A debtor who makes an unsuccessful but reasonable attempt to pay will be free from further liability on interest owing on the amount.

Question

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This statement is correct, as per the principle of partial payment. If a debtor makes a reasonable attempt to pay but is unable to clear the full amount, any interest owing on the amount will be waived off and the debtor will only be liable to pay the principal amount.

A Debtor Who Makes an Unsuccessful but Reasonable Attempt to Pay