Debt Collector at Legal Glossary What is it? A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe.
Debt definition:
An amount of money due and payable, from one person to another.
Related Terms: Abatement, Debtor, Creditor ...
Debt is that which is owed; usually referencing assets owed, but the term can also cover moral obligations and other interactions not requiring money.
Debt
anything owed is a debt. This could be bonds, mortagages, promissory notes, etc. Debt could be money outstanding or services/duties which are due.
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Debt Financing: A method of financing where the company receives a loan and gives its promise to repay the loan.
Debt is a more extensive remedy for the recovery of money than assumpsit or covenant, for it lies to recover money due upon legal liabilities, such as for money lent, paid, had and received, due on an account stated for work and labor, ...
Where a debt owed to a party is assigned (sold) by that party to another. The party who owes the money then pays the new lender. Notice of assignment of a debt should be in writing.
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Debt. Whatever one owes. Rodman v. Munson, 13 Barb. 197 (1852). See Debet. A sum of money due by certain and express agreement. 3 Bl. Com. 154.
DEBT, contracts. A sum of money due by certain and express agreement. 3 Bl. Com. 154. In a less technical sense, as in the "act to regulate arbitrations and proceedings in courts of justice" of Pennsylvania, passed the 21st of March, 1806, s.
Bad Debt - An account receivable which is not collectible and charged off by creditors.
Bad Debt Reserve - An account to which doubtful or uncollectible receivables are charged.
Secured Debt: In bankruptcy proceedings, a debt is secured if the debtor gave the creditor a right to repossess the property or goods used as collateral.
Secured Debt - In collection or bankruptcy proceedings, a debt is secured if the debtor gave the creditor a right to repossess the property or goods used as collateral.
Debt
Definition - Noun
[Old French dette, ultimately from Latin debita, plural of debitum debt, from neuter of debitus, past participle of debere to owe]
1 : something owed: as
a : a specific sum of money or a performance due another esp.
debt collector
A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe.
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A debt that is not paid on the due date adds up and accumulates as "arrears". For example, if you do not pay your rent, the debt still exists and is referred to as "arrears".
bad debt
n. an uncollectible debt. The problem is to determine when a debt...
bad faith
1) n. intentional dishonest act by not fulfilling legal or contra...
Fair Debt Collection Practices Act (FDCPA)
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Claim -A debt owing by a debtor to another person or business. In probate parlance, the term used for debts of the decedent and a procedure that must be followed by a creditor to obtain payment from his estate.
ILLEVIABLE
A debt or duty that cannot or ought not to be levied. Nihil set upon a debt is a mark for illeviable.... more ...
Arrears: A debt that is not paid on the due date accumulates as "arrears." For example, if the rent is not paid, the debt still exists and is referred to as "arrears".
Set Off: A debt or financial obligation of one spouse that the court weighs against a debt or financial obligation of the other spouse.
Settlement Agreement: The written version of the settlement.
Unliquidated debt - Remaining not determined; unassessed or unsettled; in dispute as to the proper amount.
Abatement A reduction in some amount that is owed, usually granted by the person to whom the debt is owed. For example, a landlord might grant an abatement in rent.
Writ An order of the court enforcing the law or its separate orders by directing that some act be performed, as opposed to an order of judgment declaring a debt (as in a case for damages in tort or breach of contract) or enjoining some future ...
It could be a debt or a promise to do something. To say a person is "liable" for a debt or wrongful act is to indicate that they are the person responsible for paying the debt or compensating the wrongful act.
Charge: Form of security for payment of a debt.
Chattels: Moveable items of property which are neither land nor permanently attached to land or a building.
ceedings the payment of a debt, or the obtaining money by way of damages for breach of contract, or as a recompense for a wrong.
The damages thereupon constitute a debt that takes priority over all other obligations of the defendant except taxes and previous judgments.
A guarantor undertakes that he will repay a debt incurred by another person or company to a bank or other creditor and the bank or other creditor can require him to pay the outstanding amount if that person cannot or will not pay their indebtedness.
a rate of interest on a debt which is exorbitant and in excess of the percentage allowed by law. Each state sets its own maximum interest rate.
Solvency: The ability to pay off one's legal debt. The Social Security system is solvent when it can pay 100 percent of scheduled benefits.
The seizing of a person's property, credit or salary, on the basis of a law which allows it, and for the purposes of paying off a debt. The person who possesses the assets of the debtor and is the subject of the seizure is called a "garnishee".
A certificate or evidence of a debt with a sum fixed as a penalty, which contains a written agreement binding the parties to pay the debt, conditioned, however, ...
garnishment: like attachment, a device used to bring property in the form of a debt under the court's jurisdiction. It is also used to collect unpaid judgments and other obligations, for example, by taking money out of the debtor's paycheck.
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liability - A legal responsibility, obligation, or debt.
libel - See defamation.
lien - A claim against property for payment of a debt. Common types of liens include the mechanic's lien, the judgment lien, and the mortgage lien.
Insolvent - When the total debt of an entity is greater than all of its property.
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**condictio - a type of action alleging a debt without specifying the precise basis of the claim. It was available in both contractual and quasi-contractual claims.
*constitutio - general term for imperial legislation of all types.
Money, evidence of debt, evidence of ownership, and all other forms of property where the value is based upon that which the property represents other rather than its own intrinsic value (e.g., mortgages, shares of stock, bonds, notes).
liability - A legal responsibility, obligation, or debt.
libel - A method of defamation expressed by print, writin-, pictures or signs. In its most general sense any publication that is injurious to the reputation of another.
bond A certificate or evidence of a debt; a written promise to pay a certain amount of money if certain conditions are not met.
bond for costs A bond given by a party to secure the eventual payments of the costs of a suit.
Writ of execution - An order of the court evidencing debt of one party to another and commanding the court officer to take property in satisfaction of the debt.
surety: One who is legally liable for the debt, default, or failure to carry out a duty of another.
T
third-party action: A claim asserted by a defendant, styled a third-party plaintiff, against a person, styled a third-party defendant.
Alienation Clause
A clause calling for a debt under a mortgage or deed of trust to be due in its entirety upon transfer of ownership of the secured property.
Attachment- Taking a person's property to satisfy a court-ordered debt.
attorney-at-law - An advocate, counsel, or official agent employed in preparing, managing, and trying cases in the courts.
Lien - a legal claim usually against a piece of land for payment of some debt, obligation, or duty. Some forms of liens are tax liens and materialman's liens.
Litigation - a controversy in a court.
AMORTIZATION SCHEDULE A periodic payment schedule of interest and principal owed on a debt.
ANCILLARY Auxiliary; describing a proceeding attendant upon or which aids another proceeding considered a principal.
GARNISHMENT: Also known as wage execution. A court-ordered method of debt collection in which a portion of a person's salary is paid to a creditor. Often used to collect child support payments.
Lien: A claim or charge on property for payment of debt, obligation, or duty.
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County Court: The civil court which deals with a wide range of matters, including divorces which are not being challenged, landlord-and-tenant disputes, claims for debt, claims for loss or injury up to £5 000 and so on.
Lien: A charge, hold, or claim upon property of another as security for a debt.
 See also: Law, Person, State, Court, Property
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