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Debt Consolidation in Minnesota
(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 Minnesota.)
Minnesota residents are in need of consumer credit counseling and debt consolidation as much as the rest of the country. The combination of increasing prices and easy credit has caused debt problems for many consumers. Unfortunately, far too few people understand what debt consolidation options are available, let alone which debt management companies can be trusted. The purpose of PayingPaul.Com is to help consumers in need of debt help find the information they need to make the best financial choice. The first step is understanding what types of debt relief are here to help people. One of the leading options is credit counseling, which is usually offered by not for profits. These services can help you become better educated on financial issues relating to your debt, including how to budget. If your debt problem cannot be solved by better budgeting, you may want to consider a debt management plan. It works by consolidating your credit payments and < a href=credit-card-interest.php>reducing your credit cards interest rates. The typical management plan lasts for between four and six years. Before enrolling in this type of program, consider the fees associated with the plan. Although these organizations are non-profit, their fees can be quite high and unaffordable.
Another popular debt solution is credit card debt negotiation. This program works by negotiating with credit card companies to lower your balance. The savings can be tremendous, but due to some of the drawbacks, you may be better suited paying off your debt on your own if possible. This is an aggressive way to get out of debt because you stop paying your creditors during the course of the program. While this is happening, you make payments into a saving account which will be used to fund your settlements. Once sufficient money has built up, the settlement company negotiates with your creditors to get them to accept a lump sum payment for less than the balance to completely satisfy the debt. Since the debt is considered past due by your creditors, any number of things can happen, from creditor calls to charge offs on your credit. In some cases, a creditor may pursue legal action to collect the balance.
Want to talk to someone about how to get out of debt? Submit a form and PayingPaul.Com can match you today for a free debt consultation!
Minnesota Debt Management Laws
Minnesota offers consumers enrolling in debt management programs various protections to ensure that they are receiving quality and affordable services.
Definition
Under Minnesota law, someone qualifies as a “debt management provider” if they “provide debt management services to a debtor domiciled in this state, regardless of whether or not a fee is charged for the services and regardless of whether the person maintains a physical presence in the state.”
Fees
To ensure that a company you are considering is in compliance with these regulations, make sure their fees are in line with state limits, which are as follows:
-$50 for an origination or set up fee
-the lesser of $75 or 15% of the debtor’s monthly payment as a maintenance fee
Exemptions
It should be noted that the following entities are exempt from the provisions of the debt management services in Minnesota:
(1) attorneys at law, escrow agents, accountants, broker-dealers in securities;
(2) banks, insurance companies, etc.
(3) employees engaging in debt management on behalf of their employer
(4) anyone acting in accordance to a court order
(5) anyone engaging in debt management while performing services incidental to the dissolution of a business enterprise
(6) the state, its political subdivisions, public agencies, and their employees;
(7) credit unions and collection agencies, provided no fee is charged for the service;
(8) "qualified organizations" designated as representative payees for purposes of the Social Security and Supplemental Security Income Representative Payee System and the federal Omnibus Budget Reconciliation Act of 1990, Public Law 101-508; (9) accelerated mortgage payment providers
(10) trustees, guardians, and conservators; and
(11) debt settlement providers.
For more information about credit counseling and debt consolidation in the state, feel free to follow this link: https://www.revisor.leg.state.mn.us/statutes/?id=332A&view=chapter&year=2007”
Licensed Companies
ALLIANCE CREDIT COUNSELING, INC.
PERSONAL MONEY MANAGEMENT, INC.
202 SOUTH BROADWAY
CROOKSTON, MN 56716
CONSUMER CREDIT OF DES MOINES
DBA CONSUMER CREDIT OF MINNESOTA
f LUTHERAN SOCIAL SERVICE OF MINNESOTA DBA LSS FINANCIAL
600 ORDEAN BUILDING
DULUTH, MN 55802
CONSOLIDATED CREDIT COUNSELING SERVICES, INC
GARDEN STATE CONSUMER CREDIT COUNSELING, INC
DBA NOVADEBT
SAFEGUARD CREDIT COUNSELING SERVICES, INC
MONEY MANAGEMENT INTERNATIONAL, Inc
CONSUMER CREDIT COUNSELING SERVICE OF THE VILLAGE FAMILY SERVICE CENTER
MOORHEAD, MN 56560
FAMILY LIFE SERVICES, INC
FAMILY LIFE CREDIT SERVICES
MOORHEAD, MN 56560
AMERICAN CONSUMER CREDIT COUNSELING, INC
CREDIT ADVISORS
TAKE CHARGE AMERICA, INC
CLEARPOINT FINANCIAL SOLUTIONS, INC
FAMILY SERVICE ROCHESTER, INC
DBA Consumer Credit Counseling Services Rochester, MN
METROPOLITAN FINANCIAL MANAGEMENT
dba Auriton Solutions
ROSEVILLE, MN 55113
DEBT-FREE AMERICA
FAMILY SERVICE ASSOCIATION OF SHEBOYGAN, INC., DBA ... CREDIT COUNSELING SERVICE OF LA
CATHOLIC CHARITIES OF THE DIOCESE OF ST. CLOUD
ST. CLOUD, MN 56301
FAMILY MEANS
STILLWATER, MN 55082
Other Resources
Filing Bankruptcy in Minnesota
Bankruptcy Laws in Minnesota
Debt Collection in Minnesota
Minnesota residents are in need of consumer credit counseling and debt consolidation as much as the rest of the country. The combination of increasing prices and easy credit has caused debt problems for many consumers. Unfortunately, far too few people understand what debt consolidation options are available, let alone which debt management companies can be trusted. The purpose of PayingPaul.Com is to help consumers in need of debt help find the information they need to make the best financial choice. The first step is understanding what types of debt relief are here to help people. One of the leading options is credit counseling, which is usually offered by not for profits. These services can help you become better educated on financial issues relating to your debt, including how to budget. If your debt problem cannot be solved by better budgeting, you may want to consider a debt management plan. It works by consolidating your credit payments and < a href=credit-card-interest.php>reducing your credit cards interest rates. The typical management plan lasts for between four and six years. Before enrolling in this type of program, consider the fees associated with the plan. Although these organizations are non-profit, their fees can be quite high and unaffordable.
