A negative obligation to the debtor
A creditor or lender is a natural or legal person who is entitled to payment from the debtor due to the granting of a loan or on the basis of other obligations existing from the debtor. The debtor does not necessarily have to have a negative obligation to the debtor. For example, if the lender provides a service – for example, if a telephone connection is provided – the costs for this are only calculated afterwards. In this way, monetary values are incurred by the lender, but are paid by paying the monthly fee. Paying a loan installment on a regular basis is also not a negative debt.
Where is the term creditor used?
The term is used wherever there is a permanent debt relationship. This is the case, for example, with corresponding installment contracts or contracts that are based on a service that is permanently provided. However, the term is also used in connection with a person or an institution that actually has to collect debts from the debtor. A debt collection agency is to be seen as such if the claims of a particular company have been assigned to it. These are negative debts that arose from the actual delay in payments, but the respective service was performed.
More information about the term creditors
The term is rather negative today, although there are different types of creditor relationships. Basically, a department store is also such if the price for the purchase is only requested at a later point in time – for example, by invoicing. In this context, the creditor identification number should be mentioned, which is particularly important for large companies. It is noted in direct debits and definitely identifies the incoming institution as the person who is actually entitled to receive the claim. In the private sphere, a person only enters into a creditor relationship if an open claim against another person has been titled by a court. Before that, it is always private debt.