Debt Management Services (DMS) is a program that helps federal agencies and state governments collect debts owed to them. It was established in 1995 by the U. S. Department of the Treasury and provides guidance and information for all debt collection programs and services.
DMS companies receive funds from consumers under an agreement to distribute payments to creditors in full or partial payment of an obligation. The Attorney General of the State of Delaware is responsible for issuing licenses, vetting providers of debt management services, and enforcing the UDMSA. Debt management services include debt settlement or consolidation, credit repair, mortgage loan modifications or short sale negotiations, and budget advice. Consumers are encouraged to consider the information provided by the UDMSA when making decisions about debt management services. The Federal Relay Service is available for customers with hearing problems who need to contact a Communications Assistant (CA) to dial the toll-free number. The UDMSA requires certain disclosures to be made to consumers depending on the type of debt management service provided.
Licensing applicants as providers of debt management services are encouraged to review the entire UDMSA and consult with legal counsel. TOP cannot arrange for you to pay your debt, discuss your debt with you, or return your money to you. Debt Management Services can be a great way for consumers to get back on track with their finances. It can help them manage their debts more effectively, negotiate better terms with creditors, and improve their credit score. With the right provider, it can be a great tool for getting out of debt and achieving financial freedom.
