Oklahoma Debt Consolidation
Debt Help in Oklahoma
Whether you got in debt because of poor financial planning or because you had an unexpected financial hurdle, you can get out of debt. When you feel overwhelmed, turn to these Oklahoma debt resources to find a solution to your debt problem.
Oklahoma Credit Counseling and Debt Consolidation
Credit counseling is often the first stop most consumers make on the road of getting out of debt. Anyone who is considering bankruptcy must start with credit counseling. Credit counselors will help you with budgeting assistance, credit education, and repayment planning. There are charges for these services, but sometimes the accountability they provide is worth a cost.
The place to start when seeking a qualified company to turn to for credit counseling is the Department of Justice. They maintain a list of approved credit counselors for those facing bankruptcy. You can find this list at http://www.justice.gov. Choose a company from this list, even if you are not headed down the bankruptcy path, to ensure that you get quality help.
In addition, the Oklahoma Department of Consumer Credit offers consumer credit counseling. The toll-free number is 1-800-364-2227. You can find out more about these services at http://www.ok.gov.
Once you find a credit counselor and have your budgeting needs under control, take the time to learn about debt consolidation options. Debt consolidation groups all of your debts into one loan product. This usually saves money, not only because the interest rate is usually less than what you are currently paying, but also because you will have just one bill to remember each month, rather than many bills, so late fees and finance charges are lessened as well.
Oklahoma Debt Relief Programs
Oklahoma debt relief companies may offer even more support than what is offered by a credit counselor. These companies often will negotiate with your creditors for you, helping you reach a mutually beneficial repayment scenario. For instance, sometimes a debt relief company can negotiate a debt settlement wherein you pay back a portion of your debt in full and the creditor forgives the remaining amount. Shop carefully for a debt relief company, for many of these companies will charge more than is fair for these services or provide less than desirable help for a high price.
Oklahoma Debt Collection Laws
If you fall behind on your debts, you will find yourself facing debt collector visits and phone calls. You have rights when it comes to the way debt collectors interact with you. All must follow the guidelines in the Fair Debt Collection Practices Act (FDCPA). Under these laws, debt collectors must not:
- Intentionally deceive you into thinking something will happen if you do not pay your debts, when in fact that action will not happen.
- Intentionally misrepresent who they are and whom they work for.
- Threaten the use of violence or harm to the debtor’s reputation.
- Call at inconvenient hours, which are typically defined as before 8:00 a.m. or after 9:00 p.m.
- Call or visit third parties repeatedly. They may call your friends or family to try to get your contact information.
- Reveal to any third parties details about your debt or the fact that you owe a debt, with a few exceptions.
- Send written communication that discloses your debt to the public, such as would be possible with a postcard.
- Use perverse, profane, or offensive language.
These rules apply to debt collectors, not your original creditor. Oklahoma state debt collection laws prohibit your creditors from threatening violence or other criminal means.
You have the right to stop debt collectors from calling you. All you need to do is write a letter to the collection agency requesting that they stop contacting you. Sending the letter via certified mail gives you proof that it was received if the debt collector continues to contact you. Keep him mind that the collection agency can contact you if your creditor is taking another step with your debt. Also, you must still repay the debt or you could be sued.
If your creditors decide to sue you, they must start the legal proceedings within the state’s statute of limitations time frame. The statute of limitations for debts in Oklahoma is as follows:
- Oral agreements – Three years
- Written contracts – Five years
- Promissory notes – Five years
- Open accounts – Three years
Your creditors may choose to garnish your wages, but Oklahoma’s debt laws protect 75 percent of your earnings. The most that a debt collector can charge in Oklahoma is six percent.
Oklahoma Mortgage Assistance
The Oklahoma Housing Finance Agency (OHFA) offers a variety of assistance programs to those interested in purchasing a home in the state. One of these programs, 1st Gold, offers closing cost and down payment assistance for first time buyers or buyers who have not owned their primary residence in the last three years. Income guidelines and purchase price restrictions apply to this loan program, and funds are only available two to three times per year. If you are interested in this type of assistance, talk to your lender right away, so you can be prepared when money is available.
The Market Best loan offers the best possible rate to buyers who have the money for their down payment and closing costs. Those who want to build their home can get the same low rate through the state’s Future Foundation loan program. OHFA also offers a special loan product to certified teachers. The OHFA 4 Teachers loan is a fixed-rate loan with down payment assistance for teachers looking to purchase a home within the state. To learn more about these and other OHFA services, visit http://www.ohfa.org.
Homebuyers with a low credit rating benefit most often from the FHA or USDA loan programs. These two government-backed loans offer more affordable rates without as much of an emphasis on credit rating. If you already own a home but feel foreclosure may happen, visit the Oklahoma HUD website (http://www.hud.gov) to learn about the options you have.
Oklahoma Debt Assistance Programs
Oklahoma’s Department of Consumer Credit at at http://www.ok.gov is the best resource to turn to for education and information about debt and debt help. Start there when researching any option you are considering.