Another popular debt solution is credit card debt negotiation. This program works by negotiating with credit card companies to lower your balance. The savings can be tremendous, but due to some of the drawbacks, you may be better suited paying off your debt on your own if possible. This is an aggressive way to get out of debt because you stop paying your creditors during the course of the program. While this is happening, you make payments into a saving account which will be used to fund your settlements. Once sufficient money has built up, the settlement company negotiates with your creditors to get them to accept a lump sum payment for less than the balance to completely satisfy the debt. Since the debt is considered past due by your creditors, any number of things can happen, from creditor calls to charge offs on your credit. In some cases, a creditor may pursue legal action to collect the balance.
Want to talk to someone about how to get out of debt? Submit a form and PayingPaul.Com can match you today for a free debt consultation!
Minnesota Debt Management Laws
Minnesota offers consumers enrolling in debt management programs various protections to ensure that they are receiving quality and affordable services.
Definition
Under Minnesota law, someone qualifies as a “debt management provider” if they “provide debt management services to a debtor domiciled in this state, regardless of whether or not a fee is charged for the services and regardless of whether the person maintains a physical presence in the state.”
Fees
To ensure that a company you are considering is in compliance with these regulations, make sure their fees are in line with state limits, which are as follows:
-$50 for an origination or set up fee
-the lesser of $75 or 15% of the debtor’s monthly payment as a maintenance fee
Exemptions
It should be noted that the following entities are exempt from the provisions of the debt management services in Minnesota:
(1) attorneys at law, escrow agents, accountants, broker-dealers in securities;
(2) banks, insurance companies, etc.
(3) employees engaging in debt management on behalf of their employer
(4) anyone acting in accordance to a court order
(5) anyone engaging in debt management while performing services incidental to the dissolution of a business enterprise
(6) the state, its political subdivisions, public agencies, and their employees;
(7) credit unions and collection agencies, provided no fee is charged for the service;
(8) "qualified organizations" designated as representative payees for purposes of the Social Security and Supplemental Security Income Representative Payee System and the federal Omnibus Budget Reconciliation Act of 1990, Public Law 101-508; (9) accelerated mortgage payment providers
(10) trustees, guardians, and conservators; and
(11) debt settlement providers.
For more information about credit counseling and debt consolidation in the state, feel free to follow this link: https://www.revisor.leg.state.mn.us/statutes/?id=332A&view=chapter&year=2007”
Licensed Companies
ALLIANCE CREDIT COUNSELING, INC.
PERSONAL MONEY MANAGEMENT, INC.
202 SOUTH BROADWAY
CROOKSTON, MN 56716
CONSUMER CREDIT OF DES MOINES
DBA CONSUMER CREDIT OF MINNESOTA
f LUTHERAN SOCIAL SERVICE OF MINNESOTA DBA LSS FINANCIAL
600 ORDEAN BUILDING
DULUTH, MN 55802
CONSOLIDATED CREDIT COUNSELING SERVICES, INC
GARDEN STATE CONSUMER CREDIT COUNSELING, INC
DBA NOVADEBT
SAFEGUARD CREDIT COUNSELING SERVICES, INC
MONEY MANAGEMENT INTERNATIONAL, Inc
CONSUMER CREDIT COUNSELING SERVICE OF THE VILLAGE FAMILY SERVICE CENTER
MOORHEAD, MN 56560
FAMILY LIFE SERVICES, INC
FAMILY LIFE CREDIT SERVICES
MOORHEAD, MN 56560
AMERICAN CONSUMER CREDIT COUNSELING, INC
CREDIT ADVISORS
TAKE CHARGE AMERICA, INC
CLEARPOINT FINANCIAL SOLUTIONS, INC
FAMILY SERVICE ROCHESTER, INC
DBA Consumer Credit Counseling Services Rochester, MN
METROPOLITAN FINANCIAL MANAGEMENT
dba Auriton Solutions
ROSEVILLE, MN 55113
DEBT-FREE AMERICA
FAMILY SERVICE ASSOCIATION OF SHEBOYGAN, INC., DBA ... CREDIT COUNSELING SERVICE OF LA
CATHOLIC CHARITIES OF THE DIOCESE OF ST. CLOUD
ST. CLOUD, MN 56301
FAMILY MEANS
STILLWATER, MN 55082
Other Resources
Filing Bankruptcy in Minnesota
Bankruptcy Laws in Minnesota
Debt Collection in Minnesota