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Mortgage industry weathering pandemic well – TransUnion

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. by Ryan Smith 20 Sept 2020 The total percentage of consumers in “financial hardship” status for mortgages, auto loans credit cards and personal loans dropped last month, according to a new study by […]

Serious delinquencies down, but borrowers face challenges ahead – TransUnion

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. by Ryan Smith 24 Sep 2020 Serious delinquency rates dipped in September for mortgages and other credit products – but potential challenges remain ahead for borrowers, according to a TransUnion report. Serious delinquency […]

Fed Consumer Finance Survey Reveals Online Banking Usage, (Slightly) Higher Debt Burdens

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.The Fed’s latest Survey of Consumer Finances might come with a caveat: The data measure a period that may seem long ago and far away — the time before COVID, of course. But they […]

Tackling the Affordable Housing Crisis

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. New joint venture aims to raise $1 billion for affordable housing. By Kimberly Latimer-Nelligan, Andrea R. Ponsor, and Lori Little As a nation, we are facing crisis after crisis. More than 200,000 Americans […]

83% of Americans See Improving Financial Health as Primary Motivator for Staying on Top of Bills

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.. Latest doxoINSIGHTS consumer survey data also shows top consumer bill pay concerns are hassles of multiple logins and anxiety about biller securityAugust 27, 2020 08:00 AM Eastern Daylight Time SEATTLE–(BUSINESS WIRE)–doxo, the […]

Creditors May Lower Your Credit Limit in Response to COVID-19

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. By Courtney Nagle | Wednesday August 26th, 2020 As COVID-19 has continued to take a toll on the American economy, which remains in recession, many people have made changes to their personal finances […]

Americans Owe Nearly $1 Trillion In Credit Card Debt

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. BY BRIAN WALLACE ON JULY 23, 2020 In February 2020, the Federal Reserve found that Americans have reached a record high for the amount of credit card debt owed. On top of that, […]

Lenders Tighten Credit Requirements Amid New Reporting Rules

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. It’s a little harder for U.S. consumers to get credit as lenders retreat during the coronavirus crisis, The Wall Street Journal reported. The major reason is that banks can no longer easily determine who is […]

3 in 10 Americans missed their June housing payment – study

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.by Ryan Smith12 Jun 2020 Americans are feeling a high level of housing insecurity amid the COVID-19 pandemic despite its economic impacts beginning to soften, according to a new report from Apartment List. “Social distancing […]

Transunion study shows renters are managing their debts

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. A new study from the credit firm Transunion shows that consumers are still managing their debts in way that may ease most landlords’ concerns, even as many are struggling with finances due to […]

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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.

530 W Allegan Street, 7th Floor
Lansing, MI  48909-7720
877-999-6442

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