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Debt Settlement
(Note: this is for educational purposes only, and although efforts have been made to keep this up to date and correct, there are no guarantees about the accuracy of anything contained below. It should not be construed as legal advice. For legal advice, please consult with an attorney licensed in Wisconsin.)
Wisconsin consumers who have fallen in credit card debt have undoubtedly found themselves searching high and low for information about debt consolidation and consumer credit counseling services online. With most of the articles available just hyped sales literature from the debt companies who offer these services, far too many consumers have chosen debt management options that don’t make sense for their situation. Fortunately, PayingPaul.Com is here to give Wisconsin consumers the information they need to understand debt consolidation services and the companies who provide them.
The two types of debt relief programs available today are credit counseling and debt settlement. Other than the underlying goal to help you get out of debt, these services share little else in common.
Of the two, credit counseling is the more conservative option. These programs, which are usually offered by non-profits, involve working with creditors to obtain interest reductions, lower monthly payments, and waived late fees. Although the agencies who offer these services are non-profit, they do charge fees and it does not ensure that the plan will be affordable.
Debt settlement is a much riskier approach. Also known as debt negotiation, consumers who enroll in these programs stop making payments to their creditors and instead save money into a savings account each month. Once sufficient funds have accumulated, the debt negotiation organization will negotiate a lump sum, discounted settlement for in many cases, substantially less than the principal amount owed. Many people are attracted to this option because it offers the opportunity to pay off your debt for less than what you owe. However, it does come with its downsides. For starters, one should know that not paying your creditors can have adverse on your credit and cause escalated collections activity, including potential litigation.
Want to speak with a debt professional? Submit a form and let PayingPaul.Com help!
Wisconsin Debt Management Laws
Wisconsin is one of many states that offer protections for consumers who are considering using a debt management company. The law, which refers to credit counseling agenies as “adjustment service companies”, sets requirements for what a consolidation organization must do in order to be in operating in compliance, including the fact that they must be licensed.
Definition
Wisconsin law defines an “adjustment service company” as “a corporation, limited liability company, association, partnership or individual engaged as principal in the business of prorating the income of a debtor to the debtor's creditor or creditors, or of assuming the obligations of any debtor by purchasing the accounts the debtor may have with the debtor's several creditors, in return for which the principal receives a service charge or other consideration.”
Fees
Companies who fall under that definition are bound by the following fee limits:
-$50 for a budget consultation, but only $25 if someone chooses to enroll in a debt management plan
-The lesser of 10% of monthly payment or $120 in one given month
-15% of the monthly payment disbursed to the debtors’ creditors as a fee paid by the creditor (Known as “Fair Share”)
Adjustment Companies Law
6:10 Services
DBA: Debt-Free America
Abc Budget Service Inc
12745 W Capitol Dr #202
Brookfield, WI
Alliance Credit Counseling Inc
13777 Ballantyne Corporate Pl #100
American Consumer Credit Counseling Inc
American Credit Counselors Inc
American Debt Counseling Inc
Aurora Family Service Inc DBA: Consumer Credit Counseling Service of Greater Milwaukee
4915 S Howell Ave
3200 W Highland Blvd
4650 N Port Washington Rd Barnabas Buiness Center
Milwaukee, WI
101 W Broadway
Waukesha, WI
2600 N Mayfair Rd Ste 685
Wauwatosa, WI
22 South Wisconsin #4
Elkhorn, WI
Black Hills Children's Ranch Inc
DBA: Pioneer Credit Counseling
Budget Counselors Inc
214 W Grand Ave
Wisconsin Rapids, WI
CareOne Services Inc
DBA: CareOne
Catholic Charities of the Diocese of Green Bay Inc
DBA: Catholic Charities Budget Counseling
1825 Riverside Dr
Green Bay, WI
214 E Summer St
Appleton, WI
206 North 8th St
Manitowoc, WI
844 Pierce Ave Ste 102
Marinette, WI
3710 East Ave
La Crosse, WI
115 E Perry St
Prairie du Chien, WI
1317 College Ct Ste 1
Steven Point, WI
101 W 29th Suite 103
Marshfield, WI
448 N Dewey St
401 5th St Ste 235
Wausau, WI
Christian Credit One
ClearPoint Financial Solutions
Community Credit Counseling
Consolidated Credit Counseling Services
Consumer Credit Counseling of Atlanta
Consumer Credit Counseling Service of Madison
A Div of Family Service
128 E Olin Ave Ste 100
Madison, WI
Consumer Credit Counseling Service of Maryland and Delaware Inc
Consumer Credit Counseling Service of San Francisco
Consumer Credit Management Services
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
DBA: Family Credit Management Services
Family Financial Education Foundation
Family Life Credit Services
1019 Cedar Street
Grafton, WI
Family Service Association of Sheboygan Inc
DBA: Consumer Credit Counseling Service of Sheboygan, Lacrosse, West Bend, & Fond Du Lac
