Credit Consolidation Services

Services for credit consolidation

When you have a poor credit rating, it is likely that you will be charged a higher interest rate level than someone who does not. As a bailiff, Stewart also lived for some considerable period of the year and experienced the evil side of indebtedness. As a bailiff, Stewart also lived for some considerable period of the year and experienced the evil side of indebtedness. A lot of individuals are falling into the credit crunch and have no clue how to free themselves. âLife After Debtâ is available for reading and downloading online or you can order a package by mail.

Commonly Asked Queries about the Internal Revenue Service's Audit of Credit Advice Providers

From 2004, the Internal Revenue Service ("IRS") began to examine tax-exempt credit advisory services ("CCAs") in a way and on a scale they had never experienced before. The IRS shall carry out an examination of Form 990 to check the accuracy of revenue or revenue, deduction and credit and to establish whether the company is working in the way and for the purposes specified in its request for acceptance of relief.

IRS has found that many CAs do not offer publicly available benefits that justify a waiver. IRS' main worry is that some CAAs offer little or no training or consultancy and focus more on selling, managing and selling credit risk mitigation schemes (DMPs). Whilst the provision of legal assistance in the formulation and implementation of your CCA's answer and your continued adherence to the Internal Revenue Code is encouraged, the following (non-exhaustive) FAQs - often in the format of Information Document Requests (commonly known as " IDRs ") - should offer a useful frame for preparing for an IRS exam.

That set of question was assembled from the IRS's factual correspondence to the Commission's CAs and those asked by sales representatives during the factual audits, and from relevant legislation (including the new Internal Revenue Code 501(q)). In the interests of clarity, the table is subdivided into two categories: a) General corporate information and b) Credit advice specific issues.

Again, it should be noted that this is by no means a complete checklist; the IRS generally adapts any checklist of issues to the CCA under investigation, using information obtained through the deposited Forms 990, web sites and other public information. One copy of the exemption request 1023 (including all annexes and related correspondence).

This is a listing of present and former executives, managers and stakeholders (names, title and addresses). Provides information on the biography of each director, executive and employee, whether these individuals have been granted CCA loan facilities, and details of their remuneration, bonus and benefit levels. B. Credit Counseling - Specific questions. Regarding interaction with customers: b. Listing all the information you gather from customers before or during the first meeting with your company. c. Describe your presentations to customers during the first meeting, covering issues addressed and discussing choices. d. Listing the metrics your staff use to identify which services are appropriate for a customer. e. State the number of encounters with a customer before you recommend a course of action. f. Describe what you support, if any, in relation to secure liabilities. g. Indicate whether you have a signed budgetary commitment to all customers. Indicate if you have a signed budgetary commitment to all customers.

Photocopies of the following customer interactions documents: a. Customer consulting agreements. b. Customer questionnaire used during the first meeting. c. Ready script used during the first meeting. d. Representative copy of final budgets analysis. e. f. Documentation created prior to a client's registration for a GMP or recommendation of any other services. g. When you make an up-to-date listing of eligible support agents or persons available to customers, please include a copy of this listing.

Specify how often the checklist is refreshed. When the CCA passes DMPs directly to customers, a copy of a standard DMP agreement. Where the CCA directs its DMP customers to another location instead of providing thiservice directly, a copy of the customers recommendation and any agreement between the CCA and the customers and any agreement between the CCA and the intermediary organisation.

Please describe all CCA contact details with customers as soon as a recommendation has been made. Indicate whether the CCA will include customer account in a LMP if the lender will not make an appropriate contribution. When yes, the CCA is asked to give concrete example when this is the case and to indicate the percentages of these assets in its portfolios.

Specify the number of customers and the percent of customers who receive CCA services without setup fee or montly fee due to insolvency. This is a listing of the elements on which the CCA bases itself in order to determine whether a customer is insolvent. Indicate for each year: a. Number of customers who have closed the DMP programme. b. Number of customers who continue to take part in a DMP programme. c. Number of customers who have left the DMP programme. d. Number of DMP customers approached for a consolidation credit.

Emphasize all other companies, as well as all for-profit and charitable services, that the CCA works with or refers to, and how these companies are located. Send a copy of all agreements between you and the companies that have been designated. Please describe all commercial and private relations between the CCA and the lessor of any establishment using it to perform its services and include a copy of the rental agreement for each such establishment.

Indicate whether the CCA will require the DMP programme members to take part in on-going education programmes during the duration of their DMPP. And if so, describe these programmes in detail, as well as the way they are presented and the levels of expertise of the programme moderators. Send all documents in writing for these programmes.

