November 30th, 2009 by Kenneth Long
The American Association of Debt Management Organizations (AADMO) has been one of the largest trade associations representing various debt relief organizations that provide credit counseling or debt settlement. As such, it came as some shock to hear reports that AADMO plans to disband effective November 1, 2010.
A substantial number of companies that provide for-profit debt relief companies as well as some nonprofit charities are AADMO members. Many of these organizations will either join another trade association or become independent.
No reason has been provided for AADMO disbanding. AADMO has not issued a press release to confirm these reports.
AADMO reportedly is not renewing memberships for its members as of November 1, 2009. Members up for renewal after this date have begun to receive written notifications that AADMO is no longer renewing its memberships.
Many creditors that view trade association membership favorably will also have to make adjustments to account for the breakup of AADMO. Any AADMO members should refer all questions to AADMO to receive clarification on their membership status.
* This story may be updated as more information is obtained.
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