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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 […]

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 […]

11 Options If Your Small Business Can’t Pay Its Bills Due to Coronavirus

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 Gerri Detweiler March 31, 2020  BUSINESS FINANCING Coronavirus is having a significant impact on many small businesses already and no one knows how long or how hard the economy will be affected. If you are […]

The coronavirus pandemic’s looming credit 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. Widespread unemployment and economic hardships from COVID-19 will create a credit crisis that could further delay economic recovery. Rebecca Steele – Opinion contributor USA Today  As the nation slowly gets back to work […]

The Short and Long-term Effects of Debt Settlement:

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 Short and Long-term Effects of Debt Settlement: What consumers can expect through the process and how long it may take to rebound By Bruce McClary | Tuesday May 12th, 2020 Debt settlement […]

Amid COVID-19, credit reports are free every week

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 WHSV newsroom | May 19, 2020 at 1:55 PM EDT – Updated May 19 at 3:30 PM WASHINGTON (WHSV) — Many people are facing difficult financial times due to the effects of the COVID-19 pandemic. […]

More Americans using credit cards than cash for food

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. More Americans are relying on credit cards to buy essentials, like groceries, and conserving cash as the unemployment rate skyrockets as a result of the coronavirus pandemic. Overall credit card spending fell 40 percent during March and […]

Helping Families Receive Their Economic Impact Payment

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. CFA’s goal is to provide as many tools and other partner offerings to you the consumers as much as possible to provide assistance during this difficult time. An additional option for many people […]

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 […]

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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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