1930 North 8th Street
Sheboygan, WI
139 North Main St Suite 101
West Bend, WI
131 S Main St
Fond Du Lac, WI
Family Service of Racine
420 Seventh St.
Racine, WI
8600 Sheridan Road Room 175 E
Kenosha, WI
Family Services of Southern Wisconsin and Northern Illinois DBA: Consumer Credit Counseling of Beloit/Janesville
423 Bluff St
Beloit, WI
205 Main St
Janesville, WI
FamilyMeans
DBA: FamilyMeans Consumer Credit Counseling Service (CCCS)
2194 EastRidge Center
Eau Claire, WI
Financial Information & Service Center Inc DBA: CCCS of Northeastern Wisconsin
921 Midway Rd
Menasha, WI
4335 Calumet St.
Manitowoc, WI
30 N 18th Ave Bldg 1
Sturgeon Bay, WI
2814 S. Oneida St
Green Bay, WI
1600 W 20th Avenue
Oshkosh, WI
1301 Brosig Street
Green Bay, WI
2561 Eighth Street South
Wisconsin Rapids, WI
805 W Fulton Street
Waupaca, WI
Garden State Consumer Credit Counseling Inc
DBA: Novadebt
GreenPath Inc
DBA: GreenPath Debt Solutions
802 West Broadway Suite 202
Madison, WI
4811 S 76th St Ste 317
Greenfield, WI
Harbour Credit Counseling Services Inc
Help Ministries Incorporated
DBA: Debt Free
InCharge Debt Solutions
Lighthouse Credit Foundation Inc
Lutheran Social Service of Minnesota
DBA: LSS Financial Counseling Service
2231 Catlin Ave 4th Floor
Superior, WI
107 Metropolitan Financial Management Corp
DBA: Auriton Solutions
Money Management International Inc
420 7th Street
Racine, WI
8600 Sheridan Road
Kenosha, WI
North 83rd Debt Resolution LLC
2825 North Mayfair Rd Suite 204
Wauwatosa, WI
Personal Budget Service Inc
262 W Broadway Ste 2
Waukesha, WI
Safeguard Credit Counseling Service Inc
Springboard Non-Profit Consumer Credit Management Inc
Take Charge America Inc
Town & Country Acceptance Corporation
Trinity Credit Counseling Inc
Follow this link for an up to date list of licensed companies:List of Licensed Companies
Follow this link for the legislation dealing with fees debt companies can charge:Info about Fees
Other Resources
Filing Bankruptcy in Wisconsin
Bankruptcy Laws in Wisconsin
Debt Collection in Wisconsin
Wisconsin consumers who have fallen in credit card debt have undoubtedly found themselves searching high and low for information about debt consolidation and consumer credit counseling services online. With most of the articles available just hyped sales literature from the debt companies who offer these services, far too many consumers have chosen debt management options that don’t make sense for their situation. Fortunately, PayingPaul.Com is here to give Wisconsin consumers the information they need to understand debt consolidation services and the companies who provide them.
The two types of debt relief programs available today are credit counseling and debt settlement. Other than the underlying goal to help you get out of debt, these services share little else in common.
Of the two, credit counseling is the more conservative option. These programs, which are usually offered by non-profits, involve working with creditors to obtain interest reductions, lower monthly payments, and waived late fees. Although the agencies who offer these services are non-profit, they do charge fees and it does not ensure that the plan will be affordable.
Debt settlement is a much riskier approach. Also known as debt negotiation, consumers who enroll in these programs stop making payments to their creditors and instead save money into a savings account each month. Once sufficient funds have accumulated, the debt negotiation organization will negotiate a lump sum, discounted settlement for in many cases, substantially less than the principal amount owed. Many people are attracted to this option because it offers the opportunity to pay off your debt for less than what you owe. However, it does come with its downsides. For starters, one should know that not paying your creditors can have adverse on your credit and cause escalated collections activity, including potential litigation.
Want to speak with a debt professional? Submit a form and let PayingPaul.Com help!
Wisconsin Debt Management Laws
Wisconsin is one of many states that offer protections for consumers who are considering using a debt management company. The law, which refers to credit counseling agenies as “adjustment service companies”, sets requirements for what a consolidation organization must do in order to be in operating in compliance, including the fact that they must be licensed.
Definition
Wisconsin law defines an “adjustment service company” as “a corporation, limited liability company, association, partnership or individual engaged as principal in the business of prorating the income of a debtor to the debtor's creditor or creditors, or of assuming the obligations of any debtor by purchasing the accounts the debtor may have with the debtor's several creditors, in return for which the principal receives a service charge or other consideration.”
