Vermont now has a new Option for Credit Counseling Services

May 7, 2014 - Advantage Credit Counseling Service, Inc. is very excited to add another state to their list of states in which they can do business. The Agency recently got their license and approval for the state of Vermont. This leaves only one state left before they become a national agency with licensure in all 50 states. The Agency is still waiting to hear back from Kansas before they can be considered a national Credit Counseling Agency. Advantage CCS is very proud of this accomplishment and has worked diligently towards this goal.

A Little History about Vermont – The Vermont Republic was founded in 1777, during the Revolutionary War, and lasted for 14 years. In 1791, Vermont joined the United States as the 14th state, the first in addition to the original 13 Colonies. Vermont is the leading producer of maple syrup, and it's the 2nd least populous of the 50 United States after Wyoming. The origin of the name "Vermont" is uncertain, but likely comes from the French term "Les Verts Monts", meaning "the Green Mountains".

There are not many laws in VT that cover debt collection or debt collectors. Because Vermont is considered an "old state" many of the laws have been "on the books" for decades and have not been revised to meet today's changes or our different way of doing business.

Statutes of Limitations in Vermont – The following table illustrates applicable statutes of limitations in Vermont:

Judgments/Renewals (foreign and domestic) - 8 years
Contracts (oral or written) - 6 years
Civil actions in general - 6 years
Open Accounts - 3 years
Bad checks - 3 years
Payment of Wages - 2 years

It could be debated whether an action based on credit card debt qualifies as an open account or a written contract, and thus, whether it would be subject to a 3 or 6 year statute of limitations. However, it is interpreted in the law today that actions based on credit card debt are actions based on a written contract and that statute of limitations is 6 years.

Consumer Credit Counseling in Vermont – Consumer credit counseling does not really differ from state to state. There are certain rules and guidelines that must be followed for each state. When trying to obtain licensure for credit counseling each state may have different sets of guidelines that must be followed when applying for said license, but overall the process for credit counseling is almost the same in every US state.

The counseling sessions are free when performed by a licensed non-profit credit counseling agency. After the counseling session is complete, the consumer will have a good overview of their current financial situation and the certified credit counselors can offer advice and suggestions to help them deal with any debt or problems they may be facing.

Credit counselors may suggest, if appropriate, that the consumer considers a Debt Management Plan to help them manage their finances and become debt-free. It is ultimately up to the consumer what their next course of action will be. The counseling agency can only offer sound advice and try to help the individual by giving them suggestions, tips, resources, and other educational material.

About Advantage Credit Counseling Service, Inc. – Since 1968, Advantage Credit Counseling Service, Inc. has been enlightening and counseling consumers about budgeting, debt management, and the responsible use of credit. The Agency's services help to financially empower individuals; improve their lives; increase family stability; advance workplace performance; and ultimately benefit the entire community.

For more information on additional services, class schedules, and educational materials, please visit www.advantageccs.org or call 1-866-699-2227. Advantage Credit Counseling Service is an accredited member of the National Foundation for Credit Counseling (NFCC), a member of the Council on Accreditation (COA), and a member in good standing with the Better Business Bureau.