Legal Question in Credit and Debt Law in Iowa
paying off debt
when trying to pay off a debt does the company have to accept whatever payment you can send-can they turn down any amount?
Asked on 6/09/08, 4:14 pm
1 Answer from Attorneys
Thomas Moens
Moens Law Offices, Chartered
Re: paying off debt
If you are obligated to make a full payment, the creditor does not have to accept partial payments. Somehow there is an urban legend of sorts that says if you just send them $5 (or $10 or $20 or $100) a month, there is nothing a creditor can do. Not true. If you are obligated to make a full payment and you fail to do so, the creditor can sue you.
Answered on 6/10/08, 12:01 pm
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
