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What's New
| A Review of Franklin Debt Relief in Chicago, Illinois |
| BBB members: It appears that Franklin Debt Relief was accredited by the BBB until the BBB instituted its policy of no longer allowing debt settlement companies to be members. This policy was created largely in response to the volume of complaints being lodged against certain companies in the debt settlement industry, not due to the actions of Franklin Debt Relief it appears since they have not had a complaint in over a year despite servicing more than a thousand consumers according to a recent press release. From PayingPaul.com’s research, Franklin Debt Relief seems to satisfy a very high rate of its clients. |
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| Ohio |
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Ohio is a state that has had its fair share of financial problems in the past decade, so it should come as little surprise that many of its residents are buried in credit card debt and searching for solutions such as debt consolidation and consumer credit counseling. Despite the prevalence of these services’ advertisements on television, radio, and online, there is still a substantial amount of information missing to help consumers make the best possible financial decision regarding their management of debt. PayingPaul.Com’s mission is educate consumers about their debt relief options, as well as the companies who provide these services. One must initially understand that there are two sorts of credit consolidation companies. The original type of service people turned to for credit card and personal loan debt was credit counseling. Much of the focus these agenciesis on better budgeting to solve debt problems. If this alone cannot remedy your situation, then you may want to consider a credit counselor sponsored debt management plan. This type of service entails working with creditors to lower your interest, payments, and finance charges like late fees and over the limit penalties. Most of the companies who offer these types of debt elimination programs are non-profit agencies, although they do in fact charge fees for their services. The other popular way to pay debt off without a personal loan is credit card settlement. This approach varies greatly from credit counseling because it involves negotiating to lower your debt instead of finance charges. In cases where a consumer is experiencing a financial hardship, this may be the best way to get out of debt. If not, however, one should probably avoid this option due to its risky and difficult nature. In a settlement program, one falls delinquent on their payments and saves money into a savings account each month. Once sufficient funds have accumulated, the settlement company will contact your creditors and offer a lump sum of money, usually between 40 and 60 percent of what is owed, to completely satisfy the debt. During the course of the program, however, your creditors will call and report the debt as past due to the credit bureaus. In some cases, they may pursue legal action to collect the balance. Want to talk with a consultant about debt help? Submit a form and PayingPaul.Com will match you with an advisor today! Ohio Debt Management Laws Ohio is one of a number of states that laws in place to protect consumers from debt counselors who charge excessive fees. The law applies to all “debt adjusters”, which is an antiquated term for “debt consolidators.” Definition “Doing business in debt adjusting, budget counseling, debt management, or debt pooling service, or holding oneself out, by words of similar import, as providing services to debtors in the management of their debts, to do either of the following: (1) To effect the adjustment, compromise, or discharge of any account, note, or other indebtedness of the debtor; (2) To receive from the debtor and disburse to the debtor’s creditors any money or other thing of value.” Fees Any business who falls under the Ohio definition of a debt adjuster is bound to follow strict fee requirements, which are as follows: (1) $75 for a set up fee, consultation, or other initial charge to set up a bill consolidation plan (2) $100 for consultation fees for one calendar year (3) Eight and one-half percent of the amount paid by the debtor or $30 as a monthly maintenance or periodic contribution fee Exemptions It should be noted that the law specifically exempts from regulation as a “debt adjuster” attorneys practicing law in the state and much of those associated with banking and mortgages (such as loan officers). For more information feel free to check out these resources about debt reduction assistance in the state: http://codes.ohio.gov/orc/4710 Other Resources Filing Bankruptcy in Ohio Bankruptcy Laws in Ohio Debt Collection in Ohio |