If you have to pay a debt o $700 and you make a $75 pymnt can u still be penalized?

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If you have to pay a debt o $700 and you make a $75 pymnt can u still be penalized?

2007-09-20 11:16:10 · 2 answers · asked by bridgette e 1 in Business & Finance ➔ Personal Finance

2 answers

Yes you Can be penalized. if you will be penalized depends on the terms of your debt.

2007-09-20 11:35:48 · answer #1 · answered by ijokey2000 2 · 0⤊ 0⤋

Unless you pay the FULL payment currently due, you are in DEFAULT. If your payment due is $100, and you pay $75, you are late for the remaining $25. Any penalties for not paying on time will apply. Technically, you could be sued for the full balance.

2007-09-20 19:55:52 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