Card Consumer Credit Debt Information Negotiating Settlement6.pdf

Dealing with Debt: The Rules of the Road Carri Grube Lybarker, Staff Attorney South Carolina Department of Consumer Affairs Roadmap  SCDCA Overview  Options for Consumers  SC Consumer Credit Counseling Act  Credit Repair Organizations Act Sidebar > Fair Credit Reporting Act  Debt Collection State & Federal Laws SCDCA Overview Consumer Services & Education Public Information Consumer Advocate Administration Legal Division Options for Consumers Self Help  Make a Budget… and stick to it!  Keep in Contact with Your Creditors  Negotiate  Keep Good Records  Dispute Own Credit Report Budgeting Tips Write it Down  Decide if Purchase = Need? Want?  Borrow only what you can repay  Read and understand the credit agreement  Shop around for Credit  OPT OUT : 1-888-5-OPTOUT  Pay all debts on time- best before interest starts! Options for Consumers cont… Hire Help Debt Management Credit Repair Debt Settlement SC Consumer Credit Counseling Act (SCCCCA)  EffectiveDecember 2, 2005  Climate Why “Consumer Credit Counseling” Act What Does this Mean for Potential Homebuyers? Homebuying Process SCCCCA: Purpose  Rights for Consumers when being contacted by or hiring a:  Debt Management Businesses  Credit Repair Businesses  Debt Settlement Businesses  REGARDLESS of whether or not the business is located in South Carolina!!! SCCCCA: Definitions  “Receiving or offering to receive funds from a consumer for the purpose of distributing the funds among the consumer's creditors in full or partial payment of the consumer's debts‖  ―Improving or offering to improve a consumer's credit record, history, or rating‖  “Negotiating or offering to negotiate to defer or reduce a consumer’s obligations with respect to credit extended by others” SCCCCA: Definitions cont… Debt Management Businesses What Do They Do? Negotiate Consolidate Send Payments Is This Right For Me? Budget Analysis Your Responsibilities Checking Up SCCCCA: Definitions cont… Credit Repair Businesses What Do They Do? Cred