Although Oklahoma does not have a state fair debt law, consumers who have been victimized by debt collectors should refer to federal Fair Debt Collection Practices Act (FDCPA). Important 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
Debtors in Oklahoma can see refuge from debt collection abuse through the Fair Debt Collection Practices Act (FDCPA) for legal action. Consumers can sue and win damages for up to $1,000 for illegal collection practices.
Oklahoma Statue of Limitations (SOL)
Oklahoma has a three-year statue of limitation (SOL) on open accounts such as credit cards, meaning that the creditor can contact you for up to three years. For written contracts creditors can also pursue you for up to five years. Consumers can consider Oklahoma debt settlement during the time the account remains open.
In Oklahoma certain areas of non-income wage garnishment are protected. Exempt areas include:
- Pensions: Oklahoma’s exempt pensions include both private and public pensions
- Public benefits/assistance-- including veteran’s benefits, Oklahoma protects public benefits and assistance including workers’ compensation, unemployment, aid to families with dependent children and crime victims’ compensation
- Insurance and annuity protection in Oklahoma includes group or society protection, group life insurance, mutual and fraternal society benefits
Oklahoma 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