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What is acceleration?

Many contracts for debts contain "acceleration" clauses. This clause gives a creditor the right to "accelerate" the repayment when a payment is missed. Often, the creditor can require payment in full even when a single payment is missed. The courts may be able to force the debtor to pay a secured debt by seizing the debtor's property and selling it to pay off the debt.

Other Alaska Collections-Creditors Rights FAQs

Q: Can A Creditor Take Legal Action?
A: Creditors can take several kinds of legal action against you. These options are often written into the sales contract.
Q: What exactly is repossession?
A: Repossession is when a creditor has the ability to seize the item you bought or the property you used as collateral for a loan. The creditor usually sells the property … More
Q: Can a creditor garnish a debtor's wages?
A: Yes, wage garnishment is a court order that requires an employer to withhold part of an employee's wages and submit that portion to the creditor in order to … More
Q: Can There Be A Negotiation Between Creditor And Debtor?
A: Yes. Reduce monthly payments Refinancing a loan Deferring a payment for a short time Reducing or dropping late charges Paying interest only on the loan until you can … More

Collections-Creditors Rights Sub-categories

Chex Systems
Collections
Creditor Remedies in Bankruptcy
Debt Collections
Enforcement of Judgments
Fair Credit Reporting Act
Fair Debt Collection Practices Act

Identity Theft
Judicial Remedies
Mortgage Foreclosure
Non-Judicial Remedies
Secured Transactions
Types of Creditors