Unemployment in the Pelican State is one of the highest in the United States, and unfortunately, many households are in a dire financial situation. If you find yourself in debt and are not sure how to get out, you need to look at a Louisiana debt plan that will work for your individual situation. Whether you are facing daunting credit card debts mortgage debt or other financial issues, help is available. The state averages $5,359 in credit card debt per household. So if food, energy, and transportation costs have busted your budget, the first step in reclaiming your financial life is getting the Louisiana debt relief information you need to plan a debt management program that will work for you.
Get the Louisiana Debt Relief You Need
For families living in Louisiana, the state offers protection and programs like Louisiana 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 the Pelican State, the statutes of limitations on outstanding debts include:
- Oral Contracts—10 Years
- Written Contracts—10 Years
- Promissory—10 Years
Additionally, the state’s consumer protection laws 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.
Louisiana follows the set of laws known as the Fair Debt Collection Practices Act.
- Creditors cannot contact anyone not residing or present in the debtor’s home (except credit bureaus and other creditors), unless the original creditor a) is determining the debtor’s current location if creditor has reason to believe he or she moved or changed jobs; or b) is seeking property owned by the debtor for seizure to satisfy the debt; or c) the debtor consented.
- Creditors can only mail one notice per month after a debtor has told the creditor to stop contacting them.
- Creditors can contact the debtor up to four times in order to settle the debt.
Maximum Interest Rate a Collection Agency Can Charge in Louisiana: 12%
Louisiana Wage Protection: 75% of disposable weekly earnings (after tax income) or 30 times federal hourly minimum wage.
Louisiana 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 Louisiana 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.