Debt Relief Agency Definition
Posted on
November 19, 2009
at
4:33 am
There's debt. Tons of debt.And then there's debt relief, debt settlement, debt consolidation ....agency, company, group...What is the definition really of a debt relief agency? Or is it company?
Posted on
November 19, 2009
at
4:43 am
Hey there, okay - definition of debt relief agency according to the trustworthy Nolo Legal Encyclopedia:Any person or company -- including lawyers and bankruptcy petition preparers, but excluding banks, nonprofits, and government agencies -- that provides advices, information, counsel, document preparation, or other services to a person who is contemplating, or filing for, bankruptcy. Under the bankruptcy law passed in 2005, debt relief agencies are subject to certain legal requirements and must provide debtors with a prescribed notice about their services.
Posted on
November 19, 2009
at
4:46 am
Debt relief agency definition -Depending on the amount of your debt and its status - a debt relief agency or company could be:A credit counseling agency - for debts that are below $10,000, accounts current, aims to reduce the interest rates.A debt settlement company - for debts that are above $10,000, accounts past due, aims to reduce the principal amount or the balance.
Posted on
November 19, 2009
at
4:49 am
Debt relief agency definition -I'd just like to stress the line: excluding banks, nonprofits, and government agencies from that Nolo definition.So a debt relief agency is a group or an individual that provides counsel or an alternative to bankruptcy.
Posted on
November 19, 2009
at
4:51 am
That's excellent! Thanks! I get it now. So after debt relief agency definition - how about guidelines now? How to find a credible debt relief agency? Where to look? What to look for....
Posted on
November 19, 2009
at
4:55 am
So after debt relief agency definition - how about guidelines now? How to find a credible debt relief agency? Where to look? What to look for....First step is to have your financial situation assessed. Only then would a recommendation be given you - incidentally, destroydebt.com is offering a FREE initial debt consultation, just fill out a form - and get matched up to the correct program for you and a credible debt relief company as well.
Posted on
November 20, 2009
at
1:50 am
Based on the debt relief agency definition---do they always have to be non-profit? How do they earn?
Posted on
November 23, 2009
at
3:53 am
Non-profit agencies receive a percentage from the creditor for being able to consolidate debts. They typically receive 4-10% of the total debt amount that they consolidate.
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