Tag Archives: Debt

A widely shared Facebook post claims that a debt will be written off if legal tender—cash—is offered but refused. However, this isn’t the case.

The post, which has been shared over 500 times, says: “Did you know? If you offer legal tender to clear a debt and it is refused, the debt is cleared from that moment. 

“So if you go into a petrol station and fill up with £100 and offer to pay with legal tender and they refuse it, they are clearing the debt and you now owe nothing.”

However, there is no obligation on businesses to accept cash payments. Legal tender has a narrow definition, meaning that you cannot be sued for non-payment if you pay ‘into court’ in legal tender. This does not apply to normal transactions. 

SCOTTSDALE, Ariz.–(BUSINESS WIRE)–Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra,” the “Company,” “we,” “us” or “our”) is pleased to announce the closing of a multi-faceted debt refinancing with First International Bank and Trust based in Watford City, ND. Nuverra executed a $10.0 million real estate loan, a $13.0 million equipment financing under the Main Street Priority Lending program, a $5.0 million undrawn working capital revolver and a $4.839 million letter of credit facility. Proceeds from the real estate loan and the equipment financing repaid all outstanding obligations owed to Ares under our first lien facility and revolver (which included the outstanding letters of credit) and all outstanding obligations under our second lien…