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If you pay your entire balance after your car is repossessed and the car is returned to you why will the lender report negative on your credit report?
Wiki User
∙ 8y ago
Paying the car off was good but having to repo it to get it paid off was BAD or negative. the lender did report that it was PIF,HUH?? So they reported the good and the bad.
Wiki User
∙ 8y ago
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If your van was repossessed then you paid off the balance a year later can your creditor refuse to report the current status of your account to the credit bureau?
Yes, however you can easily take care of this and have your credit reports corrected.
What does a negative credit balance mean on home loan statement?
Excess of repayment over scheduled or expected repayment. For eg. the expected balance in a HL account on a given date is 10,000/-, the actual account balance should have been 8,000/- as per the repayments made, the excess repayment of 2,000/- is negative credit balance or unadjusted repayment.
If you have a credit card with a balance and you haven't used it in a year and cancelled it would that have a negative affect on your credit rating?
Not as long as you don't default in the payments.
Is a credit balance an unpaid balance owed?
a "credit balance" is money that you have.
What if I returned my car after purchasing it one year ago because I can no longer afford the payments?
It would be a very bad thing to do. You are voluntary having it repossessed. The lender will sell the car for whatever they can get and you will be responsible for the difference in what they sell it for and the balance on the loan. They will more than likely wholesale it and you will be stuck owing the rest. Your credit will also be ruined for 7 years. This is a horrible idea. Go set down with the lender and work something out if at all possible. You do not want your car repossessed.
When does accounts receivable have a credit balance?
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
Will having a negative balance in an unused checking account affect your credit rating?
No, having a negative balance in an unused checking account will not directly affect your credit rating. However, if you fail to pay off the negative balance and the account is sent to collections, that could potentially have a negative impact on your credit rating.
What are the laws of repossessed cars in Canada?
Cars repossessed laws in Canada a vary by provine.Whether your car will be repossessed depends on such factors as the province you live in and how for behind you are with your payments.Vehicle repossessed is negative impact on your credit rating. If you want more information email me at natalsiapatterson34@gmail.com
Why is my credit sweep collected balance negative?
You need to contact creditsweep.net
What does a negative number on a balance mean?
There is a credit due back as a refund.
When does debit balance in account payable?
As accounts payable has a credit balance as normal balance so it has credit balance until not paid but it may have debit balance as well in case when payment is made for more than actual accounts payable which create negative balance or debit balance.
What is the meaning of negative cash balance when projecting balance sheet?
Any negative cash balance represents float. It could represent the total amount of checks outstanding, checks generated and not mailed, or an unreconciled line of credit. Basically, negative cash should be booked as additional accounts payable or an increase in the outstanding borrowing on the line of credit.
If your van was repossessed then you paid off the balance a year later can your creditor refuse to report the current status of your account to the credit bureau?
Yes, however you can easily take care of this and have your credit reports corrected.
Can you be sued over the balance of a vehicle that has been voluntarily repossessed over three years ago when the repossession is on your credit report?
yes it has a 10 year limit
If you're married and your husband's car is soley in his name and was repossessed will it show on your credit as repossessed?
No, because you have your own separate credit report.
What does a negative credit balance mean on home loan statement?
Excess of repayment over scheduled or expected repayment. For eg. the expected balance in a HL account on a given date is 10,000/-, the actual account balance should have been 8,000/- as per the repayments made, the excess repayment of 2,000/- is negative credit balance or unadjusted repayment.
How does it affect your credit or obligation if your repossessed vehicle was stolen from the lienholder?
The repo will effect your credit. The judgment the lender will get will effect your obligation to pay the deficiency balance. the letter wont effect anything UNLESS the car WAS stolen.
