Living with debt is a difficult proposition no matter what state you live in. And West Virginia has it particularly tough in a number of ways. If you’re looking for West Virginia debt relief, here are some of the things you need to know.
The average debt amount in West Virginia is relatively low—$4,315 per borrower. Unfortunately, the delinquency rate is very high: 0.76% of borrowers are 90 days or more late with their payments, making WV 5th in the nation in delinquency. The average credit score in West Virginia is 689, compared with 696 for the national average. What’s more, 17.9% of residents are living below the poverty line—much higher than the national average of 12.7%.
The statute of limitations for debt collection in West Virginia is ten years for written contracts and five years for unwritten, oral, or otherwise implied contracts. More importantly, though, there are also some recent changes to West Virginia’s Fair Credit Reporting Act that affect your rights under those statutes. If the statute of limitations on your debt has passed, then by law, any communication your creditors send you in an attempt to collect must include, in writing, the notification that they’re no longer allowed to bring suit against you, and whether or not they can still legally give your name to any credit reporting agencies over this debt.
There are a number of options available to you in West Virginia, for getting your debt under control. If you’re making payments on a number of different cards, and it’s depleting your paycheck, you can look into consolidating them all into a single monthly payment that’s easier to manage and leaves you with enough to support yourself without slipping further into debt. You might also consider debt counselling, or budget counselling, to help you get your financial situation back on the right track. But before you make a decision, you should talk to an expert who can help guide you through the process and find the solution that’s right for you.
Americor’s financial experts know the ins and outs of West Virginia debt laws. Not only that, we understand your specific financial situation and can help you figure out what it is you need to improve it and get out of debt for good. Contact us today for a free consultation!