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Total Household Debt Climbs To Over $15 Trillion In Q3 2021, Driven By New Extensions Of 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.. TOTAL HOUSEHOLD DEBT CLIMBS TO OVER $15 TRILLION IN Q3 2021, DRIVEN BY NEW EXTENSIONS OF CREDITCredit card balances increase again by $17 billion in the third quarter of 2021November 09, 2021 NEW …

Mortgage rates remain stuck at 3.10%

A year ago at this time, the average 30-year fixed-rate loan was just 2.72% November 24, 2021, 9:56 am By Flávia Furlan Nunes 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. Mortgage rates remained at 3.10% in the week ending Nov. 24, according …

U.S. demand for household debt climbed in Q2, New York Fed report shows

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 Jonnelle Marte: August 3rd 2021 Aug 3 (Reuters) – U.S. consumers’ demand for new debt grew in the second quarter and credit card use rebounded, reversing the trend of declining card use …

CDC issues eviction moratorium extension after Democratic outcry

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 Brett Samuels: August 3rd 2021 The CDC order applies to counties experiencing significant levels of virus spread, defined by the agency as 50 to 100 cases per 100,000 people. A congressional source …

Foreclosure Rates for All 50 States in June 2021

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 SoFi: July 29th 2021 This is up roughly 41% from June last year when foreclosure activity remained at an exceptionally low level due to the pandemic-related moratorium on foreclosures. The Biden administration’s …

The credit card debt paydown miracle that took place during pandemic is ending

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 Eric Rosenbaum: July 30th 2021 Ask a consumer expert what would happen with credit card loan balances during a recession and the answer wouldn’t be that balances decline sharply and Americans …

Congressmen Cohen, Davis and Swalwell Introduce the Private Student Loan Bankruptcy Fairness Act

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 Press Release: July 30th 2021 WASHINGTON – Congressmen Steve Cohen (TN-09), Danny K. Davis (IL-07), and Eric Swalwell (CA-15) today introduced the Private Student Loan Bankruptcy Fairness Act. This legislation would restore …

VA Offers Vets New Options to Avoid Foreclosure

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 Eric Peck: July 26 2021 The U.S. Department of Veterans Affairs has announced its new COVID-19 Refund Modification option to assist veterans who require a significant reduction in their monthly mortgage payments due to …

How to Spot an Employee with Debt Problems

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 South Florida Caribbean News: July 20,2021 Happy employees are usually more productive and social. However, there are many stress factors that can affect an employee and therefore their productivity and interactions with …

5 Surefire Ways To Spot A Student Loan Scam

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 Dori Zinn and Mike Cetera: 03/15/2021 Imagine being anxious about affording your federal student loan payments. And then you receive a phone call from someone who says he’s affiliated with the U.S. …

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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