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If creditor refuses a minimal monthly payment on credit card is debt still owed?
Yes it is. They just don't like the amount you have chosen.
If the monthly statement is not received where do you send the payment?
If the monthly statement is not received, you still need to send in your payment. If you do not have the address, you need to call your creditor to see where the payment should be mailed to.
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 charge off an account then reopen it?
Yes, a creditor can charge off an account and later reopen it. A charge-off typically occurs when a creditor deems an account uncollectible after a period of non-payment, but the debt still exists. If the debtor later makes a payment or enters into a repayment agreement, the creditor may choose to reopen the account. However, this can vary by creditor and the specific circumstances surrounding the account.
Can a cosigner take over a charge off?
A cosigner cannot take over a charge-off directly, as a charge-off is a classification that a creditor uses when they deem a debt unlikely to be collected after a period of non-payment. However, the cosigner is still legally responsible for the debt, and the creditor may pursue them for payment. If the primary borrower defaults, the cosigner may need to work with the creditor to settle the debt or negotiate a payment plan.
If payment is a month behind yet two weeks ago made a full payment can they still threaten to repossess?
AnswerProbably, but if payments are kept current it would be unlikely that a creditor would take such action. When a scheduled payment is missed the account is in default even if the payment is "made up" and the creditor can exercisewhatever options might apply under the original agreement, including repossession of the item.
You have the title to your car however you are still paying the notes if you are late on a payment can the creditor repossess the car?
if the creditor's name is nowhere on the title,only your name,no one else. no liens. No one can legally take your car.
Money that a creditor must by law accept in payment of debts?
Money that a creditor must by law accept in payment of debts is known as "legal tender." Legal tender refers to currency that, by law, must be accepted if offered in payment of a debt. In many countries, this typically includes banknotes and coins issued by the government. However, creditors can still refuse certain forms of payment, such as checks or electronic transfers, unless previously agreed upon.
If the dealer accepts partial payment can they still repossess your car?
Yes. Once the lending agreement is in default the lender may take whatever action they choose in recovering the monies owed. It is a misconception that by making a partial or token payment the creditor will not be able to assert their legal rights. The lender can accept the payment, still repossess the vehicle or pursue litigation.
Do you still owe if the creditor does not cash the check or it was lost?
Yes, you still owe the money if for some reason the creditor does not cash your check or has lost it. The creditor can request a new check.
Can you sue a creditor for not updateing my credit report after a payment was received?
Creditors update credit reports on their schedule, some update every month, others update every other or every third month. If you are in a hurry, contact the credit bureaus and have them contact the creditor themselves. You can sue a creditor, but you have to try contacting the creditor first (via mail), then file a complaint with the FTC, then contact the credit bureaus. If the account still hasn't been updated, you can go ahead and sue the creditor.
Can a creditor still charge interest rates if they are garnishing your wages?
If you have a garishee against your salary can the creditor still charge interest. Thanks Theo
