If you're making an attempt to pay on a loan do they have to accept the money I give them?

Answer 1

No.

Some states have rules about accepting "partial payments" and the collection activities that are allowed if a company accepts partial payment on a past due debt. If the rules are unfavorable for the company you are attempting to pay, then they may refuse partial payment.

If you own a house, and have gone into foreclosure, then you only have a certain amount of time before the company is allowed to keep your house. You cannot force them to accept payment after this period.

If you fail to pay your property taxes after a certain number of years, then the county has the right to sell either a tax lien or a tax deed on your property. Once the "redemption period" has expired, you can't force them to take your payment, even if it is in full, and for all the penalties and interest as well.

If you are attempting to pay in pennies, they can often refuse payment, even though pennies are considered "legal tender".

If you have given them a bad check as payment for your loan, and you attempt to give them another check as payment, they can usually refuse to accept the second check from you as payment.

If the contract you signed states that you give up some rights that your state says that you have, then you may have signed away your rights, which can include various forms of reinstatement on delinquent loans.

There is no reason why a company would refuse payment on a loan that is current. An attempt to refuse payment on a current loan would subject them to a lawsuit, which they would almost certainly lose, provided that you could document their refusal to accept payment, such as by mailing payment to them in a certified letter, with a return receipt containing their signature and you retaining a photocopy of the check, money order, or cashier's check that you sent.

There are many other possibilities, but hopefully, these will cover your situation. I am not a lawyer, so don't sue me if this information is incorrect in your part of the country, (rules change from county to county sometimes). I don't know what I am talking about, I am only a KnowItAll giving out free opinions on a free website that makes money by putting ads in with my answers...

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They do not have to accept, but if they do, and they then try to sue you, you at least have proof that you were making an attempt to pay. The judge will often side with you and give better terms if you were making an effort. Even if they refuse the payment, try to document with receipt that you at least tried to pay. Also, I do not think a company can sue you AND WIN while you are actively trying to make payments. At least in Canada. However, if you have violated the terms of the agreement, they usually do have the right to recover their money in any legal way possible. Mortgage rules are slightly different than regular unsecured loan rules.