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Daily Archives: March 31, 2020

WHAT TREASURY IS DOING

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. https://home.treasury.gov/cares WHAT TREASURY IS DOING The Treasury Department is supporting American workers and businesses who are impacted by the coronavirus. In February, Secretary Mnuchin was appointed to the President’s Coronavirus Task Force, where …

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UPDATE: The Families First Coronavirus Response Act Is Enacted

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. As we previously wrote here, Congress has drafted emergency legislation (H.R. 6201) to provide employees paid family and medical leave and paid sick leave in response to the COVID-19 pandemic. Last night, President Trump signed …

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Updates from Big Credit Card Company’s

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. Credit card issuers offer customer assistance amid coronavirus financial hardship Credit card issuers, including Chase and Citi, are offering support through flexible bill payments and waived late fees and interest in response to …

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Consumer Financial Protection Bureau Stories

DISCLAIMER: As the COVID-19 public health situation evolves, new regulations are being continually issued. This page/story/information may not include the most recent information. Protecting your finances during the Coronavirus Pandemic Federal, state, and local governments are working to respond to the growing public health threat of coronavirus, or COVID-19. The CFPB and other financial regulators have …

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*We are not a loan company

Participation in Debt Management Plan may affect your credit rating or credit score. Non-payment of debts may lead creditor to increase finance and other charges or proceed with further collection activity, including litigation.

Credit Advisors has been offering debt consolidation programs longer than anyone else. Our certified debt counselors can help you with credit card debt relief, credit card consolidation, consumer credit counseling, bankruptcy certification, bankruptcy questions and all other kinds of help with debt. If you want to get out of debt and have been considering debt settlement, credit management, debt management, credit repair, bankruptcy or consolidation, we provide the best debt counseling and steer you toward a plan that is in your best interest. We are not a loan company, debt settlement company or credit repair organization. We provide credit counseling and plans that work to get you on the road to debt free living.

Credit Advisors Incorporated is licensed to provide debt management plans in the states of Arizona, Colorado, Iowa, Indiana, Kentucky, Michigan, Nebraska, Oregon, and South Carolina.  They are approved or otherwise compliant in Alaska, Florida, Missouri, Ohio, Texas, and Washington.

Michigan Disclosure

For information regarding the principal officers for Credit Advisors, Inc., please visit the
Nebraska Secretary of State

Credit Advisor logo 4

*We are not a loan company

Participation in Debt Management Plan may affect your credit rating or credit score. Non-payment of debts may lead creditor to increase finance and other charges or proceed with further collection activity, including litigation.

Credit Advisors has been offering debt consolidation programs longer than anyone else. Our certified debt counselors can help you with credit card debt relief, credit card consolidation, consumer credit counseling, bankruptcy certification, bankruptcy questions and all other kinds of help with debt. If you want to get out of debt and have been considering debt settlement, credit management, debt management, credit repair, bankruptcy or consolidation, we provide the best debt counseling and steer you toward a plan that is in your best interest. We are not a loan company, debt settlement company or credit repair organization. We provide credit counseling and plans that work to get you on the road to debt free living.

Credit Advisors Incorporated is licensed to provide debt management plans in the states of Arizona, Colorado, Iowa, Indiana, Kentucky, Michigan, Nebraska, Oregon, and South Carolina.  They are approved or otherwise compliant in Alaska, Florida, Missouri, Ohio, Texas, and Washington.

Michigan Disclosure

For information regarding the principal officers for Credit Advisors, Inc., please visit the
Nebraska Secretary of State

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Michigan license number:   DM-0016282 Available to the public and licensed in Michigan.

Section 13(1)  When a licensee establishes a debt management plan for a debtor, the licensee may charge and receive an initial fee of $50.00

Section 13(2)  A licensee shall attempt to obtain consent to participate in a debt management plan from at least 51%, in number or dollar amount, of the debtor’s creditors within 90 days after establishing the debt management plan. If the required consent is not actually received by the licensee, the licensee shall provide notice to the debtor of the lack of required consent and the debtor may, at its option, close the account. If the debtor decides to close the account, any unexpended funds shall be returned to the debtor or disbursed as directed by the debtor.

Sec. 14. (1) A contract between a licensee and debtor shall include all of the following:

(a) Each creditor to which payments will be made and the amount owed each creditor. A licensee may rely on records of the debtor and other information available to it to determine the amount owed to a creditor.

(b) The total amount of the licensee’s charges.

(c) The beginning and termination dates of the contract.

(d) The principal amount and approximate interest charges of the debtor’s obligations to be paid under the debt management plan.

(e) The name and address of the licensee and of the debtor.

(f) Any other provisions or disclosures that the director determines are necessary for the protection of the debtor and the proper conduct of business by a licensee.

Sec. 18. (1) In addition to the fee described in section 13(1), a licensee may charge a reasonable fee for providing debt management services under a debt management plan. The fee under this subsection shall not exceed 15% of the amount of the debt to be liquidated during the express term of the plan.

(2) A licensee may offer a debtor the option to purchase credit reports or educational materials and products, and charge a fee to the debtor if the debtor elects to purchase any of those items from the licensee.  Fees charged under this subsection are not subject to the 15% limitation on fees described in subsection (1).

(3) Except for a cancellation described in subsection (4), in the event of cancellation of or default in the performance of the contract by the debtor before its successful completion, a licensee may collect $25.00 in addition to any fees and charges of the licensee previously received by the licensee. This $25.00 fee is not subject to the 15% limitation on fees and charges under subsection (1).

(4) A contract is in effect when it is signed by the licensee and the debtor and the debtor has made a payment of any amount to the licensee. The debtor has the right to cancel the contract until 12 midnight of the third business day after the first day the contract is in effect by delivering written notice of cancellation to the licensee. A cancellation described in this section is not subject to, and a licensee shall not collect, the fee described in subsection (3).

(5) If a debtor fails to make a payment of any amount to a licensee within 60 days after the date a payment is due under a contract, the licensee may, in its discretion, cancel the debt management contract if it determines that the plan is no longer suitable for the debtor, the debtor fails to affirmatively communicate to the licensee the debtor’s desire to continue the plan, or the creditors of the debtor refuse to continue accepting payments under the plan.

(6) A licensee shall not contract for, receive, or charge a debtor an amount greater than authorized by this act. A person that violates this subsection, except as the result of an inadvertent clerical or computer error, shall return to the debtor the amount of the payments received from or on behalf of the debtor and not distributed to creditors, and, as a penalty, an amount equal to the amount overcharged.

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Lansing, MI  48909-7720
877-999-6442

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