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Some South Carolina residents have fallen on hard times recently and found themselves buried in debt and unable to climb out. Fortunately, there are options available for help, such as consumer credit counseling and debt consolidation services. That being said, many consumers’ lack of education about debt management has caused them to not only use solutions that are inappropriate for their situation, but companies who do not have their best interests in mind. PayingPaul.Com’s goal is to educate South Carolina consumers so they can become free of credit card debt fast and affordably! One must first understand that how debt consolidation programs work depends on the type of service you are considering. There are two available: credit counseling and debt settlement. Although both offer the convenience of one monthly payment and deal unsecured debt, they vary substantially besides that. The oldest debt programs are credit counseling services. The agencies that offer this type of assistance are usually non-profit, and they offer education classes for the public about managing finances, as well as individual budget counseling. If your situation permits, they may suggest you enroll in a debt management plan. These programs entail restructuring your debt on new payment terms, including reduced interest rates and waived late fees. Although many of the agencies who offer these programs are non-profit, that is no guarantee the services are affordable. Fees are charged for setting up and maintaining these plans, which must be limited according to the guidelines detailed later on in this page. One of the newest forms of debt relief out there is debt settlement. This process involves getting creditors to accept 40 to 60% of a debt balance in a lump sum in full satisfaction of a debt. Due to the fact that you can pay back less than what you owe, it is generally the fastest way out of debt other than bankruptcy. Although the potential savings are significant, the risks associated with doing settlement makes this a logical option for people who are considering bankruptcy. Do you want to speak with a consultant about debt reduction? Submit a form today! South Carolina Debt Management Laws With ever-growing scrutiny of the debt management industry after a proliferation of debt rip offs in the early 2000s, South Carolina responded by enacting the Consumer Credit Counseling Act in 2005. The law regulates what debt consolidators can charge for fees, what disclosures are required to be included in a contract, and much more. Definition The formal definition of a “consumer credit counseling service” in South Carolina law is: (a) “receiving or offering to receive funds from a consumer for the purpose of distributing the funds among the consumer's creditors in full or partial payment of the consumer's debts; (b) improving or offering to improve a consumer's credit record, history, or rating; (c) negotiating or offering to negotiate to defer or reduce a consumer's obligations with respect to credit extended by others.” Fees Debt consolidation agencies are bound to abide by the following fee caps: Initial consultation fee: $50 Plan enrollment fee: $30 Monthly maintenance: $40 Reinstatement fee: $25 It should also be noted that a credit counselor cannot charge a fee for cancelling a debt management plan. Exemptions It should be noted that South Carolina exempts certain parties from falling under the debt management laws. They are, among others: - attorneys at law; - banks - a certified public accountant providing credit counseling advice pursuant to an accounting practice; - title insurers and abstract companies doing escrow business; (v) judicial officers or others acting pursuant to court order; (vi) nonprofit faith-based organizations; (vii) counselors certified by the South Carolina Housing Authority (viii) licensed mortgage brokers, real estate brokers, salesmen, and property managers (ix) consumer reporting agencies Having Problems Are you having problems with a debt consolidation company and can’t seem to resolve it on your own? You can file a complaint online: Filing Complaints For more information about consumer credit counseling and debt consolidation, visit the following: http://www.scconsumer.gov/licensing/credit_counseling/housing_forum1.pdf Warning: PDF For more information about consumer credit counseling and debt consolidation, visit the following: http://www.scconsumer.gov/licensing/credit_counseling/housing_forum1.pdf Warning: PDF http://www.scstatehouse.net/CODE/t37c007.htm Licensed Debt Counselors First American Financial Services, LLC Columbia, SC Alexin Financial Group, Inc West Columbia, SC Alliance Credit Counseling American Consumer Credit Counseling American Debt Counseling Pioneer Credit Counseling C & H Financial Services of SC Cambridge Credit Counseling Care One Credit Counseling Services Clear Credit LLC Columbia, Florence, Sumpter, and Charleston, SC ClearPoint Financial Solutions Compass of Carolina – CCCS – Consumer Credit Counseling Services Consolidated Credit Counseling Services Consumer Credit Counseling of Augusta – CCCS Consumer Credit Counseling of Atlanta – CCCS Consumer Credit Counseling of Savannah Consumer Education Services Credit Counseling, Inc. CreditGuard of America Debt Reduction Services, Inc. Family Credit Counseling Family Service Center of South Carolina Sumpter, Rock Hill, Orangeburg, Camden, Florence, Columbia SC Family Services CCCS Charleston South Carolina Novadebt Garden State Consumer Credit Counseling GreenPath Debt Solutions Safe Harbor Credit Counseling & Debt Management In Charge Debt Solutions Money Management International – CCCS – Consumer Credit Counseling & Debt Consolidation National Foundation for Debt Management North Seattle Community College Foundation Springboard Non Profit Credit Counseling & Debt Consolidation Take Charge America The Hook Up, North Dillon, SC For more information and to find completely accurate and up to date information about licensees, follow this link: http://www.scconsumer.gov/licensing/credit_counseling/licensed_organizations.pdf Warning PDF Other Resources Filing Bankruptcy in South Carolina Bankruptcy Laws in South Carolina Debt Collection in South Carolina |