Credit Card Debt Negotiation Programs in Tennessee
Tennessee Debt Negotiation Programs and Laws
We are pleased to inform the residents of Tennessee that our debt relief services are available in your state! Our debt consultants are always ready to speak with you and give you a free consultation – you can call now:
We provide debt negotiation and debt management services in the state of Tennessee. Credit card debt negotiation is a great program for reducing your debts with your creditors into one low monthly program payment. This method works because you pay less yet the creditor still recovers some of their loss had you gone bankrupt.
However, you may not have to even apply for credit card debt negotiation 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 Tennessee consumers and does not constitute legal advice.)
Tennessee 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 Tennessee: 10%
Tennessee Wage Protection: 75% of disposable weekly earnings (after tax income) or 30 times federal hourly minimum wage, whichever is greater; plus $2.50 per week per child.
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 Tennessee, 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.