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Debt Relief Guide

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New Mexico Debt Relief Laws

New Mexico does not offer state specific protection to consumers who are the victim of unlawful debt collection practices. However, consumers can turn to the federal Fair Debt Collection Practices Act (FDCPA) for guidelines outlining legal and illegal debt collection behavior. Some rules 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

Consumers in New Mexico pursuing debt settlement and have been victimized by a debt collection agency should refer to the federal Fair Debt Collection Practices Act (FDCPA). Consumers who successfully sue may receive damages of up to $1,000.

New Mexico Statue of Limitations (SOL)

New Mexico has a four-year statue of limitation (SOL) on open accounts such as credit cards, meaning that the creditor can contact you for up to four years. For written contracts creditors can also pursue you for up to six years. Consumers can consider New Mexico debt settlement during the time the account remains open.

Because retirees often seek New Mexico, the state offers the broadest protection for pensions and retirement benefits, in fact all pension and/or retirement funds are exempt from being garnished. Additionally, New Mexico offers these protections:

  • Public benefits/assistance-- workers’ compensation, unemployment, aid to families with dependent children, crime victim compensation, occupational disease disability benefits
  • Insurance and annuities, including life, accident, health and annuity benefits

New Mexico 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

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