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If you owe 1200 on a credit card and receive a letter from an attorney asking for the balance can they take your house?
Wiki User
∙ 8y ago
No. Not if the debtor/consumer has properly protected theirself. Before any action could be taken a lawsuit would have to filed against the debtor. If the suit was won by the creditor (which is usually the case). Then judgment collection proceedings would be filed. A judgment collection could be wage garnishment, bank account levy, and liquidation of some assets. A debtor's home can be protected by state or federal exemption. Some states, the exemption amount is automatic, in others the home owner must file a homestead exemption. It is VERY important to know the laws for your resident state, concerning this issue.
Wiki User
∙ 8y ago
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Protects you when applying to receive credit?
Calculate the finance charge on a credit card balance of 3,299.19 at a monthly rate of 1.2%.
What protects you when applying to receive credit?
Calculate the finance charge on a credit card balance of 3,299.19 at a monthly rate of 1.2%.
What do parentheses mean in a credit card account balance?
Usually it means that you have a credit balance and the credit card company owes you money. This occurs when you pay more than you owe or you receive a refund from a previous purchase.
If you close your account with a balance will this hurt your credit or your credit score?
To successfully close an account, you must first have a zero balance on said account. Otherwise, you will still receive bills on that balance, which can and probably will accrue late charges.
Where can one find a credit card with no balance transfer fee?
One would start by asking his local banking operation for such a credit card. Failing that, one could look into acquiring prepaid credit cards that have no balance transfer fees.
Is cash in the bank debit or credit?
Cash you have deposited into a bank is credit Money to be paid back later is debit
Is a credit balance an unpaid balance owed?
a "credit balance" is money that you have.
Do you lose the credit if you fail one semester?
You do not receive credit for failed courses.You do not receive credit for failed courses.You do not receive credit for failed courses.You do not receive credit for failed courses.You do not receive credit for failed courses.You do not receive credit for failed courses.
If you have unpaid hoa fees and receive a collection letter form an attorney does that go on your credit report?
If the attorney's office reports to any of the credit reporting agencies, because the have a lic. to do so for collections then yes! but if they do not they most likely will just take you to court for a judgenment . that for sure will go on your credit report
Is interest earned a debit or credit?
All earnings and revenues has credit balance as normal balance so interest earned also has credit balance as default normal balance.
What does it mean when an outstanding account balance is closed on your credit report and the balance is shown as zero but you did not settle the debt from four years ago?
Most likely the credit card company wrote off the debt. However it will show on your credit as a write off, and your credit is still negatively affected by this. You did not receive a get out of jail free card.
What is normal balance of a revenue account?
Not entirely sure what your question is specifically asking, so I'll just answer it as I first read it. A revenue account has a credit nature, so a "normal" or "positive" or healthy balance is for it to be in the credit (cr) figures. Hopefully this helps :)
