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Debt Consolidation in Michigan
(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 Michigan.)
With financial problems in Michigan increasing by the day, the number of residents in the state suffering from overwhelming credit card debt and in need of debt consolidation services and consumer credit counseling. Unfortunately, very few know where to turn, understand what debt management options are there to help, or what debt companies to trust. The purpose of this page of PayingPaul.Com is to briefly educate Michigan consumers about debt relief and how to differentiate between the best and worst debt programs.
Debt consolidation is a general term that refers to three things: 1) loans – taking out a loan to pay off multiple debts and then paying back the loan; 2) debt management plans through a credit counselor – programs that consolidate your payments work with creditors to lower your interest rates; and 3) debt settlement - services where a company negotiates on a consumer’s behalf to get a creditor to agree to accept a discounted, lump sum in full satisfaction of debt.
As articulated throughout PayingPaul.Com, debt consolidation loans can be an expensive and risky way to get out of debt. Credit counseling may be a good choice for consumers for are bothered by high interest charges and aren’t seeing progress in eliminating their debt. Debt counselors are usually non-profit agencies, and they can help you with budgeting and providing financial education for managing debt. If your circumstances permit, they may ask you to consider a debt management plan. These are programs that can consolidate your payments, lower your interest, and waive your late fees in some cases. Keep in mind: debt management plans are not for everyone, and although they are offered by non-profits, this is no guarantee that it will be affordable.
Debt settlement, also referred to as debt negotiation is a good debt solution for people who are unable to make even their minimum payments because it can help reduce the amount you owe, not just interest charges. On the flip side, this can be a difficult road to go down as well. In these programs, you stop paying your creditors and instead save money into a savings account each month. Once you have enough money saved, the settlement company will contact your creditors and offer a lump sum of cash (from the savings account) in full satisfaction of what you owe. Because you are past due, creditors are usually willing to accept this, sometimes for much less than what you owe. Until the account is settled, however, creditors will call, report the debt as past due, and in some cases, pursue the balance in court.
Are you interested in speaking with a professional debt consultant? Submit a form today and let PayingPaul.Com match you with one today!
The Michigan Debt Management Act
In 1975 Michigan enacted legislation that would effectively regulate the debt management industry. The goal was to ensure that consumers were being offered quality and affordable services, and as such, much of the law deals with fee and licensing requirements.
Definition
Michigan law defines debt management as “the planning and management of the financial affairs of a debtor and the receipt of money from the debtor for distribution to a creditor in payment or partial payment of the debtor's obligations.”
Fees
Companies or organizations that fit under this definition are limited to the following fee caps:
-$25 as an initial fee (if less than 51% of the creditors in the plan do not agree to participate within 45 of the establishment of the plan, then the counseling agency is required to return this fee)
-the total allowable fee to be collected throughout the course of the program is 15% of the amount of debt that is to be liquidated in the plan
Exemptions
It should be noted that the following entities are exempt from the provisions of these laws:
(a) An attorney at law, if providing debt management advice incidental to his or her law practice.
(b) A certified public accountant, if providing debt management advice incidental to his or her accounting practice.
(c) A bank, fiduciary, savings and loan institution, or credit union duly authorized and admitted to transact business in this state and performing credit and financial adjusting service in the regular course of its principal business.
(d) A title insurer or abstract company, while doing an escrow business.
(e) An employee or agent of a licensee, acting solely in the capacity of agent for the licensee.
(f) A judicial officer or person acting under court order.
Michigan Debt Statute
Licensed Debt Companies
Debt-Free America
8575 Gibbs Drive
Suite 190
San Diego, California 92123
A Better Choice Debt Relief
d/b/a Mercy Debt Management
26 Summit Street
Brighton, Michigan 48116
512 Williamsport Court
White Lake, Michigan 48386
A New Horizon Credit Counseling Services, Inc.
2950 West Cypress Creek Road
Suite 201
Ft. Lauderdale, Florida 33309
Alliance Credit Counseling, Inc.
15720 John J. Delaney Drive
Suite 100
Charlotte, North Carolina 28277
American Consumer Credit Counseling, Inc.
130 Rumford Avenue
Suite 202
Newton, Massachusetts 02466
American Credit Counselors, Inc.
