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If you default on a loan and the company charges off your debt can they still sue you?
Wiki User
∙ 14y ago
Yes.
They usually sell your debt to another company. This new company "usually" does not have all the info and does not have the signed documents needed to win in court. They can be very aggressive, but will only threaten to take you to court. Some of this depends on the amount of the debt and how long it has been in collections. If they are calling you at work, ask for their mailing address and mail them and tell them to only contact you at home. If they do not follow this request, you can sue them.
Wiki User
∙ 14y ago
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What does the term notice of default mean?
A notice of default is used to notify a borrower that they have defaulted on their debt. To default on a debt means to fail to repay it. So a notice of default reminds the borrower that he has not made a payment on his debt on time.
Credit card debt default and asset seizure?
A company can seize assets doe to credit card default if they obtain a judgment through the court. You will be notified of the court date.
Who is responsible for business credit card debt?
The business is, provided the charges were for business related or permitted personal purchases. Most businesses, however, have policies for personal purchases on company plastic, and procedures for paying back the company. If personal charges are not permitted, then the card holder will be required to pay back the debt.
If a creditor charges off a debt can they still go after you for repayment?
Yes, the designation "charge off" does not make the debt owed invalid or uncollectible in any context.
What services do Company Debt provide?
The act of taking on company debt can provide you with many services. Capital is needed to purchase land, equipment, supplies, and to pay labor costs. This capital can be taken on credit, but beware interest charges.
To avoid payment on a debt?
To avoid payment on a debt is referred to default. This will, in most cases, attract more charges as a form of penalty.
Can the insurance company owe you money if their check is no good?
If the insurance company owed you money and they attempted to pay that debt with a cheque that was not honoured the the debt is still outstanding. They may also be liable to other charges.
Can collection agencies request additional money on interest charges after the debt is paid in full?
No, a debt collection company purchases a debt from a creditor. They can try to collect on that debt but may not charge interest on it as they have no contract with you outlining interest charges. If a company is attempting to do that, cite the Fair Debt Collection Practices Act, a federal law, and complain to the Federal trade Commission, which oversees debt collection practices.
Tax debt is what type of debt to a company?
Tax debt refers to the tax paid on the amount of debt the company has outstanding still. This varies significantly by company and non-profits do not pay tax.
What does the term notice of default mean?
A notice of default is used to notify a borrower that they have defaulted on their debt. To default on a debt means to fail to repay it. So a notice of default reminds the borrower that he has not made a payment on his debt on time.
How do you find the company that is holding the debt from someone that has gone into recievership?
You will need to begin by contacting the company in where the debt originated from. They can tell you if they are still holding the debt collection or if it has been released to another company.
Credit card debt default and asset seizure?
A company can seize assets doe to credit card default if they obtain a judgment through the court. You will be notified of the court date.
When you acquired debt on your company before making it an LLC are you responsible for the debt after the company has been dissolved?
Yep....It is still your responsibility to pay your debts...
Are you still liable for a debt after a credit card company charges off your account?
Yes, a charge off does not mean a debt is invalid nor uncollectible. The term is used by creditors to indicate a debt that they believe is not collectible under normal procedures and they are clearing the debt from their books for taxation and operational purposes. The OC will then refer (or sell) the debt to a collection agency or collection attorney for further action.
Who is responsible for business credit card debt?
The business is, provided the charges were for business related or permitted personal purchases. Most businesses, however, have policies for personal purchases on company plastic, and procedures for paying back the company. If personal charges are not permitted, then the card holder will be required to pay back the debt.
If a creditor charges off a debt can they still go after you for repayment?
Yes, the designation "charge off" does not make the debt owed invalid or uncollectible in any context.
What is your business?
When a customer's loan or bill goes into default the company that lent the debtor the money will try to collect the debt. Most debt collectors are from the actual lender or are contractors that have purchased the debt and will try to collect the money from the debtor with interest.
