Question by MR. Thumbs Up: Can you Eliminate Credit Card Debt by Novation?
creating a new contract to replace the first
A Novation is a new agreement and is recognized in the law. The definition of Novation from Bouvier’s 1856 law dictionary illustrates:
NOVATION, civil law. 1. Novation is a substitution of a new for an old debt. The old debt is extinguished by the new one contracted in its stead; a novation may be made in three different ways, which form three distinct kinds of
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