2007-04-13 09:43:07 · 5 answers · asked by baseballkid4488 1 in Business & Finance ➔ Credit
Check the contract. I've heard of a creditor turning down a whole payment because the people were behind. The contract said they had to pay the late payment plus the timely payment or they would not be able to accept anything. They almost lost their house over this issue.
2007-04-13 09:51:52 · answer #1 · answered by rugbee 4 · 0⤊ 0⤋
If you gave them money in any legal form (ie. if they say two chickens and a cow are sufficient, that's legal, too), then they have to accept it. However, unless they say specifically that they apply payment first to fees or you do not specify to apply the payment to the principle and interest, they can do with it what they want.
2007-04-13 16:52:43 · answer #2 · answered by narrfool 3 · 0⤊ 0⤋
I guess they could, but it almost never happens. They just roll the late fees into the next payment and add more fees.
2007-04-13 16:51:53 · answer #3 · answered by ? 7 · 0⤊ 0⤋
They can, if you aren't paying whatever is due. Accepting a partial payment, which that would be, can limit their options.
2007-04-13 17:28:54 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
yes, because by accepting a partial payment you can argue that it was payment in full.
2007-04-13 16:50:49 · answer #5 · answered by Laura B 2 · 0⤊ 0⤋