If you find yourself struggling financially in the Hawkeye State, you need to know that you are not alone and that there is Iowa debt help designed to assist you. With an average credit card debt of $4,410 per household, Iowans credit card debt is the lowest in the nation, but for those trying to relieve that debt it still requires a sound plan and an understanding of your rights and responsibilities under state and federal consumer protection laws. Rather than lose sleep at night over your debts, take charge of your finances by knowing what to do next.
Get the Iowa Debt Relief You Need
For families living in Iowa, the state offers protection and programs like Iowa debt consolidation programs, or other debt relief plans. Understanding the state’s statutes of limitations is important to knowing your rights under the consumer protection laws. Although it varies state by state, the statutes of limitations is a specific limitation on the time in which creditors can file legal action against you for past due debts. In Iowa, the statutes of limitations on outstanding debts include:
- Oral Contracts—5 Years
- Written Contracts—10 Years
- Promissory—5 Years
Additionally, the state’s Consumer Protection Act ensures that collection efforts conform to established norms and procedures that limit the hours and places they can call to reach you for a payment.
Iowa follows the set of laws known as the Fair Debt Collection Practices Act.
- Creditors collecting debt must comply with all the provisions of the FDCPA, except those provisions dealing with required disclosures.
- Creditor cannot distribute any information relating to debt to unauthorized third parties.
- Original creditor and debt collector cannot include debtor in a “deadbeat” list.
- Debt collector must state the name and address of the business who the debtor originally owed.
- Debt collector cannot attempt to convince the debtor to pay debt discharged in bankruptcy without clearly disclosing the nature and consequence of agreement and fact that debtor is not legally obligated to pay debt.
- Debt collector cannot attempt to collect interest or other charges (i.e. collection’s fee) unless authorized by contract or law.
Maximum Interest Rate a Collection Agency Can Charge in Iowa: 5%
Iowa Wage Protection: No less than 90% of expected annual earnings protected, unless earning less than $12,000.
Iowa Debt Relief from Americor Financial
You don’t need to lose sleep at night over your debt, but you do need to get control of your finances if you ever hope to sleep soundly again. You need to discuss the range of debt management options available to you, and our team of financial experts is standing by to help you with the Iowa debt relief plan that you need help you to get back on your financial feet. Get the night of good sleep you deserve with the help of Americor Financial.