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How to Pay Credit Card Debt During the Pandemic – Experts say a debt settlement should be a last resort

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 Alina Machado • Published November 10, 2020 • Updated on November 10, 2020 at 7:04 pm Elvira Maldonado may be employed, but she says the pandemic did not spare her finances. “The major impact has been monetarily,” she said. The …

Ask an Expert: Should I Open A New Line Of Credit Or Just Continue To Pay My Debt To Rebuild My Credit?

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. This week’s question: I took on too much debt and went without a job for 23 months. I am now employed and currently paying off my last, charged-off credit card. Should I open …

IRS plans to extend April 15 tax deadline by a month, report says

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.Tanza Loudenback 41 minutes ago The federal tax deadline will move to mid-May, according to a Bloomberg report. The IRS has yet to confirm the deadline extension. An extension would give taxpayers and preparers more …

Americans are struggling, but you’d never know it from their credit scores

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. Jessica Dickler@JDICKLER – PUBLISHED THU, FEB 25 20218:00 AM ESTUPDATED THU, FEB 25 20218:00 AM ESTKEY POINTS Federal relief measures, including stimulus checks and a pause in loan repayments, have given some …

Credit report errors are surging due to COVID — was your credit score hit?

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. Sigrid Forberg –Tue, February 23, 2021, 5:59 PM COVID-19 may have infected your credit score. Record numbers of complaints about credit report errors are pouring in against the credit monitoring bureaus, according to …

More Americans Are Paying Their Bank-Issued Credit Cards On Time: What Does This Mean For You?

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.CONTRIBUTOR-Ben Gran  Forbes AdvisorPUBLISHED-FEB 18, 2021 7:00AM EST  Arecent report from the American Bankers Association found that credit card delinquencies are at an all-time low. As of the third quarter of 2020, only 1.53% …

Credit score requirements for rentals are rising: What you need to know

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 Maurie BackmanMotley Fool Over past 3 years, average credit score increased by 1 point per year. You may need even stronger credit to rent a home these days. You may have heard the higher your credit …

Most Americans Will Take on Record Credit Card Debt This Holiday Season: Survey

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. Nearly two-thirds of Americans expect to pile up balances, new research finds. By LendEDUDecember. 15, 2020 Since March, millions of Americans have faced a tremendous financial struggle because of the coronavirus pandemic …

51% of Americans Will Set a 2021 Money Resolution, and Getting Rid of Debt Tops the List

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 MagnifyMoney.com Dec 16, 2020 Updated Dec 16, 2020 CHARLOTTE, N.C., Dec. 16, 2020 /PRNewswire/ — Despite the general chaos of 2020, more than half of Americans will make a money resolution for 2021, and another 16% …

Credit Card Delinquency, Dementia, and Mental Health

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 RileyDecember 1, 2020 Credit card borrowing is open to all. The Equal Credit Opportunity Act (ECOA) made fair lending the law of the land in 1974. Suppose a lender has a bias towards race, …

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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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