Yes, a mortgage company can refuse payment.
Keep in mind that, just like collectors, creditors are not compelled to accept your payment offer. The idea that they have to accept your payment or discharge the debt is a myth (see first paragraph). When creditors refuse payments, it's usually because company policy prohibits it.
Yes they can refuse to accept partial payments under most commercial lending agreements.
Failing to pay could result in your account going into default, the balance being sent to collections, your lender taking legal action against you and your credit score dropping significantly.
Advise the company as soon as possible if your paycheck is short or missing. If you don't get paid promptly, you can file an unpaid wages claim with the state or federal Department of Labor.
Typically, debt collectors will only pursue legal action when the amount owed is in excess of $5,000, but they can sue for less. “If they do sue, you need to show up at court,” says Lewis-Parks.
Even falling one payment behind is enough for a lender to repossess your car. Usually, a loan is two or three months behind before the lender initiates a repossession. At that point, the lender can seize the vehicle, often without warning, and then sell it to recover the loan balance.
Dealerships can refuse any type of financing for any reason. That said, car dealers usually refuse outside financing if they've lowered the price enough. . . That said, they make up for this discount, they want you to finance with them to recoup that money they have lost due to the lack of inventory on their lots.
They can sue you for the balance you didn't pay for the down payment, but unless it was in the contract they can repossess, the law in CA doesn't allow it. Under California law, a breach of contract occurs when one party fails to fulfill a legal duty the contract created and causes damages for the defendant.
Specifically, the rule states that a debt collector cannot: Make more than seven calls within a seven-day period to a consumer regarding a specific debt. Call a consumer within seven days after having a telephone conversation about that debt.
Debt collectors are not permitted to try to publicly shame you into paying money that you may or may not owe. In fact, they're not even allowed to contact you by postcard. They cannot publish the names of people who owe money. They can't even discuss the matter with anyone other than you, your spouse, or your attorney.
If you are struggling with debt and debt collectors, Farmer & Morris Law, PLLC can help. As soon as you use the 11-word phrase “please cease and desist all calls and contact with me immediately” to stop the harassment, call us for a free consultation about what you can do to resolve your debt problems for good.
The three main reasons credit card transactions are declined are 1) the funds are unavailable, 2) incorrect security code, or 3) billing address does not match. Please contact your credit card vendor to see why the transaction was declined.
Lenders are required to provide an explanation letter for rejected applications. If you're rejected, read through the letter and determine what can be remedied. For example, you can work to improve your credit score or pay down high-interest debts to improve your debt-to-income ratio.
If an automobile loan company has fraudulent practices that are built into its policies, an entire business can be penalized. In these types of situations, a class action lawsuit may be filed so that the claims can be consolidated more efficiently.
If you financed a vehicle purchase through a dealership, it's possible that you may be able to return it. But this will depend on the dealership's return policy and rules. Similar to lemon laws, there may be a time limit on how long you have to return a financed car back to the dealer.
Car dealerships have the right to refuse your outside financing, and they don't need a special reason to do so. Although legal, the practice can be frustrating for buyers who don't want to be forced into dealer-arranged financing, especially if they've already been preapproved for an auto loan with better rates.
If your lender can't locate your vehicle to do a "self-help" repossession, they can still sue you for the vehicle. This will involve a small claims case, where the judge will order you to give the car to the lender. You might even be compelled to Court to provide testimony about the location of the vehicle.
Your lender can repossess your car when you make partial payments, regardless of the past payment history. Generally, it is assumed that partial payments equate to a breach of the contract between the lender and the debtor. Therefore, the lender has the right to repossess your car if you make partial payments.
But, if you have no other options, remember this is not the end of the world, and there are ways to rebuild your credit. If your car is at risk of repossession, it's crucial to explore your options for catching up on your loan. You must not ignore the situation, thinking it might just go away.
There's no standard amount or specific percentage a debt collector may settle for because several variables come into play. The amount you settle for could depend on your financial situation and the age of the debt. Also, policies vary among debt collection agencies.
Most states or jurisdictions have statutes of limitations between three and six years for debts, but some may be longer. This may also vary depending, for instance, on the: Type of debt. State where you live.
If you continue not to pay, you'll hurt your credit score and you risk losing your property or having your wages or bank account garnished.