Owing creditors

Question ID: 39448
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Slms Mufti
I had a business which was severely in debt. All my creditors knew my position and were bearing with me. Some of them summoned me and arrangements were made with the lawyers to pay. After paying the amount owing ,the interest and lawyer fees just dont seem to end, continious charges such as late payments, commission on collections, sherriff’s costs, etc etc. In most cases the balance owing is almost the same as the original capital amount after paying the capital. Am I still responsible for the payments to my creditor even though he may have not received all the money since the lawyers would first deduct their fees?

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Asked on January 1, 1970 12:00 am
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Yes. You owe him what he deserves, the original debt amount.

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Answered on January 1, 1970 12:00 am