23123 State Road 7
Suite 210
Boca Raton, Florida 33428
1. Black Hills Children's Ranch
d/b/a Pioneer Credit Counseling
1644 Concourse Drive
Rapid City, South Dakota 57703
Cambridge Credit Counseling Corp.
67 Hunt Street
Agawam, Massachusetts 01001
CareOne Services, Inc.
8930 Stanford Boulevard
Columbia, Maryland 21045
Christian Credit Counselors, Inc.
5838 Edison Place, Suite 200
Carlsbad, California 92008
24300 Southfield Road Suite 215
Southfield, Michigan 48075
ClearPoint Financial Solutions, Inc.
8000 Franklin Farms Drive
Richmond, Virginia 23229
Community Credit Counseling Specialists, Inc.
5301 Southwyck Boulevard
Suite 100
Toledo, Ohio 43614
Consolidated Credit Counseling Services, Inc.
5701 W. Sunrise Blvd., Ste. 200
Fort Lauderdale, Florida 33313
Consumer Credit Counseling Service of Greater Atlanta, Inc.
100 Edgewood Avenue, S-1800
Atlanta, Georgia 30303
Consumer Credit Counseling Service of Maryland & Delaware, Inc.
757 Frederick Road, 2nd Floor
Baltimore, Maryland 21228
Consumer Credit Management, Inc.
28124 Orchard Lake Rd., Ste. 102
Farmington Hills, Michigan 48334
Consumer Education Services, Inc.
3035 Boone Trail Ext Ste M
Fayetteville, North Carolina 28304
3801 Lake Boone Trail, Suite 400
Raleigh, North Carolina 27607
Consumers Alliance Processing Corporation
5937 Darwin Court, Suite 109
Carlsbad, California 92008
Debt Counseling Corp.
3033 Expressway Drive North
Suite 103
Hauppauge, New York 11749
Debt Management Credit Counseling Corp.
d/b/a Debt Free
700 West Hillsboro Boulevard
Suite 105, Building 1
Deerfield Beach, Florida 33441
Evergreen Credit Counseling, LLC
2055 Avoncrest Drive
Rochester Hills, Michigan 48309
Family Budget Service, Inc.
2424 Burton St., S.E.
Grand Rapids, Michigan 49546
Family Credit Counseling Service
d/b/a Family Credit Management Services
4304-06 Charles Street
Rockford, Illinois 61108
Garden State Consumer Credit Counseling, Inc.
d/b/a Novadebt
225 Willowbrook Road
Freehold, New Jersey 07728
GreenPath, Inc.
d/b/a GreenPath Debt Solutions
315 East Eisenhower Place
Suite 206
Ann Arbor, Michigan 48108
131 E Columbia Avenue
Suite 112
Battle Creek, Michigan 49015
211 North First Street, Suite 300
Brighton, Michigan 48116
Fisher Building - Suite 1507
3011 West Grand Boulevard
Detroit, Michigan 48202
27555 Farmington Road
Suite 200
Farmington Hills, Michigan 48334
38505 Country Club Drive
Suite 120
Farmington Hills, Michigan 48331
38505 Country Club Drive
Second Floor
Farmington Hills, Michigan 48331
2222 South Linden Road, Suite D
Flint, Michigan 48532
3051 Commerce Drive, Suite 3
Fort Gratiot, Michigan 48059
810 South Otsego Avenue
Suite 105
Gaylord, Michigan 49735
3210 Eagle Run Drive NE
Suite 102
Grand Rapids, Michigan 49525
629 West Cloverland Drive
Suite 9
Ironwood, Michigan 49938
211 West Ganson Street
Jackson, Michigan 49201
612 South Creyts Road, Suite C
Lansing, Michigan 48917
712 Chippewa Square, Suite 102
Marquette, Michigan 49855
25 South Monroe Street, Suite 312
Monroe, Michigan 48161
800 Ellis Road, Suite 269
Mailbox 540
Muskegon, Michigan 49441
7127 South Westnedge Avenue
Suite 5C - P.O. Box 549
Portage, Michigan 49081
27085 Gratiot Avenue, Suite 103A
Roseville, Michigan 48066
4600 Fashion Square Boulevard
Suite 110
Saginaw, Michigan 48604
20300 Civic Center Drive
Suite 305
Southfield, Michigan 48076
8750 South Telegraph Road
Suite 100
Taylor, Michigan 48180
10850 East Traverse Highway
Suite 2208
Traverse City, Michigan 49684
Northfield Plaza II
5700 Crooks Road, Suite 202
Troy, Michigan 48098
11111 Hall Road, Suite 422
Utica, Michigan 48317
38545 Ford Road, Suite 202
Westland, Michigan 48185
InCharge Debt Solutions
2101 Park Center Drive, Suite 320
Orlando, Florida 32835
iPayDebt Financial Services, Inc.
