3 hrs confidence: does not operate to extinguish the borrower's obligation to pay the debt
Explanation: FR: le règlement des échéances, en principal et intérêts, ne constitue pas automatiquement paiment effectif si la provision est insuffisante et donc n'emporte pas novation de la créance sur l'emprunteur. EN: payment of amounts due, as principal and interest, does not automatically constitute effective payment if the amount paid is insufficient, and thus does not operate to extinguish the borrower's obligation to pay the debt. In other words if your monthly bill is $1000 and you pay $995 that month, what you have paid is insufficient, so it doesn't count as having been paid. (Thus, presumably, even though your payment that month was only $5 short, your payment still counts as late because it wasn't paid in full; therefore they can still hit you with whatever penalties and late fees may apply.) The novation bit just means that the debt for that month (which was $1000) is not extinguished by any insufficient payment. You're still on the hook for all nonpayment penalties, just as if you had paid $0 that month. A few novation links: https://www.cabinetaci.com/la-novation/ https://www.village-justice.com/articles/novation,20239.html https://fr.wikipedia.org/wiki/Novation_en_droit_civil_frança...
| Eliza Hall United States Local time: 08:15 Works in field Native speaker of: English PRO pts in category: 12
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| | Grading comment All good options here. Thank you all so much for your help. |
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