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A lawyer sent you a letter after the account was taken off your credit can they sue you?
Wiki User
∙ 18y ago
Not knowing the specific circumstances it would be difficult to give a definite answer. If the debt is valid and the SOL has not expired a lawsuit is possible. The fact that the entry may have been deleted from a credit report does not necessarily render it uncollectible.
Wiki User
∙ 18y ago
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Who is SBLC?
SBLC (Standby Letter of Credit) A Commercial Letter of Credit is taken as Guarantee to be used in payment of goods and services. The Standby Letter of Credit issued is taken as guarantee that the applicant, the customer of issuing bank will execute responsibilities under an agreement. In other words, if an applicant fails to meet the promises made, the beneficiary draws on standby. According to the Controller of Currency, Standbys defined as, 'any letter of credit or a similar document issued which mentions responsibilities to the beneficiary on the side of issuer. The SBLC (Standby Letter of Credit) mentions details regarding- 1. To pay back the money borrowed or advanced to or for the account of the account party. 2. To pay on account of an indebtedness undertaken by the account party 3. To pay in case of default by the account party in meeting of any promises made.
How many points are taken off your credit for an unpaid account?
You can expect at least 10-15 point off of your credit score with an unpaid account. Remember the older the account the less it will affect you.
What journal entry goods taken away by the owner?
[Debit] Drawings account xxxx [Credit] Purchases account xxxx
How debit and credit related to transactions?
A debit is taken straight from the money you have in your bank account. A credit is taken, then the cost billed to you. With a debit, you pay now with no interest. With a credit, you pay later with possible interest added to it.
How long does a debt stay on your credit if the amount is not paid?
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
Do you need a credit card linked with PayPal to pay your eBay fees or is just a linked bank account enough?
You can just use your bank account, if you want. When you set up automatic PayPal payments to pay your eBay seller fees, the money that you owe will be taken from your PayPal balance. If you don't have enough in there, the remainder will be taken from whichever funding source you have added to your PayPal account. Assuming that you only have your bank account registered, the remainder will be taken from there. Should you have both your bank account and a credit card registered, the order that they are used to fund purchases/eBay fees is as follows: PayPal balance Bank account Credit card
How does one accept credit cards?
To accept credit cards, you need a special service called a merchant account. Merchant accounts basically is a very special bank account which deposits money taken from credit card transactions into your checking account. There are many ways that credit card transactions are submitted, such as online through payment gateways, or in a retail store through a credit card terminal, but at the end of the day, funds go into your merchant account and eventually your business checking account.
What is credit and debit in banking sector?
In banking parlance, Credit refers to a transaction where funds came into the account under question and Debit refers to a transaction where funds were taken out from the account. For ex: If your company deposits your salary into your bank account, it will be a credit transaction. Similarly, if you use your ATM Card and withdraw some money, it will be a debit transaction.
Is deferred income taxes debit or credit?
It's a debit... since - once the income tax is confirmed, it will be taken from the account.
Why the journal entry is debit when the owner withdraws money from the business account for personal use?
It is a debit because money is being taken from the account. You debit the owner's capital account and credit cash/bank.
Why is cash debit in the book of accounts whereas it is credit in the bank statement?
Because it's taken from the company's cash balance - and credited to the company's account. The company's books must balance - therefore, the cash is taken from one account and paid into another.
How do you accept credit card payments?
In order to accept credit card payments from your business, you would need to open a merchant account with a credit card acceptance company. The merchant account will provide you with a solution for taking credit card payments as well as settling those transactions so that the money that you are owed can be taken from the customer and deposited into your business account. For more information on taking cards as a form of payment see these resources:
