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Difference between revisions of "Instalment Payment Orders"
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Instalment Payment Orders (view source)
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However, the creditor is usually entitled to sue for the entire balance due if the debtor '''defaults''' on the credit contract (by missing a payment, for example). The creditor is entitled to do this because most contracts have an '''acceleration clause''' (a clause that allows the creditor to claim the full amount if the debtor does not meet the terms of the original contract). | However, the creditor is usually entitled to sue for the entire balance due if the debtor '''defaults''' on the credit contract (by missing a payment, for example). The creditor is entitled to do this because most contracts have an '''acceleration clause''' (a clause that allows the creditor to claim the full amount if the debtor does not meet the terms of the original contract). | ||
If the creditor’s claim for the full amount is successful in court, the law generally says that the debtor is immediately obliged to pay the full amount, rather than just monthly payments. If the debtor has no legal remedies to pursue (see the sections on [[Contract Remedies]] and [[Debtor’s Options for Getting Out of Debt]]) or is unsuccessful in negotiating an agreement about payment with the creditor, the creditor can then take steps to enforce the judgment, such as by [[Bailiffs, Court Bailiffs and Sheriffs|seizure of assets]] or [[Garnishment and Set- | If the creditor’s claim for the full amount is successful in court, the law generally says that the debtor is immediately obliged to pay the full amount, rather than just monthly payments. If the debtor has no legal remedies to pursue (see the sections on [[Contract Remedies]] and [[Debtor’s Options for Getting Out of Debt]]) or is unsuccessful in negotiating an agreement about payment with the creditor, the creditor can then take steps to enforce the judgment, such as by [[Bailiffs, Court Bailiffs and Sheriffs|seizure of assets]] or [[Garnishment and Set-offs|garnishment]]. | ||
=== Authority for instalment payment orders=== | === Authority for instalment payment orders=== | ||
