Search results
Results from the WOW.Com Content Network
There is no obligation on the creditor to accept the tendered payment, but the act of tendering the payment in legal tender discharges the debt. It is generally only mandatory to recognize the payment of legal tender in the discharge of a monetary debt from a debtor to a creditor. [ 2 ]
The creditor was in need of money to meet his own commitments, and she knew it. When the creditor asked for payment of the £480 due to him, she said to him in effect: "We cannot pay you the £480. But we will pay you £300 if you will accept it in settlement. If you do not accept it on those terms, you will get nothing. £300 is better than ...
Accord and satisfaction. Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation. It is one of the methods by which parties to a contract may terminate their agreement. The release is completed by the transfer of valuable consideration that must not be the actual performance of the obligation ...
Key takeaways. Credit card refunds allow you to get money back for a purchase made with your credit card, usually in the form of a credit to your account. Refunds can take five to 14 business days ...
This can be a letter, receipt or statement you received once you made your last payment. 2. Negotiate with the creditor. The debt-collection process can be time-consuming and expensive, so lenders ...
The Fair Debt Collection Practices Act (FDCPA), Pub. L. 95 -109; 91 Stat. 874, codified as 15 U.S.C. § 1692 –1692p, approved on September 20, 1977 (and as subsequently amended), is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of ...
The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower. If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor. It is not a crime to fail to pay a debt.
The collecting bank may refuse to accept a warrant issue, in which case other banks may also refuse to accept them. [8] "The warrants of a municipal corporation are not negotiable instruments. They do not constitute a new debt, or evidence of a new debt, but are only the prescribed means devised by law for drawing money from the treasury." [9]