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Is it true that if you don't pay anything on your credit card debt for 6 months the bank must by law write it off?
Wiki User
∙ 15y ago
If it were true Everyone would rack up big charges and not pay. Read a paper sometime and see how many people are taken to court for not paying their Credit Card There is no such law ... if it were true, think of all the big credit companies that would go bankrupt by now being repaid. Those same companies have paid the vendors for the items that you now have in your possession - it' now time to pony up and repay what was agreed to (in a written contract no less) to pay by law. And, writing off debt is an accounting entry to acknowlege that the asset they have (the loan) is not performing and that investors/readers of the financials, should not consider it valuable. Again, it is a required accounting entry - it does not effect your debt to them, discharge it or reduce it in any way. You still owe. And they will...in fact must (to satisfy those same investors and regulators that read those financials), try and collect it or get some value for it.
Wiki User
∙ 15y ago
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Why would a bank want your credit score?
Banks use a credit score to decide what services to provide. Where I live a Bank may not refuse you a bank account. But depending on your history and credit score they do not have to provide anything else if they don't want.
Can you ask your bank for a better credit card rate?
Of course. You can ask your bank anything. Doesn't mean they'll give you the answer you want.
What banks offer 0 credit balance transfers for at least 6 months on new cards?
You can get 0 credit balance transfers for at least 6 months on new cards from banks such as Chase, Union Bank and Citi Bank. You can learn more about these cards at the banks respective websites or from the Bankrate website.
When was Credit Bank created?
Credit Bank was created in 1986.
What is the difference between a bank loan and a bank credit?
What is the difference between bank loan and bank credit?
Why would a bank want your credit score?
Banks use a credit score to decide what services to provide. Where I live a Bank may not refuse you a bank account. But depending on your history and credit score they do not have to provide anything else if they don't want.
Can you return a car if the dealership gave it to you to drive and two months later the bank still has not gotten the paperwork?
If you did not sign any loan or payment paperwork, you can return it and they can't post anything on your credit. They have to have that signature. If they do post it on your credit, you can dispute it for free and have it removed.
What do you do when you lose your credit card?
Call the bank, and cancel that card before anything happens
Can you ask your bank for a better credit card rate?
Of course. You can ask your bank anything. Doesn't mean they'll give you the answer you want.
How do i cancel my account, and stop payments?
Call and write the company. Tell the company that you are taking away your permission for the company to take automatic payments out of your bank ... Call and write your bank or credit union. Give your bank a "stop payment order". Here’s how you can do a stop payment order: Monitor your accounts
What banks offer 0 credit balance transfers for at least 6 months on new cards?
You can get 0 credit balance transfers for at least 6 months on new cards from banks such as Chase, Union Bank and Citi Bank. You can learn more about these cards at the banks respective websites or from the Bankrate website.
What is the journal entry for cash withdraw?
You write a cash withdrawal as follows: debit cash ; credit bank.
How are services paid months in advance for services rendered recorded in a journal?
[Debit] Advance expenses [Credit] Cash / bank
When was Credit Bank created?
Credit Bank was created in 1986.
What is the difference between a bank loan and a bank credit?
What is the difference between bank loan and bank credit?
Is there bank named continental credit bank in Saudi Arabia?
continental credit bank
What are the journal entries you write for Goods Purchases?
When Goods purchased on cash[Debit] Purchases xxxx[Credit] Cash/bank xxxxWhen purchased on credit[debit] purchases xxxx[credit] accounts payable xxxxWhen actual payment:[debit] Accounts payable xxxx[Credit] Cash / bank xxxx
