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 Posted: Fri Sep 05, 2008 5:59 am Subject: Debt Settlement Laws in VA |
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In order to payoff debt faster I am considering debt settlement. However, if I pursue such action there is a potential of a lawsuit and collectors harrassing me until the debt has been settled and paid.
Thus, my question is in regards to the state laws in Virginia to protect consumers in a debt settlement process. For example in Texas debt settlement clients will have their wages completely protected from being garnished, which will give the collector all the more reason to settle. Furthermore Texas’ law states that the cease and desist letter will not only stop the third party collectors from calling but also the original creditor as well.
Does Virginia have similar laws? Thank you in advance for your help as I am unable to find any resources on the web.
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thaibrotha
Joined: 05 Sep 2008
Posts: 1
Debtcc Points: 14
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| Posted: Fri Sep 05, 2008 8:16 am Subject: |
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Do you have the statutes on the C&D for an OC in Texas? I have not heard that before and would like to research it. Here's a little bit on VA:
VIRGINIA
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VIRGINIA STATE LAWS
Interest Rate: Legal:8% Judgment:9% or contract rate whichever is higher
Statute of Limitations
Open Acct:3 Last charge or payment
Written Contract:5
Domestic Judgment:20
Foreign Judgment:10
Sales of goods under article 2 is 4 years
Bad Check Laws (civil penalty): Lesser of $250 or three times check amount
General Garnishment Exemptions: See federal law below.
Federal Garnishment Exemption
Federal Law exempts from garnishment 75% of disposable earnings per week,
or an amount = to 30 x federal minimum hourly wage, whichever is greater.
Where federal law provides larger exemption, it supersedes any state law.
Here is the link to VA's credit counseling Statutes
http://leg1.state.va.us/cgi-bin/legp504.exe?000+cod+TOC060100000100000 20000000
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Texas Residents
All CA's are required to post a bond with the SOS
http://direct.sos.state.tx.us/debtcollectors/DCSearch.asp
When requesting Validation, reference the FDCPA as well as Chpter 392 of the TFC:
http://tlo2.tlc.state.tx.us/statutes/docs/FI/content/htm/fi.005.00.000 392.00.htm
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NASCAR_Devil
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Joined: 20 Jun 2008
Posts: 1990
Debtcc Points: 9792
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| Posted: Mon Oct 20, 2008 3:43 pm Subject: Threats |
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United Processing has Threaten to arrest me asap and has called my employer, friends and family for a past due payday loan. They have falsely accused me of writing a check on a close account. This is after I've already gone to Civil Court in Virginia.
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Vincent Carter
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Debtcc Points: 100
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