Fees
Companies who fall under that definition are bound by the following fee limits:
-$50 for a budget consultation, but only $25 if someone chooses to enroll in a debt management plan
-The lesser of 10% of monthly payment or $120 in one given month
-15% of the monthly payment disbursed to the debtors’ creditors as a fee paid by the creditor (Known as “Fair Share”)
Adjustment Companies Law
6:10 Services
DBA: Debt-Free America
Abc Budget Service Inc
12745 W Capitol Dr #202
Brookfield, WI
Alliance Credit Counseling Inc
13777 Ballantyne Corporate Pl #100
American Consumer Credit Counseling Inc
American Credit Counselors Inc
American Debt Counseling Inc
Aurora Family Service Inc DBA: Consumer Credit Counseling Service of Greater Milwaukee
4915 S Howell Ave
3200 W Highland Blvd
4650 N Port Washington Rd Barnabas Buiness Center
Milwaukee, WI
101 W Broadway
Waukesha, WI
2600 N Mayfair Rd Ste 685
Wauwatosa, WI
22 South Wisconsin #4
Elkhorn, WI
Black Hills Children's Ranch Inc
DBA: Pioneer Credit Counseling
Budget Counselors Inc
214 W Grand Ave
Wisconsin Rapids, WI
CareOne Services Inc
DBA: CareOne
Catholic Charities of the Diocese of Green Bay Inc
DBA: Catholic Charities Budget Counseling
1825 Riverside Dr
Green Bay, WI
214 E Summer St
Appleton, WI
206 North 8th St
Manitowoc, WI
844 Pierce Ave Ste 102
Marinette, WI
3710 East Ave
La Crosse, WI
115 E Perry St
Prairie du Chien, WI
1317 College Ct Ste 1
Steven Point, WI
101 W 29th Suite 103
Marshfield, WI
448 N Dewey St
401 5th St Ste 235
Wausau, WI
Christian Credit One
ClearPoint Financial Solutions
Community Credit Counseling
Consolidated Credit Counseling Services
Consumer Credit Counseling of Atlanta
Consumer Credit Counseling Service of Madison
A Div of Family Service
128 E Olin Ave Ste 100
Madison, WI
Consumer Credit Counseling Service of Maryland and Delaware Inc
Consumer Credit Counseling Service of San Francisco
Consumer Credit Management Services
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
DBA: Family Credit Management Services
Family Financial Education Foundation
Family Life Credit Services
1019 Cedar Street
Grafton, WI
Family Service Association of Sheboygan Inc
DBA: Consumer Credit Counseling Service of Sheboygan, Lacrosse, West Bend, & Fond Du Lac
1930 North 8th Street
Sheboygan, WI
139 North Main St Suite 101
West Bend, WI
131 S Main St
Fond Du Lac, WI
Family Service of Racine
420 Seventh St.
Racine, WI
8600 Sheridan Road Room 175 E
Kenosha, WI
Family Services of Southern Wisconsin and Northern Illinois DBA: Consumer Credit Counseling of Beloit/Janesville
423 Bluff St
Beloit, WI
205 Main St
Janesville, WI
FamilyMeans
DBA: FamilyMeans Consumer Credit Counseling Service (CCCS)
2194 EastRidge Center
Eau Claire, WI
Financial Information & Service Center Inc DBA: CCCS of Northeastern Wisconsin
921 Midway Rd
Menasha, WI
4335 Calumet St.
Manitowoc, WI
30 N 18th Ave Bldg 1
Sturgeon Bay, WI
2814 S. Oneida St
Green Bay, WI
1600 W 20th Avenue
Oshkosh, WI
1301 Brosig Street
Green Bay, WI
2561 Eighth Street South
Wisconsin Rapids, WI
805 W Fulton Street
Waupaca, WI
Garden State Consumer Credit Counseling Inc
DBA: Novadebt
GreenPath Inc
DBA: GreenPath Debt Solutions
802 West Broadway Suite 202
Madison, WI
4811 S 76th St Ste 317
Greenfield, WI
Harbour Credit Counseling Services Inc
Help Ministries Incorporated
DBA: Debt Free
InCharge Debt Solutions
Lighthouse Credit Foundation Inc
Lutheran Social Service of Minnesota
DBA: LSS Financial Counseling Service
2231 Catlin Ave 4th Floor
Superior, WI
107 Metropolitan Financial Management Corp
DBA: Auriton Solutions
Money Management International Inc
420 7th Street
Racine, WI
8600 Sheridan Road
Kenosha, WI
North 83rd Debt Resolution LLC
2825 North Mayfair Rd Suite 204
Wauwatosa, WI
Personal Budget Service Inc
262 W Broadway Ste 2
Waukesha, WI
Safeguard Credit Counseling Service Inc
Springboard Non-Profit Consumer Credit Management Inc
Take Charge America Inc
Town & Country Acceptance Corporation
Trinity Credit Counseling Inc
Follow this link for an up to date list of licensed companies:List of Licensed Companies
Follow this link for the legislation dealing with fees debt companies can charge:Info about Fees
Other Resources
Filing Bankruptcy in Wisconsin
Bankruptcy Laws in Wisconsin
Debt Collection in Wisconsin