Debt Poolers Law and Legal Definition

Debt Poolers refer to individuals or organizations receiving and applying monthly funds from a person owing money to several creditors and who make arrangements to pay these creditors less than what is actually owed. They are helpful to consumers, particularly when they are nonprofit organizations that provide their services free or for a reasonable fee. When debt poolers charge fees that would make it less costly for consumers to make similar arrangements with creditors on their own, usefulness to consumers is lessened.