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How much can a third party collection sue for on a credit card account balance of 2500?
Wiki User
∙ 15y ago
It is probably unreasonable for them to expect more than the $2500 dollars you owed. Also, if the debt is several years old, though, you may want to check the statute of limitations for your state to see if you are still liable to pay it off. If your credit report shows that it has been charged off, do not pay them anything since it starts the clock again.
Wiki User
∙ 15y ago
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How can i transfer money if you do not have visa or credit?
PayPal if you have a bank account and the other party has paypal.
What happens to a joint credit card bill with a zero balance at the time of a divorce that one party continues to use and then files for bankruptcy?
A joint account remains the liability of both persons regardless of their marital status. If someone has their liability discharged through bankruptcy, the other account holder would be 100% liable for the balance on the account. If this account was addressed in the divorce decree, the spouse MAY be able to seek relief through the divorce court. But that jurisdiction and any ruling there would have no impact of their credit report.
How does a derogotory tradeline become a collection account and what is the difference?
They are two different issues. A derogatory (negative) trade line is a record of a consumer's past and current buying and payment activities. A collection account is generally an account that has been defaulted on. It some cases it refers to the original creditor or the OC collection representative. Or it can be in referance to a third party that has purchased the account.
What is the difference between 'paid' and 'closed' on a credit report?
The general rule is "paid" means the account has been, well, "paid." Closed means the account has been closed or written off by the original creditor. This could mean they gave it up as being uncollectable or they have sent it to a collection agency or sold it to a third party creditor.
What happens when you do not pay your credit cards?
That is totally dependent upon the creditor. The account will eventually be charged off, and then either referred to a collection agency, sold to a third party collector, or cancelled as a uncollectible. Unless a debt is cancelled it is subject to collection procedures. The debtor can be sued for monies owed as long as the debtor's state's SOL for the filing of such litigation has not expired.
What does it mean when your credit report states that you have a paid closed collection account on you credit report?
The original account with a normal credit company went to a third party collection agency. Only after it went to the collection agency was the debt paid and then the account closed.
If you had a balance of 189 dollars on your Ford account that was paid to a collection agency when it was discovered 2 years later then Ford went and reported it as a repo to the credit bureaus is this legal?
Jose. DID they repo the car?? If not, I dont see how it could be correct. Was this vehicle a repo at the time and were you paying the remaining balance to the collection agency or was the account a charge off? I am assuming that you are refering to Ford Motor Creit which I used to collect for. In most cases a 3rd party collection agency will purchase the account at pennies on the dollar or the account will be placed with a fee once the account is collected. It is the collection agency responsiblity to update the creditor of payments and in some cases update credit reports. Also it is a good idea to get a confirmed paid in full letter and to send it to the original creditor to make sure they update your credit report correctly.
You have an old account that has been picked up aby a thired party collection co it was charged off your credit 2 years ago should you pay it?
Paying off an old account that has been sent to a third-party collection agency may not necessarily improve your credit score, as the charge-off will still show on your credit report. However, paying off the debt can stop collection efforts and may reflect positively on your credit report. It's important to consider the age of the debt, the statute of limitations, and potential negotiation options before making a decision.
How can i transfer money if you do not have visa or credit?
PayPal if you have a bank account and the other party has paypal.
What percentage of the debt do third party collection agencies typically pay for a delinquent account?
5%
What happens to a joint credit card bill with a zero balance at the time of a divorce that one party continues to use and then files for bankruptcy?
A joint account remains the liability of both persons regardless of their marital status. If someone has their liability discharged through bankruptcy, the other account holder would be 100% liable for the balance on the account. If this account was addressed in the divorce decree, the spouse MAY be able to seek relief through the divorce court. But that jurisdiction and any ruling there would have no impact of their credit report.
What is a second party collection agency?
A second party collection agency is an agency trying to collect a debt that is owed to someone else. If for example, you owe on a store credit card from ABC store, they may turn the debt over to another agency that has nothing to do with them. This is a second party collection agency.
What is the purpose of third party credit card processing?
The purpose of third party credit card processing lets one accept online payments without a merchant account of one's own. Instead, the service provides their own merchant account for you to use.
How does a derogotory tradeline become a collection account and what is the difference?
They are two different issues. A derogatory (negative) trade line is a record of a consumer's past and current buying and payment activities. A collection account is generally an account that has been defaulted on. It some cases it refers to the original creditor or the OC collection representative. Or it can be in referance to a third party that has purchased the account.
Can a debt be classified as a judgment if you made a payment and the collection agency contacted you and you showed proof of payment and are paying the remaining balance?
if collection agency is not from your lender, but third party, then you need to fax them proof of your payments to your lender or financial insitution and have them send you a letter stating that they will not report you to credit bureau. and also have them contact the collection agency you are making payments. asian623 http://www.myspace.com/scionturboracing
Can a third party collector make a credit inquiry to see your credit report without consent?
In most cases yes. When you get a credit card theres about 3 pages of fine print, With most CC companies there is a disclaimer that if the account becomes delinquent your credit account may be sold to a 3rd party collector. You agree to the terms and conditions therefore have already given consent.
What is the difference between 'paid' and 'closed' on a credit report?
The general rule is "paid" means the account has been, well, "paid." Closed means the account has been closed or written off by the original creditor. This could mean they gave it up as being uncollectable or they have sent it to a collection agency or sold it to a third party creditor.
