Can a loan company deny partial payments then turn around and sue for full amount?

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Can a loan company deny partial payments then turn around and sue for full amount?

Asked on November 8, 2010 under Bankruptcy Law, Louisiana

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 13 years ago | Contributor

Yes, they can reject the offer that you have made to modify the loan agreement - which is what partial payment would be in this matter - and opt to sue you for the entire amount under a breach of contract theory.  What you need to do is to have someone help about re-negotiating the loan and possibly try to extend the time frame for payment and reduce the loan amount.  You should speak with someone in your area that can help you with debt counseling and see what your options here may be.  If you have a;ready been sued then please make sure that your rights are protected in court as well.  Good luck. 


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