Credit Card Debt Help in South Carolina
South Carolina Debt Relief Options and Laws
There may be help available for those South Carolina residents struggling with unsecured debts if you qualify. A good option is a credit counseling company.
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 South Carolina consumers and does not constitute legal advice.)
South Carolina follows the set of laws that are collectively known as the Fair Debt Collection Practices Act (FDCPA).
- Original creditor or creditor collecting own debt must comply with all the provisions of the FDCPA, except those provisions dealing with required disclosures. (For example, the original creditor does not have to verify the debt’s validity).
- Original creditor cannot:
- Threaten to use violence or other criminal means to cause harm to the debtor. If the original creditor does this, it loses its rights to collect the debt through legal means against the debtor.
- Call the debtor or a family member at recurrent intervals during a 24 hour period or under other circumstances that make it reasonable to deduce that the intention of the calls is to harass the debtor.
Maximum Interest Rate a Collection Agency Can Charge in South Carolina: 8.75%
South Carolina Wage Protection: 75% of disposable weekly earnings (after tax income) or 30 times federal hourly minimum wage, whichever is greater.
Statute of Limitations
Oral Agreements: 3 years
Written Contracts: 3 years
Promissory Notes: 3 years
Open Accounts (credit cards): 3 years