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| Maryland |
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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 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, 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 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 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 define 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 afeguard 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 |