Credit Card Debt Settlement Options in Maine
Maine Credit Card Debt Settlement Options & Laws
We provide debt settlement and debt negotiation in the state of Maine! Our debt consultants are always ready to speak with you and give you a free consultation – you can call now:
(888) 703-4948
Credit card debt settlement is a way to reduce your debts with the creditor or collection agency to only pay back a fraction of the original amount owed. This method works because you pay less yet the creditor still recovers some of their loss.
However, you may not have to even apply for credit card debt settlement if the statute of limitations is up in your state and the debt no longer appears on your credit report. Legally, credit companies must recover the debt in a period of time specified by the state or the debt is no longer recoverable after this time period. Read on to find out if the statute of limitations is up for you.
Debt Collection
(This is intended to be a helpful and informational debt resource for Maine consumers and does not constitute legal advice.)
Maine is exempt from the Fair Debt Collection Practices Act (FDCPA)
Original creditor cannot:
- Threaten debtor with violence or force.
- Threaten criminal prosecution.
- Disseminate information regarding the debt to any third party other than spouse or person who has a business need for the information, whether or not for credit-worthiness.
- Fail to state or threaten to fail to state to third parties that debtor disputes the debt (if this is the case).
- Communicate or threaten to communicate with debtor’s employer more than twice regarding the debt.
- Attempt to collect debt that is legally uncollectible.
- Suggest legal or judicial process, that it is a government agency, or that it is an attorney when it is not.
Maximum Interest Rate a Collection Agency Can Charge in Maine: Depends on size of the loan. $5 on loans below $75, $15 on loans between $75 and $250, $25 on loans greater than $250
Debt collector cannot use notary public, constable, sheriff, or any other person authorized to serve legal papers to collect a debt
Violations may lead to a penalty not to exceed $5,000. The statute of limitations on this is 2 years.
Maine Wage Protection: 75% of disposable weekly earnings (after tax income) or 30 times federal hourly minimum wage, whichever is more.
Statute of Limitations
Oral Agreements: 6 years
Written Contracts: 6 years
Promissory Notes: 6 years (20 years if signed before a witness)
Open Accounts (credit cards): 6 years
Whether you have unsecured credit cards, medical bills, personal loans or collection accounts, there’s help for you. The National Debt Relief Group offers a free consultation. You can fill out our Short Application and one of our debt specialists will contact you within
minutes, or you can call now – (888) 703-4948.
I am an associate at National Relief, which is a Debt Consolidation Company that has helped thousands of Americans facing credit card debt problems. We help with debt settlement, debt management, and other debt related financial crisis' facing consumers.