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Although Vermont has historically been a state with low personal bankruptcy filings, many of its residents have fallen in debt recently, and as a result, many have begun searching online for < credit card debt consolidation and consumer credit counseling for help. Unfortunately, many of the resources about these debt management either lack the information that people need or are not objective in the facts they present. Fortunately, PayingPaul.Com is here to provide clear information, so consumers know what options are at their disposal and the rights that protect them from unscrupulous companies. For starters, let’s discuss what debt relief help is available for consumers. The first type is credit counseling. Many of these programs are offered by non profit services, who can help with your budgeting, consolidate your credit cards, and help lower your interest rates. Most programs last between four and five years before one is completely debt free. The second popular form of debt consolidation being advertised is credit card debt settlement. These services take a forceful approach to getting out of debt by negotiating with your creditors to get them to accept a lump sum, discounted settlement in full satisfaction of your debt. During the course of the program creditors consider your debt past due, which can affect your credit negatively, and can also lead to collection calls and in some cases, legal action against you. Due to these disadvantages, one should use caution before using debt settlement. Are you interested in speaking with a debt specialist about your options? Submit a form today! Vermont Debt Management Laws Vermont has certain laws in place that effectively regulate what a debt management company must do to operate in compliance in the state. Definition Under the rules, debt consolidation, which is referred to as a “debt adjusting” in the law, is defined as, “making a contract with a debtor whereby the debtor agrees to pay a sum or sums of money periodically and the other party to the contract distributes, supervises, coordinates, negotiates, or controls the distribution of such money or evidences thereof among one or more of the debtor's creditors in full or partial payment of obligations of the debtor. For purposes of this chapter, engaging in debt adjustment in this state shall include: (A) soliciting debt adjustment business from within this state, whether by mail, by telephone, by electronic means, or by other means regardless of whether the debtor resides within this state or outside this state; (B) soliciting debt adjustment business with an individual residing in this state, whether by mail, by telephone, by electronic means, or by other means; or (C) entering into, or succeeding to, a debt adjustment contract with an individual residing in this state. Fees Vermont debt adjusting law also regulates what fees a licensee can charge for their services. The limits are: -$50 as an initial set up fee -10% of the debtor’s monthly payment as a service fee Exemptions It should be noted that Vermont law exempts attorneys and certified public accountants licensed by the state, as well as non-profits who engage in “debt adjusting” on behalf of its members. For more information about consumer credit counseling and debt consolidation, feel free to follow this link: Title 8 (Banking and Insurance) , Part 3 (Insurance), Chapter 133 (Debt Adjusting) http://www.michie.com/vermont/lpext.dll?f=templates&fn=main-h.h tm&cp=vtcode Licensed Debt Agencies 6:10 SERVICES, DEBT FREE AMERICA AA FINANCIAL CORPORATION AMERICAN CONSUMER CREDIT COUNSELING, INC. AMERICAN DEBT SOLUTIONS, INC. CAMBRIDGE CREDIT COUNSELING CORP. CAREONE SERVICES, INC. CLEARPOINT FINANCIAL SOLUTIONS, INC. CONSOLIDATED CREDIT COUNSELING SERVICES, INC. CONSUMER CREDIT AND BUDGET COUNSELING, INC. CONSUMER CREDIT COUNSELING SERVICE OF GREATER ATLANTA, INC. CONSUMER CREDIT COUNSELING SERVICE OF NH AND VT 81 High Street Brattleboro VT 05301 CONSUMER EDUCATION SERVICES, INC. CONSUMERS ALLIANCE PROCESSING CORPORATION CREDITGUARD OF AMERICA, INC ECONOMIC ADVANTAGES CORPORATION GARDEN STATE CONSUMER CREDIT COUNSELING, INC. , d/b/a Novadebt HELP MINISTRIES INCORPORATED d/b/a Debt Free Today INCHARGE DEBT SOLUTIONS IPAYDEBT FINANCIAL SERVICES, INC. MONEY MANAGEMENT INTERNATIONAL, INC. NATIONAL FOUNDATION FOR DEBT MANAGEMENT, INC. d/b/a Alternative Credit Solutions NORTH SEATTLE COMMUNITY COLLEGE FOUNDATION d/b/a American Financial Solutions NORTHEAST KINGDOM COMMUNITY ACTION, INC. d/b/a NEKCA - Micro Business Development Program 108 Cherry Street St. Johnsbury, VT 05819 TAKE CHARGE AMERICA, INC. The information on this page is reviewed for accuracy and completeness, but errors or omissions may exist. PayingPaul.Com makes no representation or endorsement as to the qualifications or merits of any person included on this list and none should be implied. Consumers should thoroughly research licensees before choosing to do business with them. Other Resources Filing Bankruptcy in Vermont Bankruptcy Laws in Vermont Debt Collection in Vermont |