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Category: Debt collection

Can a creditor or his attorney be forced to accept a pay-off agreement in respect of an outstanding debt?

No. As soon as the debt is due and payable the creditor is entitled to claim the full balance, including the capital, interest and costs. The creditor will however often be prepared to accept a reasonable monthly down payment. Various conditions will normally be laid down by the creditor, such as: That the debtor will […]

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