management services” while helping a business establishment
(11) a mortgage lender who is licensed and does not fall under the definition of a debt management services provider
For more information about consumer credit counseling and debt consolidation in the state, feel free to check out this link: http://dllr.state.md.us/finance/debtmgmtadv.htm
Licensed Agencies
AAA Fair Credit Foundation
230 W 200 South
Salt Lake City, UT 84101
Alliance Credit Counseling, Inc.
13777 Ballantyne Corporate Place
Suite 100
Charlotte, North Carolina 28277
American Consumer Credit Counseling, Inc.
130 Rumford Avenue
Newton, MA 02466
American Credit Counselors, Inc.
23123 State Road 7, Suite 215
Boca Raton, FL 33428
American Debt Counseling, Inc.
14051 NW 14th Street
Sunrise, FL 33323
Cambridge Credit Counseling Corp.
67 Hunt Street
Agawam, Massachusetts 01001
ClearPoint Financial Solutions, Inc.
8000 Franklin Farms Dr.
Richmond, VA 23229
Community Credit Counseling Corp.
5 Professional Circle, Route 34
Colts Neck, NJ 07722
Consumer Credit Counseling Service of Greater Atlanta
100 Edgewood Avenue, Suite 1800
Atlanta, GA 30303
Consumer Credit Counseling Service of Maryland/Delaware
757 Frederick Road, 2nd Fl
Baltimore, Maryland
Consumer Credit Counseling Service of San Francisco
595 Market Street, Suite 1500
San Francisco, CA 94105
Consumer Credit Management Services, Inc.
315 N.E. 2nd Avenue
Delray Beach, FL 33444
Consolidated Credit Counseling Services, Inc.
5701 W. Sunrise Boulevard, #200
Fort Lauderdale, FL 33313
Consumer Education Services, Inc.
3801 Lake Boone Trail, Suite 400
Raleigh, NC 27607
Credit Advisors Foundation
1818 South 72nd Street
Omaha, NE 68124
CreditGuard of America, Inc.
791 Park of Commerce Blvd., Suite 500
Boca Raton, FL 33487
Debt Counseling Corp.
3033 Expressway Drive North
Suite 103
Hauppauge, NY 11749
Debt Management Credit Counseling Corp.
700 West Hillsboro Blvd.
Building 1, Suite 105
Debt Reduction Services, Inc.
6213 N. Cloverdale Road, Suite 100
Boise, Idaho 83713
Elimidebt Management Systems, Inc.
1800 Pembrook Drive, Suite 290
Orlando, FL 32810
Family Credit Counseling Service, Inc.
d/b/a Family Credit Management Services
4306 Charles Street
Rockford, IL 61108
Family Financial Education Foundation
724 Front Street, Suite 340
Evanston, Wyoming 82930
Garden State Consumer Credit Counseling, Inc.
d/b/a NovaDebt
225 Willowbrook Road
Freehold, NJ 07728
GreenPath, Inc.
d/b/a GreenPath Debt Solutions
38505 Country Club Drive, Suite 210
Farmington Hills, MI 48331
Harbour Credit Counseling Services, Inc.
d/b/a A Safe Harbour Credit Counseling Service
101 N. Lynnhaven Road, Suite 300
Virginia Beach, VA 23452
Help Ministries Incorporated
d/b/a Debt Free
1148 W. Baseline Road
Mesa, AZ 85210
InCharge Debt Solutions, Inc.
2101 Park Center Drive, Suite 320
Orlando, Florida
Money Management International, Inc.
9009 West Loop South, Suite 700
Houston, Texas 77096
National Foundation for Debt Management, Inc.
d/b/a Alternative Credit Solutions
14104 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
Safeguard Credit Counseling Services, Inc.
112 Parkway Drive South
Hauppauge, New York 11788
Spring Board Non-Profit Consumer Credit Management
4351 Latham Street
Riverside, CA 92501
Take Charge America, Inc.
20620 N. 19th Avenue
Phoenix, AZ 85027
Trinity Credit Counseling, Inc.
11229 Reading Road
Cincinnati, OH 45241
United Financial Systems, Inc.
23123 State Road Seven, Suite 240
Boca Raton, FL 33428
6:10 Services
d/b/a Debt-Free America
8575 Gibbs Drive, Suite 190
San Diego, CA 92123
Other Resources
Filing Bankruptcy in Maryland
Bankruptcy Laws in Maryland
Debt Collection in Maryland