9433 Bee Cave Road
Building 3, Suite 101A
Austin, Texas 78733
Michigan Credit Adjustors, Inc.
G1173 N Ballenger Highway
Suite 100
Flint, Michigan 48504
237 S.B. Gratiot Avenue
Mt. Clemens, Michigan 48043
Money Management International, Inc.
1320 S University Drive Suite 200
Fort Worth, Texas 76107
Money Management International, inc.
9009 West Loop South
7th Floor
Houston, Texas 77096
13430 N Black Canyon Highway
Suite 250
Phoenix, Arizona 85029
National Debt Management, Inc.
16310 W. 12 Mile Road, Ste. 250
Southfield, Michigan 48076
National Foundation for Debt Management, Inc.
d/b/a Alternative Credit Solutions
14104 58th Street N
Clearwater, Florida 33760
Northern Michigan Credit Consultants
2427 M-37 South, Ste. 2
Traverse City, Michigan 49684
Springboard Non-Profit Consumer Management
4351 Latham Street
Riverside, California 92501
Take Charge America, Inc.
20620 North 19th Avenue
Phoenix, Arizona 85027
Total Financial Center, Inc.
d/b/a American Debt Counseling
8033 E Ten Mile Road Suite 111
Centerline, Michigan 48015
27821 Ford Road
Garden City, Michigan 48135
310 44th Street SW
Grand Rapids, Michigan 49548
2970 S 9th Street Suite E
Kalamazoo, Michigan 49009
Town and Country Acceptance Corporation
2081 Columbiana Road
Birmingham, Alabama 35216
Other Resources
Filing Bankruptcy in Michigan
Bankruptcy Laws in Michigan
Debt Collection Michigan
With financial problems in Michigan increasing by the day, the number of residents in the state suffering from overwhelming credit card debt and in need of debt consolidation services and consumer credit counseling. Unfortunately, very few know where to turn, understand what debt management options are there to help, or what debt companies to trust. The purpose of this page of PayingPaul.Com is to briefly educate Michigan consumers about debt relief and how to differentiate between the best and worst debt programs.
Debt consolidation is a general term that refers to three things: 1) loans – taking out a loan to pay off multiple debts and then paying back the loan; 2) debt management plans through a credit counselor – programs that consolidate your payments work with creditors to lower your interest rates; and 3) debt settlement - services where a company negotiates on a consumer’s behalf to get a creditor to agree to accept a discounted, lump sum in full satisfaction of debt.
As articulated throughout PayingPaul.Com, debt consolidation loans can be an expensive and risky way to get out of debt. Credit counseling may be a good choice for consumers for are bothered by high interest charges and aren’t seeing progress in eliminating their debt. Debt counselors are usually non-profit agencies, and they can help you with budgeting and providing financial education for managing debt. If your circumstances permit, they may ask you to consider a debt management plan. These are programs that can consolidate your payments, lower your interest, and waive your late fees in some cases. Keep in mind: debt management plans are not for everyone, and although they are offered by non-profits, this is no guarantee that it will be affordable.
Debt settlement, also referred to as debt negotiation is a good debt solution for people who are unable to make even their minimum payments because it can help reduce the amount you owe, not just interest charges. On the flip side, this can be a difficult road to go down as well. In these programs, you stop paying your creditors and instead save money into a savings account each month. Once you have enough money saved, the settlement company will contact your creditors and offer a lump sum of cash (from the savings account) in full satisfaction of what you owe. Because you are past due, creditors are usually willing to accept this, sometimes for much less than what you owe. Until the account is settled, however, creditors will call, report the debt as past due, and in some cases, pursue the balance in court.
Are you interested in speaking with a professional debt consultant? Submit a form today and let PayingPaul.Com match you with one today!
