Our Reccommendation

We recommend you first meet with a credit counselor to determine which course of action is best for you. There may be help available from an attorney, a debt management company or a debt settlement company.

Debt Management

When you work with a debt management company, you make one monthly payment to the debt management company instead of multiple payments to each creditor. The debt management company then makes payments to your creditors on your behalf. Debt management companies offer a variety of financial education programs and may be able to obtain other benefits from your creditors such as lower interest rates, lower monthly payments or having your account marked as current.

It can take several years to completely pay off your debt under a debt management plan. During that time, you may be required to close all open credit accounts and not open any new ones. You will generally have to pay a monthly fee to cover the debt management company’s services.

Any company that offers consumer debt management plans to Montana residents must be licensed by the Office of Consumer Protection. This license does not mean the Office of Consumer Protection endorses, supports or recommends any debt management company. It simply means the company has met the minimum legal requirements to do business in Montana.

If you are aware of a debt management company that is operating in Montana but is not on the list of licensed debt management companies, please call the Office of Consumer Protection at (406) 444-4500 or (800) 481-6896 and report it immediately.

Licensed Debt Management CompaniesPhone Number
American Consumer Credit Counseling, Inc.1-617-559-5730
Cambridge Credit Counseling, Corp.1-413-821-6919
Consolidated Credit Solutions1-954-377-9300
Consumer Credit and Budget Counseling, Inc. d/b/a National Foundation for Debt Management1-727-254-5353 x3116
Consumer Credit Counseling Foundation, Inc.800-656-6207
Consumer Credit Counseling Service of the Midwest, Inc. d/b/a Apprisen1-800-355-2227
Consumer Education Service d/b/a Start Fresh Today d/b/a Affordable Bankruptcy Courses d/b/a CESI Debt Solutions1-866-484-5373
Consumers Alliance Processing Corporation1-888-533-3016
CreditGuard of America, Inc.1-561-948-7961
Debt Reduction Services, Inc.1-208-378-0200
DebtWave Credit Counseling, Inc.1-858-751-2600 x100
Family Credit Counseling Service, Inc. d/b/a Family Credit Management Services1-815-484-1618
Family Financial Education Foundation1-307-789-2010
Garden State Consumer Credit Counseling, Inc. d/b/a Novadebt d/b/a Navicore Solutions1-732-409-6281 x80165
GreenPath, Inc.1-248-994-8712
InCharge Debt Solutions1-407-532-5716
Money Management International, Inc.1-713-394-3139
North Seattle Community College Foundation d/b/a American Financial Solutions1-888-864-8548
Springboard Nonprofit Consumer Credit Management, Inc.1-951-779-7739
Take Charge America, Inc.1-623-266-6313

* Businesses marked with an asterisk have a Debt Management renewal application that is pending.

No State Endorsement: Licensing with the Office of Consumer Protection does not imply any endorsement or promotion of these debt management companies. If a debt management company states that it is endorsed by the State of Montana that is not the case.

Debt Settlement (Debt Negotiation)

Debt settlement is a way to decrease debt.  The debtor and the creditor agree upon a reduced balance that is considered payment in full. Consumers can arrange their own settlements by using advice found on this and other websites. You can also hire an attorney to act on your behalf or you can use a debt settlement company. You should be aware that no matter which method you use, you may have to pay more in taxes on your next tax return as a result of negotiating a lowered debt balance. Some debts forgiven are considered reportable income under the Internal Revenue Code.

There are other risks associated with debt settlement companies. If you have stopped paying down the balance on your debts, even if on the advice of your debt settlement provider, the following could occur:

• Your credit report may contain damaging information
• You may have difficulty obtaining credit in the future
• Your creditors may sue you in court and you may be responsible for any legal fees you accrue
• Your wages may be garnished

Debt settlement companies operating in Montana are regulated by the Department of Justice and are required to register with the Office of Consumer Protection. A registered debt settlement company is not supported or recommended by the Office of Consumer Protection.  It simply means the company has met the minimum legal requirements to provide debt settlement services to Montana residents. If you choose to work with a debt settlement company, it is critical that you read and understand the entire contract before signing.

If you are aware of a debt settlement company that is operating in Montana but is not on the list of registered debt settlement companies, please call the Office of Consumer Protection at (406) 444-4500 or (800) 481-6896 and report it immediately.

Registered Debt Settlement CompaniesPhone Number
Ace Customer Services, LLC1-866-595-2941
American Debt Relief, LLC1-800-976-4872
Beyond Finance, Inc, f/k/a Accredited Debt Relief1-978-720-8601
Century Support Services, LLC1-724-861-3401
ClearOne Advantage, LLC1-800-981-7183
Consumer Alliance Processing Corporation1-888-533-3016
DebtBlue1-972-885-5001
DebtHelp, Inc.1-855-300-7729
Demand Debt Relief1-833-957-1192
DMB Financial1-866-810-3210
Freedom Debt Relief, LLC1-650-393-6287
GRT Financial1-248-440-7322
JGW Debt Settlement LLC1-484-434-2350
Liberty Debt Relief, LLC1-800-756-8447
Naviguard, Inc.1-314-592-7751
National Debt Relief, LLC1-800-300-9550
Pacific Debt, Inc.1-619-238-6700
Progressive Debit Relief, LLC1-321-250-6733
Start New Settlement LLC d/b/a Start New Financial1-800-320-9083

* Businesses marked with an asterisk have a Debt Settlement renewal application that is pending.

No State Endorsement: Registration with the Office of Consumer Protection does not imply any endorsement or promotion of these debt settlement companies. If a debt settlement company states that it is endorsed by the State of Montana that is not the case.

Additional Resources:

Annualcreditreport.com
You are entitled to a free copy of your credit report every 12 months.  Check to see that all information is correct and up-to-date.

OCP