Debt Settlement & Debt Consolidation in Kansas
Kansas Debt Settlement and Debt Consolidation Laws
There may be help available for those Kansas residents struggling with unsecured debts if you qualify. A good option for debt relief is a credit counseling company.
At the very least, allow us to provide you with the information that will help you learn about the best debt relief options in your state.
Credit card debt settlement is a way to reduce your debts with the creditor or collection agency to only pay back a fraction of the original amount owed. This method works because you pay less yet the creditor still recovers some of their loss.
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 Kansas consumers and does not constitute legal advice.)
Kansas follows the set of laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA).
Debt collector cannot send mail or telephone debtor at work unless a good-faith effort has been made to contact debtor at home and that effort has failed.
Maximum Interest Rate a Collection Agency Can Charge in Kansas: 6%
Kansas Wage Protection: 100% protection for 60 days
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 Texas but live in Kansas, the applicable statutes of limitations would be Texas’).
Oral Agreements: 3 years
Written Contracts: 6 years
Promissory Notes: 5 years
Open Accounts (credit cards): 3 years