Wyoming Debt Consolidation

Debt Help in Wyoming

Looking at a staggering amount of debt feels overwhelming, if not impossible, at times. Sometimes you just want to give up as you face debts that you just cannot repay. If you feel this way, there are some programs offered in Wyoming that could help.

Wyoming Credit Counseling and Debt Consolidation

One of the first options to consider when you are seeking a debt relief solution is one of the simplest, and that is working with a credit counseling firm. Credit counselors come alongside consumers to help them budget and pay down their debt as quickly as financially possible. Sometimes they will even manage the repayment to make it automatic.

If you think that a Wyoming credit counselor could help you manage your debt load, you need to find a reputable company to work with. One of the best places to look is with the Justice Department. They maintain a list of companies approved to work with federal bankruptcy cases in Wyoming. Even if you aren’t headed into bankruptcy yet, this federal approval gives you confidence in the company you choose to work with. You can find these companies here: http://www.justice.gov.

Another option that just about anyone has when it comes to debt is debt consolidation. If you can find a loan that offers a lower interest rate than what you are currently paying, you can save money by lumping all of your debts into that loan product. Just make sure you are not adding to the problem by creating more debts. If you are disciplined enough to stay out of further debt, this can work very well.

Wyoming Debt Relief Programs

A Wyoming debt relief firm can offer even more services than a credit counselor, although the jobs of the two do overlap somewhat. Often debt relief companies will take the help a step further and offer negotiation services between you and your creditors. If you choose debt relief, make sure you understand that most of what the debt relief company does is something you can do on your own without their help. If you feel that the negotiation skills offered by a debt relief firm can aid you in getting out of debt, then make sure you are well aware of the costs before you sign any contract.

Wyoming Debt Collection Laws

Wyoming offers its consumers protection from abusive practices common among debt collectors by following the Fair Debt Collection Practices Act. This federal act outlines the expected behavior from debt collectors and collection agencies. It does not, however, apply to original creditors.

Under the FDCPA, debt collectors must follow these rules:

• They cannot call at inconvenient times, such as before 8 a.m. or after 9 p.m.
• They must send a written notice after their first contact that outlines specifics about your debt and tells you what you need to do to appeal it.
• They must identify themselves. They can use a “desk name” as long as they are consistent.
• They cannot use abusive, profane, offensive, or threatening language in any communication.
• They cannot send a letter that appears to be from the government.
• They cannot send post cards or any other form of written communication that clearly shows you owe a debt.
• Debt collectors must be truthful and not threaten something that cannot happen, such as threatening that you will be arrested if you do not pay your debt.

If you wish to stop the actions of a debt collector, you need to send a written letter asking them to stop. Consider sending the letter via certified mail, as this ensures that they receive it. Under the FDCPA, they must comply with your request.

Sometimes your creditors will choose to sue you for your past due debts. They can do this, but only if they start the legal proceedings within the statute of limitations time frame. The statute of limitations for debts in Wyoming is as follows:

• Open accounts, like credit cards – Eight years
• Oral agreements – Eight years
• Promissory notes – Ten years
• Written contracts – Ten years

Also, debt collectors have the right to charge interest, but only up to seven percent. If your creditors attempt to garnish your wages, the state protects 75 percent of your post-tax weekly earnings or 30 times the federal minimum hourly wage, whichever of the two is greater.

Wyoming Mortgage Assistance

Mortgage and home buying assistance in Wyoming is the responsibility of the Wyoming Community Development Authority. You can learn about these programs at http://www.wyomingcda.com. The main offerings are first-time homebuyer assistance, down payment assistance, and homebuyer education classes. The standard program offered through the WCDA applies to first-time buyers who have a reasonable credit score. It provides an affordable mortgage combined with a second mortgage to be used for the down payment and closing costs.

The WCDA also offers the Spirit! Of Wyoming Homeownership Program. This affordable 30-yearloan is available to those actively in the military or in military training or the reserves. The below market rates help ensure that these brave men and women remain in Wyoming when seeking a home to purchase.

Sometimes the most affordable houses in Wyoming also need a decent amount of rehabilitation before they are livable residences. Homebuyers considering these homes may wish to apply for the Spruce Up Wyoming program, which includes a rehabilitation loan and a home loan in one loan product. Homes must need at least $5,000 in essential repairs to qualify.

If you have a poor credit rating, consider applying for the FHA or USDA loan programs. While there are stipulations on these loans, they can give you the ability to buy a home, even with less-than-perfect credit, as they rely on government backing more than credit rating.

Sometimes homeowners in Wyoming fall on hard financial times. If you are in this situation and wish to avoid the foreclosure process, contact the Wyoming Housing Network at 307-472-5843 to learn about options you can pursue to keep your home.

Wyoming Debt Assistance Programs

Some of Wyoming’s assistance programs for low-income families may free up money to pay down debt. Otherwise, there are not further programs offered by the state for debt help.