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What describes any kind of money a creditor must accept by law in payment of a monetary debt?
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∙ 9y ago
Legal Tender
Verla Becker
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I tried to make a payment to a bill collector they refused to take the payment. I went to the company that turned me in to collection they accepted the payment. what are my rights?
If the bill collector refused the payment, you can inform them that you made the payment to the original company and request that they update your account accordingly. Keep documentation of the payment made to the original company in case any disputes arise. It's important to communicate clearly with both parties to ensure your payment is properly accounted for and reflected in your records.
Is it a law that you must take coin as payment?
In the United States, there is no federal law that requires businesses to accept coins as payment. However, the Federal Reserve states that U.S. coins and currency are legal tender for all debts, public charges, taxes, and dues. Individual businesses may have their own policies regarding coin acceptance.
What are the repossession laws in Alaska?
In Alaska, creditors can repossess property without going to court if the contract allows it. However, they must follow certain rules, such as not breaching the peace or using force to reclaim the property. After repossession, the creditor must provide notice to the debtor and sell the property in a commercially reasonable manner.
What are the repossession laws in NY?
In New York, repossession laws require the lender to send a notice before repossessing a vehicle. The lender cannot breach the peace while repossessing the vehicle, which means they cannot use force or threats to take back the vehicle. If the lender breaches the peace, the borrower may be entitled to damages.
What are the laws on repossession in PA?
In Pennsylvania, a creditor can repossess a vehicle if the borrower defaults on the loan agreement. The lender must provide notice before repossessing the vehicle, and they cannot breach the peace during the repossession process. Additionally, the borrower has the right to cure the default and reclaim the vehicle before it is sold.
What terms describes any kind of money a creditor must accept by law in payment of a monetary debt?
Legal Tender
What term describes any kind of money a creditor must accept by law for payment of a monetary debt?
A judgment is a court order issued by the court stating that the creditor has won the lawsuit and is entitled to a certain amount of money.
What kind of money a creditor must accept by law in payment of a monetary debt?
A creditor is supposed to accept all legal tender in payment of a debt. There are numerous stories around of people who have, for one sort of frustration or another, paid large debts with small change, such as pennies or dimes.
Is the money that a creditor must by law accept in payment of debts?
Legal Tender.
What do you call any kind of money that a creditor must by law accept in payment of debts?
Legal tender. In plain English, it's the currency that is in use in a particular country. US dollars in America, Sterling in the UK and Euros in much of Europe for example.A creditor is normally free to accept other forms of payment if he chooses to. The creditor may decide to accept a foreign currency rather than wait for the payment in the legal tender of the country. The creditor is normally not obliged to accept anything other than legal tender.
Any kind of money that a creditor must by law accept in payment of debts?
legal tender
If a creditor sends your payment back to you do you still owe the debt?
Yes. Once a contract has been defaulted on, the creditor has no legal obligation to accept any payment other than that which was agreed on in the original contract or subsequent agreement.
Can a creditor refuse to accept a check as payment?
Yes ... why would a creditor someone even consider taking a credit card payment from someone who has a history of not paying their credit card bills. Think !!!
What is limited legal tender money?
Legal Tender is a forced tender payment that should be not refused in settlement of a debt. http://en.wikipedia.org/wiki/Legal_tender
Can a collection agency reject a payment from you if it is less than the payment for the settlement they asked for?
Yes, a creditor/collector has no legal obligation to accept payment for anything other than the agreed upon amount. The same premise applies to making less than the minimum payment on credit accounts as well, such action would render the agreement null and void and the creditor can legally demand payment in full.
Which of these best describes why money is an effective medium of exchange?
Nearly everyone will accept money as payment.
Can debt collector refuse a payment?
It depends on the terms of the loan contract. * Yes. Once a contract is in default a collector or creditor does not have to accept anything less than the full amount owed.
