Want this question answered?
Legal Tender.
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
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.
legal tender
Legal Tender
Legal Tender.
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
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.
legal tender
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.
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.
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 !!!
Legal Tender
Legal Tender is a forced tender payment that should be not refused in settlement of a debt. http://en.wikipedia.org/wiki/Legal_tender
The entry for a bill discounting to be dishonored is made when the drawee refuses to accept or make payment on the bill. It is dishonored by non-acceptance or non-payment.
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.
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.