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A company can continue to collect from you indefinitely. As in, when you die, if you owe them money, they can collect from the executor of your estate, and get part of your life insurance policy. The best thing to do is to contact that company, and work out some kind of payment schedule with them, perhaps get them to work with you on lowering the interest rate, or disregarding any fees you may have accrued (ie: late fees, over-limit fees, etc)

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Q: How long can a company pursue you for an out standing debit?
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Continue Learning about Accounting

How long does a person have to revoke their check after it has already been put on a prepaid debit card?

How long does a person have to revoke a deposit onto a debit card, after it has already been taken out of the checking account?


Are motor vehicles a debit or credit?

Motor Vehicle is an asset for business and long term asset which is shown under balance sheet as a asset and like all other fixed assets which has debit balance as normal balance it also has debit balance as normal balance.


How long should you keep bill statements?

credit and debit cards


What is a debit card described as?

In simple terms - a debit card is 'electronic cash'. You can only pay for things with a debit card as long as there is enough money in the account that's linked to it. Once the cash is spent, the card will be rejected.


How do you enter a long term liability?

In double-entry accounting it's the same basic entry for all liabilities, the accounts used will vary depending on the type of liability in which you may be referencing.I'll give a couple examples so that hopefully it will help. Company X purchases a computer on account, the amount the company owes is now a liability. To record this purchase a debit is made to Equipment and a credit is made to accounts (or notes) payable.Remember, all liabilities have a credit balance, therefore when entering a liability, there is a credit to the liability and a debit to another account.A company borrows money from a bank and signs a note, the debit is for the cash received and the credit is for the note payable (the liability)A company owes their employee's wages but does not intend to pay the wages until a later date, what they now owe is a liability. A debit to Wage Expense is made with a credit to Wages Payable.*note, a long term liability is still a liability, the difference between a long-term and a current liability is only the time in which the debt (or liability) will be fully paid off. The entry is the same for both.

Related questions

How long can a company hold your debit transaction?

1 year


Is ADT alarm company a good company?

ADT is a large scale, long standing, public company with lots of experience in the field. There are a large number of good reviews by happy customers.


How long do debit cards take?

Debit cards will take up to about 2 weeks or so.


Can you take money from your debit card?

Yes as long as you have the money in the account connected to the debit card.


Can you have a number of a debit credit card?

Yes obviously. You get the number of your debit card, it is the 16 long digit number. it's on the front of your debit card


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At&t is one company offering home dls service that has been around the longest. Another long standing company is Verizon.


Do you think Google should have entered china and engaged in self censorship given the company's long standing mantra don't be evil?

Yes.


Does newegg accept debit?

As long as you can use your debit card at stores just like credit cards are used, your debit card will work. Newegg won't know the difference between your debit card and a credit card.


How many years can a collection company pursue a debt?

Theoretically, they can pursue you until you die or file for bankruptcy, regardless of how long either of those particular processes take. Your contract with the credit card company is similar to a vow of marriage, in that it has something along the lines of a "till death do us part" clause, but more so: "You owe us until you die!"


What does the company Northrop Grumman Corporation specialize in?

This company is an aircraft manufacturer with a history spanning decades. They perform logistic tasks and builds specific to that particular nature. They have a long standing good reputation in this field.


Who are the founders of fisher price?

The company Fisher Price was founded in 1930. The original founders of this long standing company are Herman Fisher, Irving Price, Margaret Evans Price and Helen Schelle. The parent company of Fisher Price is Mattel.


What company owns the worlds diamond market?

There is no one single company that owns the worlds diamond market. The DeBeers Organization, however, is a long-standing and seasoned business involved in diamonds -- worldwide. They do not own the market.