Difference between revisions of "Instalment Payment Orders"
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== Summary of the law== | == Summary of the law== | ||
[[File:Consumer_Law_and_Debt_-_Instalment_Payment_Orders.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | |||
Most credit agreements call for a debtor to make monthly payments to repay the total amount borrowed. So long as the debtor makes the payments, the creditor generally cannot demand any more. Except in the case of specific types of “demand” credit agreements (for example, demand promissory notes or demand lines of credit), a creditor cannot suddenly simply decide to demand the full balance due. | Most credit agreements call for a debtor to make monthly payments to repay the total amount borrowed. So long as the debtor makes the payments, the creditor generally cannot demand any more. Except in the case of specific types of “demand” credit agreements (for example, demand promissory notes or demand lines of credit), a creditor cannot suddenly simply decide to demand the full balance due. | ||