When CCA staff members volunteer continuous advice via phone contact, hand in all scripting they use. In the absence of scripting, describe the contents of the contact. Send representational copy of all periodical reviews that the CCA conducts during the period of a DMP. Describe in detail any workshop, course or seminar on the topics of finance programming, budget, loan/debt forgiveness or other education programmes you are offering to the world.

a. Providing a listing of past and planned meetings for each programme, along with applicable charges. b. Indicating the number of participants at each past meeting. c. Providing the curriculum and all writing material used for the meeting. d. Providing a listing of faculty and a copy of their CVs. e. Providing whether the meetings were provided in partnerships with other institutions.

Make available a printout of each of the pages of the CCA Website or the suggested pages of the Website. Specify the following information about CCA employees: b. Specify the number of people in each of the categories. c. Specify a descriptive letter for each of the categories detailing all duties and responsibilities. d. List the employee's training, expertise, and compensation.

Outline the CCA's staff remuneration system, specifying how it defines basic remuneration for credit advisors, any bonuses or incentives you are offering, and the conditions under which consultants may be qualified. Please describe all further educational programmes that the CCA offers for its staff. Provision of all educational and traning material, as well as traning handbooks, and indication of when the CCA began offering the traning.

Providing all necessary arrangements in writing to be made by CCA's credit advisors and other staff during their period of service, as well as labour and non-competition work. Send your staff guide, the CCA staff guide and any other material that the CCA provides or plans to supply to staff or potential staff regarding working conditions.

Indicate how many of the CCA's consultants are CCA accredited to provide credit advice or credit recovery services. Send a copy of the certificate requests provided by each CAs. Specify the mean amount of times consultants talk to each customer: a. On an initial request. b. On successive phone calls. c. After the customer has signed up for a DTMP.

Send a revenue and expense report that contains the ad spend money. Send copy of the following promotional materials: a. Flyers and correspondence for distribution or distribution via mainstream means (including Gelbe Seiten, newspaper, magazine, etc.). b. Current or future screenplays for radios and TV. c. Copy of recruitment ads.

Send a listing of all web pages on which the CCA promotes or intends to promote, or which the CCA Website provides a promotional hyperlink to or from the CCA Website. Specify whether the CCA will receive recommendations from any bank, credit provider, community services agency, or other organization. Applicants should describe each reference agreement and provide all documents in writing about it.

Specify whether the CCA buys or plans to buy Leads (that is, potential customer names). Enclose a copy of all agreements with each resource. c. Indicate how many leads you buy from each resource per months. d. Indicate the costs for each resource per resource and the yearly costs for all resources.

Specify whether the CCA will leave auto voicemails about your company or whether you are purchasing such services from a SSP. Enter the name of each ISP; file a copy of each agreement and the scripts of all your voicemails. Identify all annual financing resources that make up charges for services (including setup charges and montly dues, whether referred to as dues or contributions), equitable stock exchange commissions, dues from other programmes, or the sales of materials and dues from altruistic members of the general public. 1.

Explain how the CCA assigns the first customer prepayment (that is, an amount for a setup charge, servicing charge, premium, or servicing debt). Send a copy of all the report you make available to your customers, indicating the distribution of the advance payments. Outline the CCA's fund-raising programme and send a copy of all promotional material and confirmation letter of your submission.

The CCA's determination of the contribution to receiving confirmation in writing. Each benefit that the CCA has obtained or requested: a) Indicate the origin, amount, and object of the benefit; b) Recognize such benefits from participating lenders who do not make an appropriate contribution to your programs; and c) Enclose a copy of all benefit application(s).

Identify the name and address of all resources that have provided or are promising to supply seed to the CCA, together with the term of each Deal. Indicate whether the CCA has provided, is now providing or is planning to provide ancillary services or services such as credit, credit repairs, credit negotiations, credit advice or down payments.

lf so, please enumerate these services. When the CCA requests or has received United States Trustee Program non-profit budgetary and credit advisory authority accreditation under the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, make available a copy of the request and the EOUST judgment on the request.

Where the CCA has ever been the object of an inquiry by any of the following, describe the grievance, state where and when it was filed, and the outcome of the inquiry (include a copy of the grievance and supporting documents of its decision): a. Prosecutor General. b. State Bureau of Consumer Protection. c. Better Business Bureau. d. The Federal Trade Commission or any other public, state or Federal authority.

Send a copy of all written submissions in each claim, composition agreement and other decision document.

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