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Consumer Debt Management Service Provider FAQ's

Can a Debt Management Service Provider (DMSP) charge me a set up fee?

Yes, a DMSP may chare a consumer a reasonable one-time initial or set-up fee in an amount not to exceed $75.

Can a DMSP charge me a monthly fee and if so, is there a maximum?

Yes, a DMSP that distributes monthly payments to your creditor(s) may charge a reasonable monthly fee not to exceed $40, or for “debt settlement” companies that offer lump-sum settlements to your creditors, those companies may charge, a reasonable fee not to exceed 15% of the amount by which your debt is reduced as part of each settlement.

Am I required to enroll in an educational program?

No, you are not required to enroll.  However, a DMSP must offer a consumer education program, and may charge a reasonable fee for the program not to exceed $50.