Credit Card Debt Reduction in Iowa

Iowa Credit Card Debt Relief Laws

We are pleased to inform the residents of Iowa 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:

(888) 703-4948

We provide debt reduction and debt management services in the state of Iowa. Credit card debt settlement is a program which can reduce your debts with your creditors giving you the opportunity 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 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.

Debt Collection

(This is intended to be a helpful and informational debt resource for Iowa consumers and does not constitute legal advice.)

Iowa 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 and debt collector cannot distribute any information relating to debt to unauthorized third parties. (This does not include anyone who may have information about the debtors’ location).
• Original creditor and debt collector cannot include debtor in a “deadbeat” list.
• Debt collector cannot fail to state the name and address of the business who the debtor originally owed.
• Original creditor and debt collection agency cannot obtain a statement that both the husband and wife are liable for a debt when only one is.
• Debt collector cannot attempt to convince the debtor to pay debt discharged in bankruptcy without clearly disclosing the nature and consequence of agreement and fact that debtor is not legally obligated to pay debt.
• Debt collector cannot attempt to collect interest or other charges (i.e. collection’s fee) unless authorized by contract or law.

Maximum Interest Rate a Collection Agency Can Charge in Iowa: 5%

Iowa Debt Help Law

Iowa Wage Protection: No less than 90% of expected annual earnings protected (more depending on how much you owe), unless earning less than $12,000.

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 Texas but currently live in Iowa, the applicable statutes of limitations would be Texas’).

Oral Agreements: 5 years
Written Contracts: 10 years
Promissory Notes: 10 years
Open Accounts (credit cards): 5 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.