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Debt Relief Programs in Florida

From the panhandle to the Florida Keys, the geography of the Sunshine State is as varied as its people. However, living in Florida can be an expensive proposition for both individuals and families. With increasing national consumer costs in recent years, including food, housing, and transportation costs, many Floridians see household budgets in the red.

In an effort to make ends meet, many turn to their credit cards to plug shortfalls during the month, which has resulted in an average credit card debt in the Sunshine State of $5,603 per household. If you are desperate for Florida debt relief, you need the correct information regarding your rights and responsibilities as it pertains to your debts.

For families living in Florida, the state offers protection like Florida debt consolidation programs, or other debt relief plans designed to help you out of your financial struggles.

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 Florida, the statutes of limitations on outstanding debts are:

  • Oral Contracts—4 Years
  • Written Contracts—5 Years
  • Promissory—5 Years

In addition to these protections, the state also has a consumer protection bureau designed to shield Floridians from aggressive collection attempts.

Credit Card Relief Programs

Floridians have a variety of options when it comes to debt relief. Some of the most wide used debt relief options include:

Debt Collection Laws

Florida follows the set of laws known as the Fair Debt Collection Practices Act. Details include:

  • Creditors collecting debt must comply with all the provisions of the FDCPA, except those provisions dealing with required disclosures.
  • Both original creditor and debt collector cannot communicate with debtor’s employer before a judgment is obtained unless debtor agrees to it.
  • Violations are punishable up to $1000, and debtor is entitled to reasonable attorney fees and an amount equal to the sum of the damages encountered.

Maximum Interest Rate a Collection Agency Can Charge in Florida: 5% above Federal Reserve discount window rate at the time the interest is due.

Florida Wage Protection: 100% protection for heads of family up to $500 per week.

Getting Debt Assistance in Florida:

If you are struggling financially, you have enough on your plate as it is. The last thing you want is to worry about being sued or having your wages garnished. As such, you should discuss the range of debt management options available to you.

Our team of financial experts is standing by to help you with the Florida debt relief plan you need help get you back on your financial feet. Get the information you need with the help of Americor Financial. An A+ BBB Accredited (Better Business Bureau) company providing trustworthy debt relief programs.

What are debt relief programs in Florida?

As briefly mentioned above, Florida has different debt relief programs for different situations. Factors determining which debt solution is best for will depend on circumstances such as the amount of debt owed, employment status and ability to pay back the debt.

Please talk to an Americor debt professional for Debt Relief in Florida.

Debt Consolidation Loans

What is a consolidation loan?

Debt consolidation means combining all your high interest debts into one lower interest, fixed rate loan. This helps people lower their monthly payments by eliminating money going mostly towards paying interest with little money going towards paying down the total balance. Debt consolidation loans will help you pay off debts faster by paying less interest.

Does debt consolidation affect your credit score?

Generally, credit scores are not negatively affected by debt consolidation loans. However, when applying for a loan, lenders will run your credit score which can impact it.

Debt Settlement Plans

About Debt Settlement

Floridians can also take part in debt settlement plans. This is where your debts owed to credit cards and other types of debt are negotiated with the banks for a lesser amount. You will need to close your account with the creditors before the debt settlement process begins. Oftentimes people can expect their debts to be settled for around half of the debt owed.

Does Debt Settlement affect your credit score?

Credit score will be affected by this process but can rebound after the debts are settled and credit is being re-established.

Debt Management Programs in Florida

About Debt Counseling

Debt counseling is usually done through non-profit organizations. It can also be known as debt management. These programs work with your creditors to negotiate a lower interest rate on high interest credit cards. Debtors need to stick with the program to its entirety or they will see their rates go back to what they were.

Debt Payback:

The entire amount of the debt is paid back through the credit counseling programs – as accounts are not closed in the process.

Does credit counseling affect your Credit Score?

Credit scores are not negatively impacted as a result. Unfortunately the success rate for these programs are not very high.

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Accreditations

  • IAPDA
  • Better Business Bureau Accredited - BBB A+ Rating
  • American Fair Credit Council
  • RMA

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