Cana debt collector refuse payments?

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Cana debt collector refuse payments?

I am currently serving in the military and I am stationed in SC but I am a NC resident. I had a car repossessed and I am trying to pay off the debt. They sold the car at an auction and I was told I had to pay the balance which is fine. On several occasions I tried to make a payment which is less than what they want and they refuse to take a payment. Is it true that I can get the debt cancelled because they refused to accept a payment?

Asked on July 12, 2011 under Bankruptcy Law, South Carolina

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

No, you cannot get the debt cancelled if they refuse to accept the payment. If you owe a debt and its been in arrears, or past due--that is, you didn't pay it when you were supposed to  under the original financing or loan agreement--the creditor has the right to demand payment in full. The creditor does not have to accept partial payment or payment over the time, and the debtor has no right to make them accept partial or scheduled payments. If the creditor does accept the money, it has to apply the money correctly to the debt; but the creditor is not obligated to accept anything less than all the money due to it, immediately; or if it will accept less than that, the creditor can determine what it will accept, on what schedule. Most creditors will work with a debtor; however, they don't have to.


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