George Simons | October 19, 2022
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.
There are multiple programs available to Missouri residents providing monetary, housing, nutritional, and employment assistance. Some of these programs include:
Please keep in mind that these programs have specific eligibility requirements, including employment and income thresholds.
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:
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.
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
Deadline in Years
5 (money/property), 10
Debt on Account
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.
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:
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:
SoloSuit makes it easy to fight debt collectors.
You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.
SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.
"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James
You can ask your questions on the SoloSuit forum and the community will help you out. Whether you need help now or are just looking for support, we're here for you.
>>Read the FastCompany article: Debt Lawsuits Are Complicated: This Website Makes Them Simpler To Navigate
>>Read the NPR story on SoloSuit. (We can help you in all 50 states.)
Here's a list of guides for other states.
Being sued by a different debt collector? Were making guides on how to beat each one.
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