Debt relief or debt cancellation is the partial or total forgiveness of debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations.
Credit counseling is commonly a process that is used to help individual debtors with debt settlement through education, budgeting and the use of a variety of tools with the goal to reduce and ultimately eliminate debt. Credit counseling is most often done by Credit counseling agencies that are empowered by contract to act on behalf of the debtor to negotiate with creditors to resolve debt that is beyond a debtor's ability to pay. Some of the agencies are non-profits that charge at no or non-fee rates, while others can be for-profit and include high fees. Regulations on credit counseling and Credit counseling agencies varies by country and sometimes within regions of the countries themselves. In the United States, individuals filing Chapter 13 bankruptcy are required to receive counseling.
Debt settlement is a settlement negotiated with a debtor's unsecured creditor. Commonly, creditors agree to forgive a large part of the debt: perhaps around half, though results can vary widely. When settlements are finalized, the terms are put in writing. It is common that the debtor makes one lump-sum payment in exchange for the creditor agreeing that the debt is now cancelled and the matter closed. Some settlements are paid out over a number of months. In either case, as long as the debtor does what is agreed in the negotiation, no outstanding debt will appear on the former debtor's credit report.
Debt management plan (DMP) is an agreement between a debtor and a creditor that addresses the terms of an outstanding debt. This commonly refers to a personal finance process of individuals addressing high consumer debt. Debt management plans help reduce outstanding, unsecured debts over time to help the debtor regain control of finances. The process can secure a lower overall interest rate, longer repayment terms, or an overall reduction in the debt itself.
College of Alameda is a public community college in Alameda, California. It is part of the Peralta Community College District and was opened in 1968. Since 1970 the college has held classes on a 62-acre campus at the intersection of Webster Street and Ralph Appezzato Memorial Parkway in Alameda.
A debt buyer is a company, sometimes a collection agency, a private debt collection law firm, or a private investor, that purchases delinquent or charged-off debts from a creditor or lender for a percentage of the face value of the debt based on the potential collectibility of the accounts. The debt buyer can then collect on its own, utilize the services of a third-party collection agency, repackage and resell portions of the purchased portfolio, or use any combination of these options.
The National Board for Certified Counselors, Inc. and Affiliates (NBCC) is an international certifying organization for professional counselors in the United States. It is an independent, not-for-profit credentialing organization based in Greensboro, North Carolina. The purpose of the organization is to establish and monitor a national certification system for professional counselors, to identify certified counselors, and to maintain a register of them. NBCC also certifies Coaches through its affiliate Center for Credentialing and Education. Individuals may earn the Board Certified Coach credential through third party programs, including online programs in Life Coaching and Psychosynthesis Coaching.
The Appraisal Foundation (TAF) is the United States organization responsible for setting standards for the real estate valuation profession. The organization sets the congressionally authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals. The aim is to ensure appraisals are impartial, objective and independent, are conducted without bias and are performed in an ethical and competent manner.
The Uniform Debt-Management Services Act was promulgated in 2005 by the Uniform Law Commissioners. It provides the states with a comprehensive act governing national administration of debt counseling and management in a fair and effective way.
Equal Justice Works is a Washington, D.C.-based nonprofit organization that focuses on careers in public service for lawyers. Equal Justice Works' stated mission is "to create a just society by mobilizing the next generation of lawyers committed to equal justice."
Financial Literacy Month is recognized annually in Canada in November, and National Financial Literacy Month was recognized in the United States in April 2004, in an effort to highlight the importance of financial literacy and teach citizens how to establish and maintain healthy financial habits.
Money Management International (MMI) is a United States non-profit that provides consumers with free credit counseling and education. In about 25 percent of its consultations, it helps consumers develop a debt management or repayment plan. MMI is funded primarily by creditors. Money Management International was founded in 1997 by six financial consulting organizations that were members of the Consumer Credit Counseling Services (CCCS) network.
Arizona Saves is a non-profit organization offering free services to promote financial education throughout the state of Arizona. It partners with other non-profit and community development agencies, financial institutions, faith-based organizations, and city governments to provide no-cost financial education for low- to moderate-income individuals and families.
Kentucky Housing Corporation (KHC), the Kentucky state housing agency, was created by the 1972 Kentucky General Assembly to provide affordable housing opportunities. KHC is a self-supporting, public corporation.
A financial literacy curriculum is a structured educational program designed to teach basic financial skills necessary to make informed and effective financial decisions. A typical financial literacy curriculum covers various topics related to personal financial issues, including budgeting and financial planning, savings, investing, managing debt, understanding credit, insurance and retirement planning, and consumer protection topics. Financial literacy curricula provide individuals with the knowledge and skills needed to manage personal finance matters and achieve their financial goals. Private, non-profit organizations, and government agencies around the world provide free financial curricula for different age groups.
Howard Dvorkin is a CPA, author, national columnist, philanthropist, and founder of the nation's fourth-largest credit counseling agency. The chairman of Debt.com, he has advocated a cash-only lifestyle without credit cards.
Clinical mental health counseling is a healthcare profession addressing issues such as substance abuse, addiction, relational problems, stress management, as well as more serious conditions such as suicidal ideation and acute behavioral disorders. Practitioners may also assist with occupational growth in neurodivergent populations and behavioral and educational development. Clinical mental health (CMH) counselors include psychologists, psychiatrists, mental health technicians, marriage counselors, social workers, and family therapists.
Educational Credit Management Corporation (ECMC) is a United States nonprofit corporation based in Minnesota. Since 1994, ECMC has operated in the areas of student loan bankruptcy management and loan collection. ECMC is one of a number of guaranty agencies that oversee student loans for the United States Department of Education. As a guarantor working on behalf of the U.S. Department of Education, ECMC charges fees to debtors and earns commissions from taxpayers by collecting on defaulted student loans pursuant to the Higher Education Act. In return, the U.S. government has retrieved billions of dollars from student loan debtors. From 1994 to 2015, according to ECMC, they returned $4.3 billion to the U.S. Treasury.
The Dodd–Frank Wall Street Reform and Consumer Protection Act was created as a response to the financial crisis in 2007. Passed in 2010, the act contains a great number of provisions, taking over 848 pages. It targets the sectors of the financial system that were believed to be responsible for the financial crisis, including banks, mortgage lenders, and credit rating agencies. Ostensibly aimed at reducing the instability that led to the crash, the act has the power to force these institutions to reduce their risk and increase their reserve capital.
