Legal Tender
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.
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.
Legal Tender
Legal Tender.
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
Money that a creditor must by law accept in payment for debts is called "legal tender." Legal tender refers to currency that is recognized by law as an acceptable form of payment for settling debts and obligations. In many countries, this typically includes banknotes and coins issued by the government. Creditors are required to accept legal tender to fulfill their payment obligations, although they may also agree to accept other forms of payment voluntarily.
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 is a forced tender payment that should be not refused in settlement of a debt. http://en.wikipedia.org/wiki/Legal_tender
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.