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Can a company demand payment on an account that has already been stated on your credit report as a charge-off?
Wiki User
∙ 19y ago
Of course. Charge off is simply an accounting term. It is a shortened version of "chraged off to profit and loss". Companies will frequently charge off debts to clear their books. It has no bearing on a consumers' liability. If you did not pay the debt, you still owe, regardless of what it is called. For a consumer, charge off = collection account.
Wiki User
∙ 19y ago
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What is an account receivable?
account receivables reflects those amount which the company has sold and payment for that sold items has not yet recieved so that amount will be booked as account recievables
How do you remove payment from suspense account to customers account?
payment in suspense to customers account as receivable account
What is the definition of the term 'charge off'?
The term "charge off" is used when a company or creditor clears a persons account due to lack of payment at loss to the company. No further charges can be applied to the account.
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
How do you get a negative collection account to report positive on a credit report?
In order to repair an account you need to have the part of the account which is derogatory deleted. For example, If you have an account with a late payment, that late payment would either have to be removed or repaired for the account to become positive. Here are some tools to get this accomplished: 1. Goodwill intervention 2. Late payment validation 3. Escalated info request 4. FTC Complaint followed by another late payment validation You can either do this all yourself or you may hire a Credit Repair Company to do this for you.
Will having a payment plan with a collection agency greatly reduce your credit score?
No. Once a person is being threatened by a collection agency, there is a high liklihood that the damage to the credit report is already done - a chargeoff or collections transline will already be in your credit report. Having a payment plan merely gets the debt paid and on-time payments are usually NOT reported (however, if you miss a payment, that company can and will send a negative tradeline to further damage your credit reputation).
Can a stop payment be issued on a check that has already been paid from an account?
No. It has already been paid.
Can you pay a debt to the original company once it has gone to collection?
The only person that can accept payment once an account has been charged off is the purchasing agent. When a collection agency purchases your debt, they purchase all legal rights to it, including any payments made towards the account. If you were to pay the original creditor after a chargeoff, they are required to forward that payment to the purchasing agency and this can be a rather lengthy process. Understand that many debts that go to collections are interest bearing and the longer a payment takes to get to the correct party, the more you may be paying in the end.
Can capital one sue me for non-payment?
Capital One can sue someone for non-payment of their account. It is very unlikely that you will be sued by the company.
What is the payment of damages by the insurance company directly to the insured?
Payment of damages by the insurance company against your Householders' policy is paid directly to your account through NEFT,instead of cheque as was customary earlier.
What is the account entry should do for a car company which is installment?
The account entry that you should do for a car company, if it's an installment payment, is a debit. This means that you have paid the bill and you deducting it from your bank balance.
Why should a company open a business savings account?
A company open a business savings account because it makes transaction and payment much easier. You can read more at www.citibank.com/savings
What is an account receivable?
account receivables reflects those amount which the company has sold and payment for that sold items has not yet recieved so that amount will be booked as account recievables
How do you remove payment from suspense account to customers account?
payment in suspense to customers account as receivable account
What does it mean when your mortgage company says your taxes have been impounded?
This means that the mortgage company has included your taxes as part of your monthly payment. They take a portion of your payment every month, hold it in an account called an escrow account, and then disburse it according to the requirements of the county that your property resides in.
What is the definition of the term 'charge off'?
The term "charge off" is used when a company or creditor clears a persons account due to lack of payment at loss to the company. No further charges can be applied to the account.
Why would a brokerage company close an account?
One reason would be to cover a non-payment of a margin call.