The Michigan Debt Management Act
In 1975 Michigan enacted legislation that would effectively regulate the debt management industry. The goal was to ensure that consumers were being offered quality and affordable services, and as such, much of the law deals with fee and licensing requirements.
Definition
Michigan law defines debt management as “the planning and management of the financial affairs of a debtor and the receipt of money from the debtor for distribution to a creditor in payment or partial payment of the debtor's obligations.”
Fees
Companies or organizations that fit under this definition are limited to the following fee caps:
-$25 as an initial fee (if less than 51% of the creditors in the plan do not agree to participate within 45 of the establishment of the plan, then the counseling agency is required to return this fee)
-the total allowable fee to be collected throughout the course of the program is 15% of the amount of debt that is to be liquidated in the plan
Exemptions
It should be noted that the following entities are exempt from the provisions of these laws:
(a) An attorney at law, if providing debt management advice incidental to his or her law practice.
(b) A certified public accountant, if providing debt management advice incidental to his or her accounting practice.
(c) A bank, fiduciary, savings and loan institution, or credit union duly authorized and admitted to transact business in this state and performing credit and financial adjusting service in the regular course of its principal business.
(d) A title insurer or abstract company, while doing an escrow business.
(e) An employee or agent of a licensee, acting solely in the capacity of agent for the licensee.
(f) A judicial officer or person acting under court order.
Michigan Debt Statute
Licensed Debt Companies
Debt-Free America
8575 Gibbs Drive
Suite 190
San Diego, California 92123
A Better Choice Debt Relief
d/b/a Mercy Debt Management
26 Summit Street
Brighton, Michigan 48116
512 Williamsport Court
White Lake, Michigan 48386
A New Horizon Credit Counseling Services, Inc.
2950 West Cypress Creek Road
Suite 201
Ft. Lauderdale, Florida 33309
Alliance Credit Counseling, Inc.
15720 John J. Delaney Drive
Suite 100
Charlotte, North Carolina 28277
American Consumer Credit Counseling, Inc.
130 Rumford Avenue
Suite 202
Newton, Massachusetts 02466
American Credit Counselors, Inc.
23123 State Road 7
Suite 210
Boca Raton, Florida 33428
1. Black Hills Children's Ranch
d/b/a Pioneer Credit Counseling
1644 Concourse Drive
Rapid City, South Dakota 57703
Cambridge Credit Counseling Corp.
67 Hunt Street
Agawam, Massachusetts 01001
CareOne Services, Inc.
8930 Stanford Boulevard
Columbia, Maryland 21045
Christian Credit Counselors, Inc.
5838 Edison Place, Suite 200
Carlsbad, California 92008
24300 Southfield Road Suite 215
Southfield, Michigan 48075
ClearPoint Financial Solutions, Inc.
8000 Franklin Farms Drive
Richmond, Virginia 23229
Community Credit Counseling Specialists, Inc.
5301 Southwyck Boulevard
Suite 100
Toledo, Ohio 43614
Consolidated Credit Counseling Services, Inc.
5701 W. Sunrise Blvd., Ste. 200
Fort Lauderdale, Florida 33313
Consumer Credit Counseling Service of Greater Atlanta, Inc.
100 Edgewood Avenue, S-1800
Atlanta, Georgia 30303
Consumer Credit Counseling Service of Maryland & Delaware, Inc.
757 Frederick Road, 2nd Floor
Baltimore, Maryland 21228
Consumer Credit Management, Inc.
28124 Orchard Lake Rd., Ste. 102
Farmington Hills, Michigan 48334
Consumer Education Services, Inc.
3035 Boone Trail Ext Ste M
Fayetteville, North Carolina 28304
3801 Lake Boone Trail, Suite 400
Raleigh, North Carolina 27607
Consumers Alliance Processing Corporation
5937 Darwin Court, Suite 109
Carlsbad, California 92008
Debt Counseling Corp.
3033 Expressway Drive North
Suite 103
Hauppauge, New York 11749
Debt Management Credit Counseling Corp.
d/b/a Debt Free
700 West Hillsboro Boulevard
Suite 105, Building 1
Deerfield Beach, Florida 33441
Evergreen Credit Counseling, LLC
2055 Avoncrest Drive
Rochester Hills, Michigan 48309
Family Budget Service, Inc.
