For debtors in the North Star State, finding Minnesota debt help is the starting point to reclaiming your financial life. In the face of expenses that are higher than the national average, its difficult for many families in the state. Indeed, for Minnesotans trying to keep their budgets in check, high costs on housing, groceries, utilities, healthcare, and transportation provide a constant challenge. This has led to an average credit card debt of $5,110 per household. If you live in Minnesota and find yourself under water financially, you need the help of financial experts who can provide the information you need.
Get the Minnesota Debt Relief You Need
For families living in Minnesota, the state offers protection and programs like Minnesota 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 North Star State, the statutes of limitations on outstanding debts include:
- Oral Contracts—6 Years
- Written Contracts—6 Years
- Promissory—6 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.
Minnesota follows the set of laws known as the Fair Debt Collection Practices Act. Details include:
Debt collector and original creditor cannot:
- Use shame cards or shame automobiles, advertise or threaten to advertise for sale any claim in order to force payment
- Transact business or hold oneself out as a debt prorater or debt adjuster, unless there is no charge to the debtor, or it is done in accordance to a court order
- Use an automated message, unless a live operator tells the debtor that the message is from a debt collector and is intended to illicit payment
- Imply that health care services will be withheld from the debtor in an emergency -fail to provide a receipt for cash payments
- Contact a third party other than a co-inhabitant asking the debtor to contact the collector when the debtor has a listed phone number
- During the first mail contact, the debt collector must include a disclosure asserting, “This collection agency is licensed by the Minnesota Department of Commerce”, in a font size that is equal to or larger than the largest font on the document.
Maximum Interest Rate a Collection Agency Can Charge in Minnesota: 6%
Minnesota Wage Protection: 75% of disposable weekly earnings (after tax income) or 40 times federal hourly minimum wage, whichever is greater
Minnesota 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 Minnesota 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.