Debt Negotiation & Debt Reduction Services in New Jersey
New Jersey Debt Relief and Settlement Laws
Debt settlement and debt arbitration is available in New Jersey! Our debt consultants are always ready to speak with you and give you a free consultation – you can call now:
We provide debt settlement and debt arbitration in the state of New Jersey. Debt settlement is program which can reduce your debts with your creditors giving you the opportunity to only pay back a fraction of the original amount owed. This is amazing for both you and your creditor because you get to pay less than your total balance owed while your creditor actually receives something back as compared to if you’d have gone bankrupt.
However, you may not have to even apply for credit card debt settlement if the statute of limitations is up in your state and the debt no longer appears on your credit report. Legally, credit companies must recover the debt in a period of time specified by the state or the debt is no longer recoverable after this time period. Read on to find out if the statute of limitations is up for you.
(This is intended to be a helpful and informational debt resource for New Jersey consumers and does not constitute legal advice.)
New Jersey follows the set of federal laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA).
Maximum Interest Rate a Collection Agency Can Charge in New Jersey: 6%
New Jersey Wage Protection: decided by judge (90% protection if earning less than $7500 per year)
Statute of Limitations
A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in California but currently live in New Jersey, the applicable statutes of limitations would be California’s).
Oral Agreements: 6 years
Written Contracts: 6 years
Promissory Notes: 6 years
Open Accounts (credit cards): 6 years
Whether you have unsecured credit cards, medical bills, personal loans or collection accounts, there’s help for you. The National Debt Relief Group offers a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within minutes, or you can call now – (888) 703-4948.