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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 […]

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 […]

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 […]

Trouble paying your mortgage? Your best options, explained

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. Denny Ceizyk   MSN.com, 5/5/2020 23 hrs ago The coronavirus crisis has generated record-breaking unemployment claims for more than 26 million American workers so far — and that’s making it hard for affected […]

Four reasons to make an appointment with a Credit Counselor

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. Handling your personal finances can be a private affair — solitary, even. But it doesn’t have to be. Although it can be understandably nerve-wracking to open up the details of your financial situation to […]

Tips for Making and Managing an Emergency Budget

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 | Tuesday April 14th, 2020 Overview: Tips for Making and Managing an Emergency Budget – NFCC  1.  Put It in Writing 2.      Prioritize “Survival” Expenses 3.      Cut out Luxuries 4.      […]

People struggling to pay bills during coronavirus crisis could get hit again starting in June

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.Susan Tompor  Detroit Free Press  Never really one to buy in bulk, Melodie Jones estimates she spent $350 to buy enough food and supplies for herself and her daughter, Meadow Rose, who turns 9 […]

Mortgage Servicer Directory for Housing

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. Please use the list below for any assistance in getting COVID-19 Relief. Directory of Servicer Contacts For Use by HUD Approved Housing Counseling Agencies only  April 20, 2020 Mortgage Servicer Consumer Self-Service Intake […]

Survey: One-Third Of Americans Plan To Use Stimulus Checks To Pay 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. Kelly Anne Smith Forbes StaffAdvisor Updated: Apr 17, 2020, 5:39pm As the coronavirus pandemic extends into an uncertain future, Americans are now seeing their stimulus checks deposited in their bank accounts. These one-time […]

Nearly 3 million borrowers are already in forbearance

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. GSE loans in forbearance now exceed FHFA Director Calabria’s projectionApril 17, 2020, 12:47 pm By Ben Lane It appears the forbearance issue is already much more significant than federal decision-makers thought it would be. Federal […]

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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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