Thursday, February 15, 2007
Wikiality or Truthiness?
Last week's answer: Wikiality. It seems the popular consensus is that when a creditor sends back a payment (partial or in full) they are refusing your money, thus releasing you from your debt. However according to the laws of the Uniform Commercial Code this tricky consensus is not factual. Returning your payment is simply them refusing to honor "your" terms of the debt.

However, there is a bit of Truthiness to the story depending on the laws in your state. I wouldn't try partial payments or messing with the accounting departments of those who hold your mortgage or car loan for fear of repossession or foreclosure.

Utilities also, for they can be shut off if payment arrangements aren't agreed upon. But for most other debts, if you're in a financial pickle small payments can be held in your favor vs. no payment at all. You've shown an sincere and responsible effort.


Stumble It! .......posted by Margaret @ 8:18 AM  
  • At 6:36 PM, Blogger Dr.John said…

    I suppose I will just have to go ahhead and pay the stupid bill.

  • At 6:52 PM, Anonymous happy and blue 2 said…

    Well that pretty much destroyed my dream of not paying my bills..

  • At 7:52 PM, Blogger Margaret said…

    No Iwiwag, I do not like your blog because I am a prude.

  • At 9:31 AM, Blogger Woozie said…

    Crossdressers? In my Internets?

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