With one of the lowest unemployment rates in the country and an enviable standard of living, the cost of living in the Pine Tree State is unfortunately, very high. Driving these costs is the price of groceries, health care, utilities, and transportation. If you are facing these types of expenses, and have turned to your credit cards to meet your basic needs, you should consider reaching out to a financial expert for debt relief information. Indeed, with an average credit card debt of $5,078, many Maine families are searching for a viable way out of debt.
Get the Maine Debt Relief You Need
For families living in Maine, the state offers protection and programs like Maine debt consolidation programs, or other debt relief plans. Understanding the state’s statutes of limitations is important to knowing your rights under the consumer protection laws. Although it varies state by state, the statutes of limitations is a specific limitation on the time in which creditors can file legal action against you for past due debts. In the Pine Tree State, the statutes of limitations on outstanding debts include:
- Oral Contracts—6 Years
- Written Contracts—6 Years
- Promissory—6 Years
Additionally, the state’s consumer protection laws ensures that collection efforts conform to established norms and procedures that limit the hours and places they can call to reach you for a payment.
Maine is exempt from the Fair Debt Collection Practices Act.
Per state law, the original creditor cannot:
- Threaten a 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.
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
Maine Debt Law
A 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.
Maine Debt Relief from Americor Financial
You don’t need to lose sleep at night over your debt, but you do need to get control of your finances if you ever hope to sleep soundly again. You need to discuss the range of debt management options available to you, and our team of financial experts is standing by to help you with the Maine debt relief plan that you need help you to get back on your financial feet. Get the night of good sleep you deserve with the help of Americor Financial.