Brandon, yes, the lender can refuse payment. That usually means you have waited toooo long to get any help from the lender. As for the catching up the notes,that question should be answered by the LENDER. You neeed to talk to the lender NOW. Good Luck
By federal law and most collection agencies' policies, partial payments are not manditorily accpeted. Collection agencies are not required by law to accept anything less than payment in full. If the agency has refused 25% monthly of the full amount to be paid in full in four months, I reommend sending the payment with an explanation of this to the original creditor. Chances are your payment and arrangements will be accepted.
Q1) "If I offer to make a payment on this debt can they legally refuse it?" Yes. They are under NO obligation to accept anything less than the original agreed amount. Simply, this means that you originally had a payment plan and breached it. They do not have to accept any other offered plan (or payments). Q2) "I have heard that if a creditor refuses any type of payment on a debt that it was automatically considered paid in full. Is this true?" NO!! NO!! NO!! That is an old 'wives tail' that probably derived from the requirement that payments must be in 'legal tender' and if refused, the debt MIGHT be found as waived. For example, you can pay this debt (in full) in pennies, nickles, dimes, dollars, etc. If the creditor refuses these legal tenders, the debt MIGHT be found to be waived. However, the creditor is NOT obligated to accept less than the full amount, nor in non-legal tender (horses, hogs, chickens, etc.). ....more about it you can visit: http://lawvolunteers.com/law/838/42838-c-collection-agency-refuse-payment.html
If the collection agency did not accept your payment, the debt should be discharged from their control. You might need to contact an attorney to make sure these debts are removed from your credit report. If you are making payments to the company that sent you to collections, they will need to remove you from the collections agency.
It is a misconception that a creditor or collector must accept any amount for payment of debt. There is no law in the U.S. that allows a debtor to pay whatever they choose or can afford and the lending agreement still remain valid. An amount tendered that is less than that agreed upon can be refused and the creditor or collector has the option of using legal remedies to collect monies owed.
A collection agency/creditor does not have to accept any payment amount rendered unless the terms were included in a written contract. The refusal of the agency to accept the payment does not invalidate the debt the full amount is still owed by the borrower/debtor. Call them and get more information as to why it was not accepted. Keep asking until you fully understand what the issue is. Be sure you get a paid receipt for your files once you get it resolved.
Depends. If the cash payment is the payment of debt, then the payment cannot be refused, as long as the money is still legal tender. Cents stop being legal tender after a certain amount, which is why you cannot try to pay a debt using 10,000 cents for example, this can be legally refused. If it's payment in a shop, a shop has the right to refuse service to anyone as long as it is not for a racial, age, gender related reason. They do not 'have' to accept any offer of payment, nor are they disallowed from accepting payment in other forms.
Me, I started to ask you how you managed to buy a car, but that's not relative now. I would think it will be extremely hard to accomplish. Good Luck It is not uncommon for people to be able to finance and afford a car when they sign a contract, and later to experience sudden unemployment, underemployment, or other financial difficulties which make it impossible for them to fullfill their obligations. The creditor will usually sell the car and charge you with whatever the difference is between what the car sells for and what you agreed to pay. Often, this can be paid off over time, and the payments will not usually be as much as the initial payments on the loan were. If you are able to, work out a payment plan with the creditor, letting them know you are willing to pay as much as you can until the balance is paid off. If they refuse to negotiate and sue you for the balance remaining after they sell it, you will have the chance to present your case in court. You might be able to work out arrangements you can afford, if you provide proof to the court of your low income and evidence that you tried to work out affordable payments with the creditor, and they refused. Good luck. You are not alone. Good response.The best thing would be is to file bankruptcy and have the loan discharged. Yes, hindsight is 20/20. We don't know what will happen a few years from now, or even tomorrow. We buy a car one day that we can afford and a few years later we become sick and/or lose our job and cannot make the payments. The lenders are not willing to work with you. What choice do you have?
Technically this should be very easy. Write a letter to the (3) credit reporting agencies stateing that this information is/may not be accurate. They will then request that the creditor verify the information. If the creditor does not respond in 30 days then the entry should be removed. That's the way the law is written, though some credit agencies will give more time to the creditors before removing.
If You Have Had Your Loan Turned Over To A Collection Agency Then Your Payment Will Have To Be Paid To The Agency. Until An Agreement Is Reached By Both Parties. Or The Loan Is Paid Off. If This Has Not Happened, Set Down And Read Your Loan Contract. Then If In Doubt, Take This To Your County Attorney.
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