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Creditors Rights Law

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Can A Settlement Be Negotiated With A Creditor For Less Than Owed?

Some collection agencies will agree to settle for far less than owed and then turn around and hire another collection agency to collect the difference. However, in Maine this is illegal. Once a creditor deposits or cashes a full payment check, even if she strikes out the words payment in full or writes, “I don’t agree” on the check, she can’t come after the balance.

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