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The original creditor is required by law to charge off an account after a 180 day deliquency. In most instances the account is sold to a third party collector. The collection agency will continue collection procedures. If an equitable arrangement cannot be made with the debtor, the collector may refer the account to an attorney who may decide to file a lawsuit.
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How can a creditor sue without charging off debt and at what point in time must they charge off bad debt?
Charge offs generally occur 180 days after DLA. It is not necessary for a creditor to designate an account as charged off in order to file a lawsuit. A creditor may file suit at any time an account is in default or in some instances if they have just cause to believe the debt will not be repaid as agreed. The charging or writing off of a debt is only a required accounting entry by the creditor. It does not effect you, or change the amount you owe, or that you owe it. It does not change any of the legal methods to force collection that were available before making the entry. All it does is make the creditors accounting statement recognize that an asset (your receivable) that it expected to realize, and already recorded as income, is not going to happen. they are taking the charge to their books for the expense of your not paying, or that it is now considered unlikely you will ay, and the asset does not exist (or in bank terms, is no longer productive). When the charge off occurs depends on many things in accounting parlance...most companies actually establish an account for expected bad debts (an accrual) as a current charge against sales, (expecting some to go bad), and adjust that account on experience...without having to do much on any particular account.
How do you close recuring deposit account?
visit the bank branch where you have the recurring deposit accountsubmit a request in writing to close your accountthe bank will process the request and pay you the money held in that account.A point to note is that, if you are closing your RD before maturity, the bank can charge you a penalty for doing so.
when is considered the point of sale during a transaction?
It is the moment where the register immediately takes the cash from your back account. This is what a point of sale refers to. I hope that this will help you out.
What is the procedure of closing a recurring deposit account?
visit the bank branch where you have the recurring deposit accountsubmit a request in writing to close your accountthe bank will process the request and pay you the money held in that account.A point to note is that, if you are closing your RD before maturity, the bank can charge you a penalty for doing so.
How are debit and credit cards similar?
Their only similarity is the manner in which they are used at the point of sale. If you present a Debit card, the amount of sale is immediately deducted from your bank account. If you present a Credit card, the amount of sale is added to your credit account and then you are billed for payment monthly at a later date.
How can a creditor sue without charging off debt and at what point in time must they charge off bad debt?
Charge offs generally occur 180 days after DLA. It is not necessary for a creditor to designate an account as charged off in order to file a lawsuit. A creditor may file suit at any time an account is in default or in some instances if they have just cause to believe the debt will not be repaid as agreed. The charging or writing off of a debt is only a required accounting entry by the creditor. It does not effect you, or change the amount you owe, or that you owe it. It does not change any of the legal methods to force collection that were available before making the entry. All it does is make the creditors accounting statement recognize that an asset (your receivable) that it expected to realize, and already recorded as income, is not going to happen. they are taking the charge to their books for the expense of your not paying, or that it is now considered unlikely you will ay, and the asset does not exist (or in bank terms, is no longer productive). When the charge off occurs depends on many things in accounting parlance...most companies actually establish an account for expected bad debts (an accrual) as a current charge against sales, (expecting some to go bad), and adjust that account on experience...without having to do much on any particular account.
What is the difference between a POS debit and a DBT Purchase that is posted in my checking account?
POS stands for Point Of Sale DBT debit payment you made over the internet or authorize creditor to take it directly from your account such as monthly automatic payments
What is the law concerning Credit Bureaus must have verifiable proof of the foreclosure account in their files if they are going to report the negative item on your report?
Credit bureaus are required to investigate and verify the accuracy of information they report, including foreclosure accounts. If you dispute the foreclosure on your credit report, the credit bureau must investigate and ensure that there is valid proof of the foreclosure before reporting it. If the credit bureau cannot verify the information, they must remove it from your credit report.
What are the differences between a test charge and a point charge?
A point charge is an electric charge that is concentrated at one mathematical point with no spacial extent, A test charge is a charge that is small enough to have no effect on a system, but is used to study a property.
You owe hosptail billsandcant pay them do you just get bad credit?
They may have a host of legal remedies available to them. First the account may be transferred to a collection agency which will report your collection and damage your credit. That agency or the original creditor may decide that the debt is worth persuing legally. They may take you to court to obtain a judgment against you. From that point you may end up with wage garnishments or other consequences.
How would you analyze financial position of Company from point of view of an 1Investor. 2 Creditor and3 Financial executive of the company?
How would you analyse the financial position of a company from the point of view of an: (i) Investor (ii) A creditor, (iii) A share holder
Are COACH modeling is a scam?
Yes, they are. They charge you money up front to "activate" your online account. Remember the rule - the point of work is that they are to pay you! Do not pay to work!
Who is in charge of democracy?
The point of democracy is that the people are in charge
Is light a point charge?
No. Light does not carry a charge.
The electric field of a point charge always points away from the charge?
If the given point charge is of positive one then the field points away from the charge. This is because we define the field at a point as the FORCE acting on unit POSITIVE charge. Like charges have to repel and hence the direction. If, other wise, the point charge is negative then electric field due to this negative charge would be towards the negative and not away from it.
Why is Coulomb's law valid only for a point charge?
Coulomb's law is applied to point charges because there are "problems" applying it to a charge that has "dimension" to it. A charge is surrounded by an electric field. If we cannot treat it as a point, then the charge has to be "distributed" through the "body" of the charge. It will change the way we have to do the math. If we view charges as non-point sources, then we can't apply the mathematics to the charges in quite the same way as we do when we work things out with point sources. Take a charge that isn't a point source and one that is. If the charge that isn't a point source has "dimension" to it, then the charge on that charge (if that makes sense) is not eminating from a point but from the "body" of the charge as a whole. The electric field will be "distributed" over the volume of the body of the charge, and its effect on a point source will have to be worked out differently than it would if it was point source-to-point source.
Who sent you to the collection agency?
I presume your question is "how did your debt wind-up at a collection agency". There are 2 methods: (1) the original creditor sold your account to an agency for a price that is a fraction of the outstanding balance on the account (so the collection agency now is your creditor legally), (2) the original creditor contracted with a collection agency to get you to make more payment on the debt than you have while interacting with the original creditor only. In either case, a collection agency is a company that makes a profit by getting debtors to make a payment of sufficiently greater amount (than they had been making to the original creditor) such that a greater return can be realized from this continued effort to collect the debt, and collection agencies usually are profitable companies. In my personal opinion, the first method (# 1 above) is used in the vast majority of delinquent debt collection situations. Any creditor organization of at least medium business size has enough staff to attempt to coax the debtor to make more payment, so there would be no reason to contract a collection agency to try again. That latter point being understood, collection agencies sometimes resell a debt account to another collection agency when they give-up on trying to get more payment from the debtor (and the account has not been settled).
