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Many Virginia residents have fallen in credit card debt problems in recent years, and as a result some have turned to debt consolidation and consumer credit counseling services for assistance. Despite the prevalence of these services online and on commercials, far too few consumers truly understand what debt management entails or how to find a reputable company to work with. Fortunately, PayingPaul.Com is here to provide objective information about how debt relief works and what rights consumers have to protect them from unscrupulous companies. There are two types of debt consolidation services being offered today. The first, credit counseling, involves restructuring your debt on more favorable payment terms with reduced interest, as well as waived late penalties and over the limit penalties. Most of the organizations that offer debt counseling are non-profit, although they do charge fees and it does not ensure that their services will be affordable. Another increasingly common option is debt settlement. These programs should be considered a last resort before bankruptcy because of the aggressive nature of their approach to resolving your debt. During the course of a settlement program, the debtor falls behind on their payments and starts saving money each month. As the funds build creditors consider the debt past due, which will likely lead to collection calls and possibly litigation. Once money is available and your accounts are sufficiently past due (usually four to six months of delinquency), the settlement company will negotiate and settle your debt for less than your principal balance. Before choosing this type of solution, one should fully understand pros and cons of debt settlement. Do you want to talk with an advisor about your options for debt help? Submit a form today! Vermont Debt Management Laws Virginia has instituted a series of regulations meant to protect its residents from the potential financial loss of using an unaffordable and low quality debt management agency. Under the law, in order to provide debt management plans (DMP), one must be licensed by the state. Definition Under the law, a “debt management plan” is defined as “a program whereby an Agency agrees to engage in debt settlement or debt pooling and distribution services on behalf of a consumer (or multiple consumers if a joint account) with the consumer's creditors, and under which the consumer gives money or control of his funds to such Agency for distribution to the consumer's creditors.” Fees In order to provide a debt management plan, one must abide by the following fee limits: (i) $75 for a Set-Up Fee; (ii) The lesser of $60 or 15% of the amount of money disbursed as a monthly maintenance fee Exceptions It should be noted that attorneys licensed to practice law in the state are exempt from falling under the regulations. For more information about consumer credit counseling and debt consolidation, feel free to follow this link: http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+TOC06010000010000020 000000 6:10 Services d/b/a Debt-Free America Alliance Credit Counseling, Inc. American Consumer Credit Counseling, Inc. American Credit Counselors, Inc. d/b/a American Credit Counselors of Florida CareOne Services, Inc. d/b/a CareOne 1855 Saint Francis Street, Apt. 514, Reston, VA 20190 Catholic Charities of Eastern Virginia, Inc. Branches: 4855 Princess Anne Road Virginia Beach, VA 23462 3804 Poplar Hill Road, Suite A, Chesapeake, VA 23321 121 South Main Street, Franklin, VA 23851 12829 Jefferson Avenue, Suite 101, Newport News, VA 23608 Center for Child & Family Services, Inc. d/b/a CCCS - Consumer Credit Counseling Service of Hampton Roads Branches: 2021 Cunningham Drive, Suite 400 Hampton, VA 23666 312 Waller Mill Road, Suite 500, Williamsburg, VA 23185 110 Cybernetics Way, Yorktown, VA 23693 Christian Credit One, Inc. ClearPoint Financial Solutions, Inc. Branches: 8000 Franklin Farms Drive Richmond, VA 23229 200 Citizens Commonwealth Center, 300 Preston Avenue, Charlottesville, VA 22902 1417 N. Battlefield Blvd., Suite 295, Chesapeake, VA 23320 3701 Boulevard, Suite D, Colonial Heights, VA 23834 139 Deer Run Road, Suite A, Danville, VA 24540 2217 Princess Anne Street, Suite 322, Fredericksburg, VA 22401 728 Thimble Shoals Boulevard Suite A, Newport News, VA 23606 1600 North Coalter Street Suite 18 B, Staunton, VA 24401 522 S. Independence Blvd., Suite 103, Virginia Beach, VA 23452 Commonwealth Catholic Charities 1512 Willow Lawn Drive Richmond, VA 23230 Community Credit Counseling Corp. Consolidated Credit Counseling Services, Inc. Consumer Credit Counseling Service of Greater Atlanta, Inc. Consumer Credit Counseling Service of Maryland and Delaware, Inc. Consumer Credit Counseling Service of San Francisco Consumer Credit and Budget Counseling, Inc. Consumer Education Services, Inc. Consumers Alliance Processing Corporation Credit Advisors Foundation CreditGuard of America, Inc. Debt Counseling Corp. Debt Reduction Services, Inc. Family Credit Counseling Service, Inc. d/b/a Family Credit Management Services Family Financial Education Foundation Family Life Services, Inc. d/b/a Family Life Credit Services Garden State Consumer Credit Counseling, Inc. d/b/a NovaDebt GreenPath, Inc. Harbour Credit Counseling Services, Inc. d/b/a A Safe Harbour Credit Management 101 North Lynnhaven Road, Suite 300 Virginia Beach, VA 23452 Help Ministries Incorporated d/b/a Debt Free InCharge Debt Solutions Lighthouse Credit Foundation, Inc. Money Management International, Inc. d/b/a Consumer Credit Counseling Service of Greater Washington 801 North Pitt Street, Suite 117, Alexandria, VA 22314 4846 Kings Mountain Road, Collinsville, VA 24078 3927 Old Lee Highway, Suite 101-E, Fairfax, VA 22030 604 South King Street, Suite 7, Leesburg, VA 20175 10629 Crestwood Drive, Manassas, VA 20109 7000 Peters Creek Road, Roanoke, VA 24019 National Foundation for Debt Management, Inc. d/b/a Alternative Credit Solutions North Seattle Community College Foundation d/b/a American Financial Solutions Take Charge America, Inc. Trinity Credit Counseling, Inc. d/b/a Trinity Debt Management United Financial Systems, 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 Virginia Bankruptcy Laws in Virginia Debt Collection in Virginia |