QUESTION
Can a loan come not accept a payment because you don't have all the funds they want you to pay?
Asked on Feb 05th, 2013 on Collections - Georgia
More details to this question:
I was out of work due to medical problems went back to work and then let go in December. I paid my payment but still behind. Now they won't take any payment unless I pay it in full. I was wondering if that was legal to refuse payment. Thanks
1 ANSWER
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William L. Colvin, P.C.
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You have to read your financing documents but standard language usually states that once you r in default the lender's accepatance of late payments or even partial payments does not, without the lender's written consent, remove the default status of the loan.
Answered on Feb 05th, 2013 at 3:47 PM