Is it legal to repay a loan to the bank in Pennies?

@ahgong (10064)
Singapore
August 17, 2010 4:08am CST
I was watching Shopaholic. And in the show, the girl chalks up a HUGE amount of credit card debt cos she is addicted to shopping. So the creditor goes all out to embarrass her in the pursue of reclaiming the debt. She finally straightened things out and managed to garner enough money to pay the creditor back. And in a spite to get back at him, she paid her debt in pennies. Filling up all sorts of bags and jars with pennies that filled up the creditor's office. It was a funny scene! And it got me thinking... can this really be done in real life? If you really do that to the creditor by paying your loan in pennies, can they refuse to accept the denominations that you used to pay your loan?
2 people like this
3 responses
applefreak
@applefreak (3130)
• Singapore
17 Aug 10
well in singapore it can be done. however, you can only make payment in S$1 coins. there is a limit to the amount of coins you can use depending on the denomination. think it's up to S$0.50 for five cent coins, up to S$2 for ten cent coins and other limit for 20-cent and 50-cent coin. the only one without limit is the S$1 coin. there was one case where a man paid his income tax and penalty with all S$1 coins. he was upset because he felt it unfair to be penalised for failure (or late) to pay income tax. so he went to the taxman and paid his entire bill in S$1 coins.
1 person likes this
ahgong
@ahgong (10064)
• Singapore
17 Aug 10
Really? He paid it all in coins? And the tax man cannot say no? Woo~~~! Interesting! Very interesting indeed. When did this happened? Was it reported in the news?
bloggeroo
@bloggeroo (2167)
• Philippines
17 Aug 10
Yup. I saw that, too. In the Philippines, you cannot compel anybody to accept legal tender in this manner. This means the payee can refuse to accept payment. It's found in our civil law, but I don't think somebody has ever tried going against it yet. Well, at least, there are no cases brought before the Supreme Court. Anyway, Shopaholic is really just a work of fiction. It's funny scene, but it's far from reality.
puccagirl
@puccagirl (7294)
• Israel
17 Aug 10
Well, I have never heard of anytone doing this, but I don't see why it should not be allowed, I mean money is money right? I am not 100 % sure though! Great movie, by the way! I liked it a lot!