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:
“Forgetfulness. A gift of God bestowed upon debtors in compensation for their destitution of conscience.”
—Ambrose Bierce (1842–1914)
“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.)
“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.