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Can a law firm sue you for a deficient balance of a repo'd vehicle if the original creditor charged off the amount to profit-loss?
Wiki User
∙ 8y ago
Dont pay it and find out for sure.
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∙ 8y ago
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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?
You pay what is owed after the creditor sells the car for. So if you owed 10,000 and the creditor sells it for 8000 at an auction, then you would owe the remaining balance.
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 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.
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.
Can a creditor sue you for a deficiency balance?
Yes.. always it's in the fine print on the documents you signed.
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.
