With no state fair debt law, consumers seeking debt relief in Montana should refer to the federal Fair Debt Collection Practices Act (FDCPA). Some important points include:
- Debt collector cannot publish or post your name
- Collectors may only contact debtors between 8am and 9pm unless you indicate otherwise
- If you are being represented by an attorney, the debt collector must communicate with you through your lawyer
- Creditor initiated calls must be made between the hours of 8am and 9pm (unless you indicate otherwise)
- Collectors must send all correspondence in an unmarked envelope--no postcards or stamps outside the envelope indicating it is from a collections agency
- The collector cannot misrepresent documents by making correspondence appear to be legal documents when its not
- Collectors cannot charge you fees or collect an amount greater than what you owe
- Debt can be disputed in writing within 30 days of receiving the first notice--the collector cannot contact you again until your notification mails
Montana debt settlement is possible with the assistance of a reputable debt settlement company. Montana consumers can take action by filing a complaint against a debt collector violation by contacting the Montana Attorney General’s office.
Montana Statue of Limitations (SOL)
Montana has a five-year statue of limitation (SOL) on open accounts such as credit cards, meaning that the creditor can contact you for up to five years. For written contracts creditors can also pursue you for up to eight years. Consumers can consider Montana debt settlement during the time the account remains open.
Montana debt relief means that the law protects certain areas of wage garnishment. Areas that are exempt include:
- Pensions and retirement benefits--Montana protects pensions for public employees, firefighter, police and teachers.
- Public benefits/assistance-- in Montana, public benefits such as workers’ compensation, unemployment, veterans and families with dependent children are protected
- Montana protects fraternal society benefits, disability, annuities of up to $350 per month
Montana Credit Card Debt Relief Act of 2010
The Credit Card Debt Relief Act of 2010 has streamlined the methods for repaying debt and regulated how collectors work with debtors. The Act has impacted debt relief collections several ways:
- The number of fraudulent or weak performing credit card companies are gone
- Reduces the chances of falling victim to fraudulent debt settlement companies due to new Federal Trade Commission (FTC) reforms
- Increased, open communication from creditors--more information is provided to help you eliminate your loans
- Debt settlement companies cannot request upfront fees from clients