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Mired in financial problems, many Mississippi residents have enrolled in consumer credit counseling programs and debt consolidation services without fully understanding the nature of these services. How to deal with your debt is as important of a financial issue as any other and understanding how to best go about your management of debt is critical. The purpose of PayingPaul.Com is help consumers learn about what debt reduction solutions are available and how to find the best companies for help! The two most popular programs are credit counseling and debt settlement. Although both offer the convenience of one simple monthly payment, they are dramatically different in their approaches to resolving debt. Debt counselors, who are usually employed by non profit agencies, can help you with learning how to budget and manage your finances. If this alone is not enough to help you, you may want to consider a debt management plan, which involves working directly with your credit card companies to get them to reduce interest charges, lower monthly payments, and help you get out of debt in five years. Remember: just because they are non-profit does not mean they do not charge fees, and it is definitely no guarantee that you will be able to afford the plan. Debt settlement, on the other hand, involves getting creditors to take a lump sum of 40 to 60% of what is owed to satisfy a full balance. Credit card companies are willing to do this because people who enroll in these types of programs are behind on their payments during the course of the negotiations. Instead of making payments to the creditors, the consumer saves money that is used to make the lump sum payment of 40 to 60 percent of the balance. Keep in mind: falling behind on your payments will most likely affect your credit negatively, cause creditor calls, and in some cases lawsuits initiated by the credit card companies. Do you want to speak with an advisor? Submit a form today and PayingPaul.Com will match you today! Mississippi Debt Management Laws Mississippi has regulations in place to protect consumers in the state from disreputable debt management companies. Although the laws are set to be repealed in 2010, they do set fee limits and other provisions for the debt consolidation industry to abide by. Definition The law defines debt management services as: (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” (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” (c) “acting or offering to act as an intermediary between a consumer and one or more creditors of the consumer for the purpose of adjusting, compromising, negotiating, settling, discharging or otherwise deferring, reducing or altering the terms of payment of the consumer's obligation;” Fees By law, debt management service providers in Mississippi must abide by the following fee limits: -$75 as a one time set up fee -$15 to obtain a consumer’s credit report; $25 to obtain a joint credit report -$50 as a fee for obtaining educational services that will help a consumer achieve financial stability. (Note: these cannot be mandatory). -$50 for bankruptcy counseling Exemptions It should be noted that the following entities are exempt from falling under the debt management services law: -licensed attorneys engaged in debt management incurred incidentally in the course of practicing law (that is, it cannot be the main focus of their business) -title insurers who do debt management out of escrow funds incidentally in the regular course of their business -anyone acting under court orders -licensed accountants who engage in debt management incurred incidentally while practicing as a certified public accountant (CPA) -bona fide trade associations and mercantile organizations who engage in debt management on behalf of and with business establishments -employers involved in debt management on behalf of their employees -any person who provides a debt consolidation loan, when authorized by the debtor, uses the proceeds of the loan to provide debt management services - any institution that is regulated, supervised or licensed by the department or any out of state institution that is insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration. For more information about debt consolidation and consumer credit counseling in the state, follow this link: http://michie.com/mississippi/lpext.dll?f=templates&fn=main-h.htm&cp= Licensed Debt Agencies Help Ministries Debt Free Take Charge America Consumers Alliance Processing Corp Springboard Non Profit Credit Counseling & Debt Management & Consolidation Debt Free America CCCS of San Francisco American Credit Counselors American Debt Solutions Credit Guard of America United Financial Systems National Foundation for Debt Management - NFDM Debt Management Credit Counseling Corp Consumer Credit Management Services Debt Management Counseling Center Express Consolidation Consolidated Credit Counseling Services A New Horizon Consumer Credit Counseling Services Lighthouse Credit Foundation InCharge Debt Solutions American Debt Counseling Credit Card Management Services CCCS of Greater Atlanta – Consumer Credit Counseling Debt Reduction Services, Inc. Family Credit Counseling Consumer Credit Counseling of New Orleans - CCCS Care One Credit Counseling & Debt Consolidation Consumer Credit Counseling of Maryland & Delaware CCCS American Consumer Credit Counseling DebtScape, Inc. The Credit Network GreenPath Debt Solutions United Credit Education Services Christian Credit Counselors Family Service Agency – Consumer Credit Counseling CCCS Alliance Credit Counseling Consumer Education Services Credit Advisors Foundation NovaDebt Credit Counseling & Debt Consolidation Debt Counseling Corp Trinity Credit Counseling I Pay Debt Financial Services Money Management International – Consumer Credit Counseling Services CCCS ClearPoint Financial Solutions Safe Harbour Consumer Credit Counseling Services * Debt Management American Financial Solutions Family Financial Education Foundation Other Resources Filing Bankruptcy in Mississippi Bankruptcy Laws in Mississippi Debt Collection in Mississippi |