Debtors
The person who owes the bill or debt is the debtor. Debtors may fail to pay (default) for various reasons: because of a lack of financial planning or overcommitment on their part; due to an unforeseen eventuality such as the loss of a job or health problems; dispute or disagreement over the debt or what is being billed for; or dishonesty on the part of either the creditor or the debtor. The debtor may be either a person or an entity such as a company. Collection of debts from individual people is subject to much more restrictive rules than enforcement against a business.
Read more about this topic: Collection Agency
Famous quotes containing the word debtors:
“So, summoning his master’s debtors one by one, he asked the first, How much do you owe my master?’ He answered, A hundred jugs of olive oil.’ He said to him, Take your bill, sit down quickly, and make it fifty.’”
—Bible: New Testament, Luke 16:5,6.
“I never heard of an old man forgetting where he had buried his money! Old people remember what interests them: the dates fixed for their lawsuits, and the names of their debtors and creditors.”
—Marcus Tullius Cicero (106–43 B.C.)
“Forgetfulness. A gift of God bestowed upon debtors in compensation for their destitution of conscience.”
—Ambrose Bierce (1842–1914)