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How to Get Debt Relief in Missouri

George Simons | July 21, 2022

When you get the debt relief you need ^^

Summary: If you're struggling with debt in Missouri, SoloSuit can help you find the relief you

Much like every other state, Missouri was hit hard by the Coronavirus pandemic. For example, economists estimate that Missouri is likely to lose close to $5 billion in overall revenue as a result of the havoc wrought by the pandemic, according to the Missouri Independent. The $5 billion loss in revenue comes at a terrible time since the state was already carrying more than $2 billion in debt, according to the News Tribune. In addition, Missouri residents are carrying, on average, around $5,600 in credit card debt, according to CNBC.

If you live in Missouri and are having a tough time meeting your debt service obligations (e.g., monthly payments towards credit cards, student loans, auto loans, etc.), then it may be time to to explore debt relief programs in Missouri.

Learn about these Missouri debt relief programs

There are multiple programs available to Missouri residents providing monetary, housing, nutritional, and employment assistance. Some of these programs include:

  • Missouri Temporary Assistance: Offer cash assistance to families in need, helping cover the costs of raising children like clothing, utilities, and other services. Most people who receive temporary assistance will also participate in employment and training services through the Missouri Work Assistance (MWA) Program.
  • Kansas City Project Hope: Offers assistance to individuals and families who are staring at foreclosure and/or eviction and need housing.
  • Child Care Subsidies: P assistance to residents in covering the cost of childcare. To qualify, you must be the parent or guardian of a child under 13. You must also meet a reason for not being able to provide proper care.
  • Low Income Home Assistance Program (LIHEAP): This program has two key components: (i) the Energy Assistance/Regular Heating Program and (ii) the Energy Crisis Intervention Program. Both programs offer cash assistance to help cover the costs of heating and energy bills.
  • Private Student Loan Relief: Provides a network of financial counselors who link troubled families with trustworthy agencies for financial assistance with private student loans.

Please keep in mind that these programs have specific eligibility requirements, including employment and income thresholds.

Consolidate your debt

When figuring out how to get debt relief in Missouri, one method to consider is consolidating your debts into a single loan or credit card balance to help simplify your finances and, hopefully, reduce the interest owed on the debt. There are different ways to consolidate your debts. Here are some options:

  • Credit Card Balance Transfer: There are credit card companies that offer balance transfers where you can consolidate your debts and enjoy a period of time (between 12 and 15 months) where you pay zero interest on the balance. This can provide you with some breathing room and a chance to pay down a large chunk of your debt.
  • Refinance your mortgage: If you are a homeowner, you may want to assess the pros and cons of refinancing your mortgage to pull out any extra equity. You could also consider taking out a home equity loan which could be used to pay off your debts.
  • Apply for a debt consolidation loan: This is a type of personal loan that you can use to pay down multiple debts so you wind up with just a single loan to pay each month. Usually, you will need a high credit score to qualify for the low rates that make these loans useful. In order to save money on a debt consolidation loan, your new interest rate should be lower than the rate of the unsecured debt you are trying to consolidate.
  • Create a debt management plan: A debt management plan is a good choice for individuals who have poor credit, cannot do a credit card balance transfer and do not want to use the equity in their home to pay off unsecured credit card debt. A debt management plan gives you one single monthly payment on your unsecured debt. You make the payment to the non-profit agency of your choice and they pay your multiple creditors by distributing your single payment.

Consider hiring a debt settlement company

Along with debt consolidation, another debt relief option for Missouri residents is working with a debt settlement company. These companies take the burden of negotiating with creditors off your shoulders and work to reduce the amount you owe to each creditor. Hiring a debt settlement company can pay dividends since these companies often possess knowledge of, and relationships with, some of the biggest creditors in the United States, so they know the ways to make offers that creditors are likely to accept.

However, there are important costs (and risks) associated with hiring a debt settlement company. This is why, prior to signing up with a debt settlement company, take the time to research the prospective company carefully. For example, check to see if there are any negative reviews or red flags with the Better Business Bureau, the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission, and your state's attorney general.

That being said, the great part of working with a debt settlement company is that many creditors and debt collectors are willing to settle for anywhere between 1%-70% of the original amount you owed. So, even after paying the debt settlement company, you will still save money. If you can prove financial hardship, you will probably have a better chance of reaching a low settlement.

Missouri debt collection laws protect consumers like you

Along with the Fair Debt Collection Practice Act (FDCPA), which protects consumers from abusive debt collection practices, Missouri has state laws that protect people who are struggling with debt too. If this is you, it's important to learn more about the statute of limitations on debt in Missouri. This can protect you from being sued for old debts.

The statute of limitations on debt is the time period that debt collectors can sue you for a debt. Each state has a different statute, but once the statute has passed, debt collectors can no longer take you to court for a debt you owe. The statute of limitations on debt in Missouri are as follows:


Missouri Statute of Limitations
on Debt

Debt Type

Deadline in Years

Rent

10

Written

5 (money/property), 10

Oral

5

Debt on Account

10

Judgments

10


Source: Findlaw


Make sure you check the statute of limitations before you make any payments to a debt collector, because making a payment on a debt account will restart the clock on the statute of limitations. Check out this article to learn more about these Missouri debt collection laws.

Summary

If you reside in Missouri and are struggling with a significant amount of debt (whether that be credit card debt, student loan debt, medical debt, etc.), don't give up. You still have options as a Missouri resident:

  • Apply for one of the programs available exclusively to Missouri residents.
  • Simplify your debts through a debt consolidation loan.
  • Negotiating a settlement of your debts with the assistance of a debt settlement company.

No matter the option you choose, SoloSuit is here to help. If you are being sued for debt, you can use SoloSuit's free Answer form to respond to the lawsuit in minutes.

Learn more about responding to a debt lawsuit in this video:

https://www.youtube.com/watch?v=TQAKQ0G2KhE

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You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

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