Debt settlement companies found a legal loophole: partner with an attorney and the FTC’s advance-fee ban doesn’t apply. Here’s how the attorney model works, why it often costs more, and the red flags that reveal a scam hiding behind a law license.
Money Management International (MMI) is a nonprofit 501(c)(3) credit counseling agency. Here’s how to research them yourself — CFPB complaints, BBB profile, IRS Form 990, and the right questions to ask before enrolling.
Personal loan debt hit $276B with 25.9M borrowers. Does using a personal loan to pay off credit card debt actually make sense? The math by credit score.
Quick Answer: Nonprofit debt management companies may not be the best solution for seniors, as evidenced by a 70-year-old woman who paid $63,000 over five years through Money Management International. According to a nonprofit law firm director, these companies often use practices that aren’t truly beneficial for elderly clients despite appearing legitimate.I just saw a …
Quick Answer: Money Management International acquired Clearpoint Credit Counseling Solutions in a nonprofit merger, combining over 100 offices across 36 states. The expanded organization will operate under both brand names with MMI’s Ivan Hand as CEO, while Clearpoint’s Christopher Honenberger plans to retire in 2017.All I’ve got to say is I never saw that coming. …
Quick Answer: An investigation of NFCC’s Connecticut credit counseling agency locator revealed that 11 of 25 listed agencies weren’t licensed for debt management services in the state, and 10 weren’t registered to conduct business there. The NFCC explained agencies refer clients elsewhere when unlicensed, but consumers should verify this practice before contacting listed providers.Sometimes the …
Quick Answer: Money Management International is a legitimate credit counseling agency, but serious questions arose when the Association of Independent Consumer Credit Counseling Agencies alleged in 2014 court documents that MMI improperly recovered settlement funds from a 2007 class action case involving Chase Bank through alleged kickbacks.Now here is something you don’t get to witness …
Quick Answer: Student Loan Alliance provides standardized training to nine major credit counseling agencies to ensure consistent quality service for borrowers seeking help at StudentLoanHelp.org. The training includes certification exams for counselors and covers student loan repayment options alongside traditional debt counseling services.Student Loan Alliance put out a press release earlier this week talking about …
Quick Answer: Debt management plans are credit counseling programs that consolidate monthly payments and may reduce interest rates, but aren’t automatically the best option despite credit card company recommendations. Consumers should compare all debt relief options including settlement and bankruptcy using calculators and research completion rates before choosing any company.“Dear Steve,I have one credit card …
Quick Answer: According to Glassdoor salary data, Greenpath offers the highest pay for credit counselors while Arizona Federal Credit Union pays the least. The analysis suggests compensation varies significantly across different debt counseling organizations, with Greenpath leading in counselor wages. A reader forwarded me a link to a site called Glassdoor where people can do …
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