Oregon Debt Consolidation
Debt Help in Oregon
Medical bills, unexpected purchases, debt from traveling, and just debt accumulated from too much spending all can lead to overwhelming amounts of debt. If you need a way out but want to avoid the Oklahoma bankruptcy courts, consider these debt relief options provided through the state.
Oregon Credit Counseling and Debt Consolidation
Dealing with debt is never easy, and for some individuals, debt problems cause emotional distress that makes it even more difficult to do what needs to be done to pay down the debt. Sometimes having someone who can come alongside and help you deal with the emotions that surround your debt problem can provide the support you need to successfully get out of debt. Oregon credit counseling firms provide this sort of support to those dealing with debt in Oklahoma.
Finding a qualified credit counselor is the key to finding the right level of support for your debt help needs. One place to go to start your search is the Department of Justice, which approves a list of credit counselors to work with federal bankruptcy cases. You can find this list at http://www.justice.gov. Keep in mind that the government does not monitor these companies, but it does require them to offer a certain level of care and support to be put on this list.
If you have an asset, such as your home, that you can use as collateral in a personal loan, consider consolidating your debts. You can save money if you do, because you will be able to send all of your loans into one loan with a lower interest rate. Do not do this unless you have the accountability from a credit counselor in place, because it is far too easy to add to your debt after consolidating, and this will put you in a far worse financial situation.
Oregon Debt Relief Programs
Debt relief programs in Oregon claim to offer similar services to credit counseling firms, but often they will offer even more services. They may be able to help you work out a debt settlement, for example, or they may negotiate better terms on your behalf. Be careful with debt relief companies, because they have little regulation, and often charge high fees while providing little support and education. Thoroughly research any company before signing up for their services.
Oregon Debt Collection Laws
Oregon has a state Fair Debt Collection Practices Act that outlines how a debt collector must behave when collecting a debt from Oregon consumers. According to the state Department of Justice, the Oregon FDCPA and the federal FDCPA are so similar that understanding just one gives most debt collectors the ability to follow both. The Oregon law requires all debt collectors to register with the Oregon Department of Consumer and Business Services. Also, the state law requires original creditors to comply with these laws, while the federal law only applies to debt collectors. The only exception is for required disclosures, which original creditors do not have to provide.
These laws provide you with several protections. For instance, they state that:
- Debt collectors may not harass or threaten you in an attempt to collect a debt.
- Debt collectors may not misrepresent your debt or many any false implications, such as implying that legal action is imminent when it is not.
- Calls and other contact must be made between 8:00 a.m. and 9:00 p.m.
- Debt collectors are not allowed to call repeatedly on the phone. This is considered harassment.
- If they call you, debt collectors must identify themselves and their employers.
- Debt collectors may not use profane or perverse language.
- Debt collectors may only contact you at work if it is allowed and if they cannot reach you at home. If they call at work, they can only do so once per week.
Within five days of the first contact from a debt collector, they must send you a written notice containing the following information:
- Total debt owed.
- Make of the creditor.
- The fact that you have the right to dispute the debt, but if you do not do so within 30 days, the debt will be assumed valid.
- Information on how you can dispute the debt, and that they will be required to send proof of the debt if you dispute it.
- That you can ask the debt collector in writing for the name and address of the original creditor, and they must send it.
You can stop the contact from a debt collector, but you must do so by contacting them in writing. At that point they can only contact you to tell you that legal action is going to happen or that they will stop all further contact. However, you still owe the debt. Also, if a debt collector violates these laws, you are not forgiven of the debt.
Oregon places a statute of limitations on debts. If your creditors are going to sue you, they must do so within a set period of time after your debt becomes past due. The statute of limitations for debts in Oregon is six years.
The maximum a debt collection agency can charge in Oregon is nine percent. Also, the state’s laws protect 75 percent of your disposable weekly earnings, or $170 per week, which ever is greater, from being garnished by your creditors.
Oregon Mortgage Assistance
For many, a mortgage is the largest debt they own. Whether you own a home or are looking to buy, the state of Oregon has programs that can help. The Oregon Housing and Community Services department offers below-market rate financing and cash assistance to qualified homeowners through the Oregon Bond Loan program. The RateAdvantage Home Loan offers affordable rates to qualified buyers, and the CashAdvantage Home Loan offers cash assistance to use to pay closing costs. The CashAdvantage Home Loan is only available when there are funds available to support it, but the RateAdvantage program is always available. To learn more about these, visit http://www.ohcs.oregon.gov or call 1-877-ST8-BOND.
If you find yourself facing foreclosure, the Oregon Division of Finance and Corporate Securities recommends certain credit counselors that are experienced in helping homeowners avoid foreclosure. This list is found here: http://dfcs.oregon.gov.
Oregon Debt Assistance Programs
While Oregon does not offer any other debt assistance programs, the Division of Finance and Corporate Securities offers important information to consumers about debt management companies. You can read this here: http://www.dfcs.oregon.gov/.