What is a creditor

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There are some concepts that sometimes we do not understand. Such is the case of the creditor figure, one of the most important that you will find in economic matters, finances ...

If you pretend know what a creditor is, the difference that exists with other concepts such as debtor or supplier, as well as the types that exist, do not hesitate to take a look at what we have prepared for you.

What is a creditor

The word creditor has been defined in many different ways. As an example, the RAE establishes the creditor as "He who has the right to have a debt paid", or "The one who has an action or right to request the fulfillment of an obligation." If we approach wikipedia, the conceptualization is somewhat clearer, "That person, natural or legal, who is legitimately authorized to make the payment or fulfillment of a previously contracted obligation."

A very simple way, A creditor is the person who "lends" money to another. As an example, it could be a bank that lends money to an individual or a company; or a company that lends it to another. At that moment, that person (natural or legal) becomes the creditor of the other because he has given him money that he has to return.

En el día a día puedes conocer a muchas persons que son acreedores: el propietario de la vivienda alquilada (si vives en una), el banco si te han prestado dinero; un proveedor si le han proporcionado el género y le han entregado una factura que todavía no ha pagado …

In general, anyone with whom you have an outstanding debt becomes a creditor, and the same happens with public entities (Social Security, Treasury ...).

Creditor and debtor

When we speak of creditor, it is inevitable that the figure of the debtor comes to light immediately since it is closely related to the first. To make it clear to you A debtor is the person who has the obligation to pay an amount of money to the creditor. In other words, it is the person who receives the money from the creditor and subsequently has to return it.

We speak then of two opposite figures, the creditor, who would be the active subject; and the debtor, who would be the taxpayer of a relationship. In reality, one does not exist without the other. As an example, you cannot make loans if you have no one to lend to, and you cannot pay back money if no one has lent it to you.

Creditor and supplier

On a day-to-day basis, it is possible that you hear many concepts and they seem similar to you, but in fact they are not. This is what arises, by way of example, with creditor and supplier. They are two completely different concepts and, at the same time, they are so similar that many confuse them. Therefore, we are going to clarify both figures for you.

On the one hand, we have the supplier. This is established in accordance with the RAE comor "said of a person or a company: that provides or supplies everything essential for a purpose to large groups, associations, communities, etc.", or put another way, the person from whom we buy a good or service related to our work activity.

On the other hand, the creditor, according to the definitions that exist, is the person with whom we have contracted a debt necessary for the company's activity. BUT, that debt is not associated with the work activity we do. In other words, it enables the operation of a business, but it would not really influence work activity.

The most visual example would be the following:

Imagine you have a coffee shop. The supplier can be the person or company that serves you the coffee. But the creditor is the company that provides you with the services of electricity, telephone, running water ...

Now, often, suppliers, by providing you with the product you require (the raw material), become creditors, but technically they are not.

Types of creditors

In general, creditors can be divided into two large groups.

Personal creditor

This figure is the characterizes friends or family to whom payment is owed. As an example, when you ask your brother for money, or between friends, you borrow money.

Usualmente, y para que la deuda be cancelada, se recomienda que exista un documento legal que establezca cómo se amortizará la deuda contraída.

Real creditor

The real creditor is that figure where there is a legal contract between the creditor and the debtor. In other words, everything is tied and well tied to understand what is provided and how it is to be returned, as well as what to do in case of a claim against the debtor if the payment that is owed is not enough within the established period.

However, at the same time of this great classification, there are several other types of creditors that you should know, such as pledge, hereditary, unsecured, mortgage ... In fact, there will be as many creditors as there are types of debts or obligations, in this way, name them all , it can be quite tedious.

How can a person become a creditor?

Right now, there are many examples where you can see that you are truly a creditor to someone else. But, according to the civil code, a person could become such a figure. if any of these reasons occur:

• Because a binding contract will be concluded between two people.
• Because there is an imperative of law in which there is an obligation regarding another (for example, pay alimony, a pension ...).
• For civil liability, for a crime or act that motivates this situation.

However, a person who is a creditor cannot demand that the obligations be satisfied when he wishes, for this there are a series of deadlines and, until it is not fulfilled, he cannot force payment. As an example, the owner of an apartment cannot require tenants who are renting to pay him the monthly installment of the apartment on the 15th if it is stipulated that it is paid at the end of the month.