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Answered 2015-07-14 16:06:49

Dont pay it and find out for sure.

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Is the original creditor required to notify you of debt before using a third party collection agency?

Yes, the original creditor should have notified you that you had an outstanding balance. The creditor also notifies you that they will be submitting your debt to a "third party" collection agency. This is usually the final notice before your debt is sold. If you never received a notice, it is not required that the original creditor send you notice, all it is is common curiosity that they do.


What does it means if sundry creditor hava a debit balance and credit balance?

If someone has a creditor and has a debit balance and a credit balance this means they have a bank account. The bank account provides the debit card and the bank provides the credit balance.


What is creditor account with debit balances?

A creditor is an entity that a company owes money to, such as debt to a bank or bondholders. If a creditor has a debit balance, it means that your company paid more than they owed. If there was a credit balance, you would owe money on that account.


Why original creditors sale accounts to a collection agency?

Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.


Do you have to pay the balance owed after self repossession?

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Sundry creditors shows?

sundry creditor shows credit balance


With a cross collateralized debt when the vehicle was surrendered can the creditor demand payment for deficiency?

In the state of Texas, yes the creditor can follow for the deficiency balance.


If your original reported year was 1999 and it was written off in 2004 what does that mean?

In 1999 your balance was past due. In 2004 the creditor determined that you where not going to pay and wrote it off as a total loss. Not a good sign.


If you sell a car and you owe the creditor do you have to pay them the amount the car was sold for?

If you sell a car you owe a creditor a balance on, you pay the creditor the amount you owe him in order to get the title to the vehicle to turn over to your buyer. Anything over the balance owed to the creditor is yours to keep, assuming you sold it for more than you owed on it. If you sold it for less than you owe on it you will have to pay the additional amount out of your pocket to get the title.


If the original creditor is not reporting a debt to your credit report but their collection agency is can the original creditor instruct the agency to have the item removed in return for full payment?

YES, THE CREDITOR WILL REQUEST FOR EITHER PARTIAL PAYMENT OR FULL PAYMENT. ASK FOR A LETTER STATING THAT THIS COLLECTION WAS PAID IN FULL AND THAT YOU HAVE A ZERO BALANCE. ALSO; REQUEST THAT THIS LETTER STATES THAT THIS ACCOUNT NEEDS TO BE DELETED IN ERROR, SO THAT YOU COULD SEND THIS LETTER TO THE BUREAUS AND HAVE THEM DELETE THIS ACCOUNT OFF YOUR CREDIT REPORT AND RAISE YOUR CREDIT RATING.


Can a creditor sue you for a deficiency balance?

Yes.. always it's in the fine print on the documents you signed.


Will a creditor accept a lower payoff amount?

A creditor will usually accept a lower payoff amount when requested. Usually a lump sum payoff will result in a lower due balance.


How do you find garnishment balance?

You can find your garnishment balance by contacting the court who issued the garnishment or the creditor who put the garnishment on your wages. You could also pull a credit report to see your current balance.


Do you have to pay the entire balance of what is owed to debt collectors?

Debt collectors are under no obligation to take a lesser amount than what you originally owe. Most will agree to and acceptable payment plan or offer a settlement if the original creditor allows it.


When does a debtors account have a credit balance?

goods in transit a debtor(customer) could also be a supplier(creditor)


When you surrender property during Chapter 13 are you required to pay the difference of the auction amount and original balance?

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Can a repo put a lien on your home in Ohio?

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Can you get sued over an unpaid credit card balance?

Yes. It doesn't matter how much the account balance is, it only matters if the creditor can collect the money owed after wining a lawsuit


Can a creditor sell an account charge off and still list a balance owed?

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How do you return an unpaid car?

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How long can a creditor come after you for an unpaid balance and what can they do?

looks like 6 years. AFTER they get a judgement, they can garnishee your wages, ect. NO JAIL.


If a credit card company closes are you still required to pay the balance?

Yes. Their receivables will be sold to someone. That someone (assignee) will now own the debt from the assignor and will have all of the same legal rights of the assignor. This new group will then look to you, the debtor, to make good on your original contract with the assignor. If you do not they then come come after you just as if they were the original creditor.


What does a charge off with a zero balance mean?

A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.


Can the creditor garnish your wages for the balance of the loan owed to them after they sell the vehicle?

With FEW exceptions, YES. that is the lenders usual option to collect.


If you were involved in a car accident and it was not your fault are you resposible for the balance of the loan?

If the other party has insurance, then their company needs to pay off the balance. you are but you can sue their insurance for the loss but the creditor will expect you to owner the contract(the loan)


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