Exigible debt refers to a form of debt that requires immediate payment. It is a definite amount of money that is owed either by contract or other means. This type of debt is readily payable and enforceable, signifying that it is a claim that has reached maturity and must be settled without delay. Instances of exigible debt comprise credit card debt, utility bills, and rent payments. It is crucial to settle exigible debt promptly to evade late charges and detrimental effects on credit ratings.
Exigible debt refers to a form of debt that must be paid immediately. It is a debt that has been determined and can be demanded by the creditor. For instance, a credit card bill serves as an illustration of exigible debt. When you utilise your credit card for a purchase, you are effectively borrowing money from the credit card company. The amount you owe is evident, and the credit card company can request payment at any given moment. This example exemplifies the concept of exigible debt as it is a debt that must be paid immediately, and the amount owed is clear and can be demanded.
Exigible debt refers to a debt that is immediately due and payable. It is a legal obligation that must be fulfilled within a specific timeframe.
Examples of exigible debt include credit card bills, personal loans, medical bills, utility bills, and any other debts that have a fixed due date for payment.
Yes, exigible debt can often be negotiated or settled with the creditor. This typically involves reaching an agreement on a reduced payment amount or a payment plan that is more manageable for the debtor.
If you fail to pay your exigible debt, the creditor may take legal action against you. This can include filing a lawsuit, obtaining a judgment, garnishing your wages, or seizing your assets to satisfy the debt.
Exigible debt can be discharged in bankruptcy, depending on the type of bankruptcy you file for and the specific circumstances of your case. It is advisable to consult with a bankruptcy attorney to understand your options.
Yes, failing to pay exigible debt can have a negative impact on your credit score. Late payments, defaults, or collections related to exigible debt can lower your credit score and make it more difficult to obtain credit in the future.
Exigible debt is generally not inherited by family members or heirs. However, the estate of the deceased may be responsible for paying off any outstanding exigible debt before distributing assets to beneficiaries.
Exigible debt cannot be transferred to another person without the consent of the creditor. If you wish to transfer your debt to someone else, you would need to negotiate with the creditor and arrange for a formal transfer or assumption of the debt.
Exigible debt can be forgiven in certain circumstances, such as through debt forgiveness programs or if the creditor agrees to forgive the debt. However, debt forgiveness is not guaranteed and usually requires negotiation or meeting specific criteria.
The statute of limitations determines the time period within which a creditor can legally pursue collection of exigible debt. Once the statute of limitations expires, the creditor may no longer have the right to sue you for the debt. However, it is important to note that the statute of limitations varies depending on the jurisdiction and the type of debt.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/exigible-debt/
- Modern Language Association (MLA):Exigible Debt. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/exigible-debt/.
- Chicago Manual of Style (CMS):Exigible Debt. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/exigible-debt/ (accessed: May 09 2024).
- American Psychological Association (APA):Exigible Debt. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/exigible-debt/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts