võlgunik

Võlgunik is an Estonian word that translates to "debtor" in English. It refers to an individual or entity that owes a sum of money or other obligation to another party, known as the creditor. This debt can arise from various financial transactions, such as loans, credit purchases, or unpaid services. The debtor is legally bound to fulfill the terms of the agreement and repay the outstanding amount according to the agreed-upon schedule and conditions.

In legal and financial contexts, a võlgunik has specific rights and responsibilities. Failure to meet these obligations can lead to consequences, including late fees, interest charges, damage to credit history, and in more severe cases, legal action by the creditor to recover the debt. Estonian law, like that of many other countries, provides frameworks for debt collection and resolution, aiming to balance the rights of both the debtor and the creditor. Understanding the implications of being a võlgunik is crucial for individuals and businesses engaging in financial activities.