refused partial payment

[lucas.jerry]

What is the name of your state? ohio
i owe one of them cash advance places. due to unexpected financial problems i am unable to pay the full amount due. i attempted to make a partial payment and they refused it. i have heard that if a company refuses any payment ,no matter how small,the debt is legally considered paid in full. is this true?

 

[ßillcollector]

What do you mean by "i attempted to make a partial payment and they refused it?" Is it like you told them check is in the mail kind of deal? Seriously, I'd be really surprised if they returned your payment. I have seen some debtors sending $1.00 (yes one dollar!) on their balances and it still got cashed. More info please.

 

[Ladynred]

And to answer your question, NO, the debt is NOT cancelled if they refuse payment - that's a fairytale. Creditors, not even these slimey payday advance places, are not obligated to accept less than what you owe - they can and do refuse anything less - and you STILL owe the debt !

 

[creditchaos]

Billcollector.........CA can and do refuse full payments as well! We sent full payment to a CA with a letter stating our agreement, which was mutually agreed upon by phone, and they sent the payment back saying that they couldn't agree to our "demands". We called OC who apparently sold the debt to CA. They were flabbergasted! We haven't heard from CA since!

 

[ßillcollector]

Okay now it is starting to make sense. Of course if one sends a payment with some restriction, then CA won't accept it every time. That is why negotiation is the key before sending the payment.

 

[creditchaos]

The letter we sent along with payment had no restrictions on it. It was only a recap of what was mutually agreed upon by phone. Since, as we suspected, the CA had no intention of honoring their agreement, payment was refused.

 

[kevinss]

Write a letter, outlining your terms. If they refuse the payment and send it back again, write yet another letter, and this time send less money. State that your financial situation is tightening and you can no longer afford to pay the amount you previously were able to. Then send a check for the smaller amount. This is all a game to them. Stoop to that level if you need to, but remain professional and courteous.

 

[creditchaos]

Thanks kevinss. That sounds like a great idea! Since originally time was a major factor, we had to pay this fast to get it off our CR. We never went through the DV process. We have since sent 2 requests for DV and have had no response. I believe that this CA is out of the game now. We never admitted that the debt was ours, just that we wanted to resolve this and clean up our CR. The CA knew that we had applied for a mortgage. We have decided to take a wait and see approach.
My apologies for hijacking this thread.