Is a creditor required to give me a receipt after every payment I make?

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Is a creditor required to give me a receipt after every payment I make?

I have been making payments to a creditor every week for about a year now. The payments are not big but they are enough to keep an agreement with the creditor to not send me to collections. However, I never get a receipt with the updated balance. I make the payment over the phone with my debit card and never get a receipt or confirmation number. The payments are always deducted from my bank account that same day but I never really know what my balance is.

Asked on July 11, 2011 under Bankruptcy Law, California

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Unless specifically asked for, a creditor is not required to provide you with a receipt after each monthly payment you make on the obligation. Prudence suggests that evry quarter you might ask for an update on balance owed on the debt from the creditor in writing so you are in the know on how much principle is owed.

Since you are making weekly payment to your creditor on your bank debit card, your monthly statment from your bank essentially is a record of your payments and a "receipt" of your payments on the obligation. By organizing all of your monthly statements for payments to the creditor on your bank statements over the past year or so, you will know how much of the debt has been reduced.


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