Introduction
A debt occurs when one person (the debtor) owes money to another (the creditor). People can get into debt in any number of ways; for example, they receive regular demands for payment of accounts for such things as electricity, doctors’ fees, loans and credit cards.
If you, as a debtor, receive an account, then ask:
Do you owe the creditor the money?
Is there any reason why you should not pay the debt?
Can you afford to pay the debt?
Introduction
Chapter: 5.2: Are you in debt?
Contributor: Julie Zhou, Barrister
Current as of: 1 September 2024
Law Handbook Page: 298
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