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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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| Oklahoma |
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Oklahoma consumers in credit card debt have surely come across debt consolidation and consumer credit counseling services being advertised on television or online. That being said, far too few actually understand how debt management works. Fortunately, PayingPaul.Com is here to help! The purpose of this page is briefly overview what debt relief options are available to people in Oklahoma, as well as help to differentiate reputable providers from those who are less reputable. There are two main consolidation alternatives to choose from: credit counseling and credit card debt settlement programs. Credit Counseling These services are usually offered by professional, non profit debt counselors, who, for a fee, will consolidate your payments and work with your creditors to lower your interest, late fees, and over the limit charges. On average, these credit card plans last between four and five years before one is completely debt free. Before choosing this avenue, one should thoroughly research what options are available and the companies offering these plans. Although many are non-profit, their fees can be expensive and their services may not be legitimate. A good way to discern credible companies from those that are not is whether their first concern is to help you budget as a debt solution. Those that immediately try to enroll you in a debt management plan should be avoided if possible. Debt Settlement Also known as debt negotiation, these services aim to reduce your credit card balances by 40 to 60 percent. The time line for eliminating your debt is between 12 and 36 months. Although the savings from these programs can be dramatic, there are different disadvantages that must be considered prior to your enrollment in these programs. First, in order to obtain discounts on your balance, you usually have to be past due. That means credit score after debt settlement may be impaired. (Note: your credit report after debt consolidation services in general may not be favorable.) On top of that, you will probably receive creditor calls and in some cases, a creditor may pursue legal action to collect the full balance. Want to speak with an expert debt relief professional? Oklahoma Debt Management Laws Oklahoma instituted a set of laws in 1957 that effectively regulated the debt management arena in the state. Under the law, “debt pooling,” which is an obsolete term for debt counseling, is prohibited. Definition The law defines “debt pooling” as: “a making a contract with a particular debtor whereby the debtor agrees to pay a sum or sums of money periodically to the person engaged in the debt pooling who shall distribute the same among certain specified creditors in accordance with a plan agreed upon and the debtor further agrees to pay such person any valuable consideration for such services or for any other services rendered in connection therewith.” Exemptions It should be noted that the act does allow certain entities to engage in debt consolidation, such as licensed attorneys and “nonprofit associations formed for the purpose of collecting accounts and exchanging credit information.” If you want more information about the applicable consumer credit counseling laws in the state, feel free to visit this link: http://www.lsb.state.ok.us/OKStatutes/CompleteTitles/os24.rtf Warning: Word Doc Other Resources Filing Bankruptcy in Oklahoma Bankruptcy Laws in Oklahoma Debt Collection in Oklahoma |