2424 Burton St., S.E.
Grand Rapids, Michigan 49546
Family Credit Counseling Service
d/b/a Family Credit Management Services
4304-06 Charles Street
Rockford, Illinois 61108
Garden State Consumer Credit Counseling, Inc.
d/b/a Novadebt
225 Willowbrook Road
Freehold, New Jersey 07728
GreenPath, Inc.
d/b/a GreenPath Debt Solutions
315 East Eisenhower Place
Suite 206
Ann Arbor, Michigan 48108
131 E Columbia Avenue
Suite 112
Battle Creek, Michigan 49015
211 North First Street, Suite 300
Brighton, Michigan 48116
Fisher Building - Suite 1507
3011 West Grand Boulevard
Detroit, Michigan 48202
27555 Farmington Road
Suite 200
Farmington Hills, Michigan 48334
38505 Country Club Drive
Suite 120
Farmington Hills, Michigan 48331
38505 Country Club Drive
Second Floor
Farmington Hills, Michigan 48331
2222 South Linden Road, Suite D
Flint, Michigan 48532
3051 Commerce Drive, Suite 3
Fort Gratiot, Michigan 48059
810 South Otsego Avenue
Suite 105
Gaylord, Michigan 49735
3210 Eagle Run Drive NE
Suite 102
Grand Rapids, Michigan 49525
629 West Cloverland Drive
Suite 9
Ironwood, Michigan 49938
211 West Ganson Street
Jackson, Michigan 49201
612 South Creyts Road, Suite C
Lansing, Michigan 48917
712 Chippewa Square, Suite 102
Marquette, Michigan 49855
25 South Monroe Street, Suite 312
Monroe, Michigan 48161
800 Ellis Road, Suite 269
Mailbox 540
Muskegon, Michigan 49441
7127 South Westnedge Avenue
Suite 5C - P.O. Box 549
Portage, Michigan 49081
27085 Gratiot Avenue, Suite 103A
Roseville, Michigan 48066
4600 Fashion Square Boulevard
Suite 110
Saginaw, Michigan 48604
20300 Civic Center Drive
Suite 305
Southfield, Michigan 48076
8750 South Telegraph Road
Suite 100
Taylor, Michigan 48180
10850 East Traverse Highway
Suite 2208
Traverse City, Michigan 49684
Northfield Plaza II
5700 Crooks Road, Suite 202
Troy, Michigan 48098
11111 Hall Road, Suite 422
Utica, Michigan 48317
38545 Ford Road, Suite 202
Westland, Michigan 48185
InCharge Debt Solutions
2101 Park Center Drive, Suite 320
Orlando, Florida 32835
iPayDebt Financial Services, Inc.
9433 Bee Cave Road
Building 3, Suite 101A
Austin, Texas 78733
Michigan Credit Adjustors, Inc.
G1173 N Ballenger Highway
Suite 100
Flint, Michigan 48504
237 S.B. Gratiot Avenue
Mt. Clemens, Michigan 48043
Money Management International, Inc.
1320 S University Drive Suite 200
Fort Worth, Texas 76107
Money Management International, inc.
9009 West Loop South
7th Floor
Houston, Texas 77096
13430 N Black Canyon Highway
Suite 250
Phoenix, Arizona 85029
National Debt Management, Inc.
16310 W. 12 Mile Road, Ste. 250
Southfield, Michigan 48076
National Foundation for Debt Management, Inc.
d/b/a Alternative Credit Solutions
14104 58th Street N
Clearwater, Florida 33760
Northern Michigan Credit Consultants
2427 M-37 South, Ste. 2
Traverse City, Michigan 49684
Springboard Non-Profit Consumer Management
4351 Latham Street
Riverside, California 92501
Take Charge America, Inc.
20620 North 19th Avenue
Phoenix, Arizona 85027
Total Financial Center, Inc.
d/b/a American Debt Counseling
8033 E Ten Mile Road Suite 111
Centerline, Michigan 48015
27821 Ford Road
Garden City, Michigan 48135
310 44th Street SW
Grand Rapids, Michigan 49548
2970 S 9th Street Suite E
Kalamazoo, Michigan 49009
Town and Country Acceptance Corporation
2081 Columbiana Road
Birmingham, Alabama 35216
Other Resources
Filing Bankruptcy in Michigan
Bankruptcy Laws in Michigan
Debt Collection Michigan