Posted on
April 19, 2010
at
1:52 am
how is debt consolidations in nyc?
Posted on
April 19, 2010
at
2:02 am
debt consolidations in nyc?as in debt settlement or credit counseling?
Posted on
April 19, 2010
at
3:07 am
debt consolidations in nyc? - ACCORDING TO THE BBB:::New York State law affects debt consolidation in several ways. One law covers "budget planning," where the debtor pays the budget planner regularly who in turn makes payments to creditors based on an agreed upon plan. In New York State, a budget planner must be a non-profit corporation or an attorney. These non-profit corporations are required to be licensed by the Department of Banking. Other individuals or companies are prohibited from performing budget planning services as defined by this law. Since many debt consolidators also perform credit repair services, credit repair laws apply as well. In New York State, any advance fee for credit repair, such as a "consultation" fee, is illegal. It is also illegal for a company to misrepresent that a credit report can be "wiped clean" if the information is timely and accurate. There are also regulations for the format of a credit repair contract. The BBB has additional information available on credit repair, which includes tips on how to repair your credit yourself.
Posted on
April 19, 2010
at
3:44 am
What about that Debt Management Plan? By the credit counseling agencies?Is that not allowed too?
Posted on
April 19, 2010
at
4:20 am
I'm not sure, just as long as the entity has the license to operate, then I think that's allowed. Perhaps, someone else can verify that. And the standard DMP fee is $25/mo. for 3-5 years.
Posted on
April 19, 2010
at
6:44 am
If you're looking for a debt consolidation company (debt settlement) in NYC, or the rest of the country, destroydebt.com can match you up to a legitimate one, free of charge, just fill out a form here. That, or you could visit the TASC members directory and choose -
http://www.tascsite.org/index.cfm?event=Members
