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JP, the attorny's job is to collect the balance. S/he may exercise any of the Lenders legal options to do so. Those may include garnishment of your wages, attachment of your property, ect. As for your other question, credit reports are NOT easy to get corrected. An attorney could challenge your CR, but how would you prove that your car wasnt repoed? Its fairly easy, either you have it in your possession OR the lender has it and/or sold it. Maybe I dont understand your line of thinking.

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โˆ™ 2004-07-28 13:13:14
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Q: What happens after the remaining balance is sent to an attorney because no payments were made?
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Related Questions

If a country receives more money than it spends it does not have a surplus in a balance of payments?

It does have a surplus in balance of payments because BOP is calculated by exports minus imports

Why can't all the balance of payments accounts be in surplus?

The balance of payments accounts cannot be in surplus because there is always a balance in economics. For example, if you used cash assets to purchase equipment, the equipment account will increase but the cash assets account will decrease.

When the government collects taxes and pays out transfer payments as a way to balance the economy what are these fiscal tools called?

Automatic Stabilizers - because the taxes and transfer payments change when an individuals income changes, it allows an "automatic" change that should eventually balance out.

What happens to the balance left at the exhaustion of an unemployment claim?

Because all employment benefits are paid from a state unemployment fund, the balance is reserved for any remaining claims.

What are the items in the accounts of Balance of payments?

The 'Balance of Payments' of any country is the difference between the money made by exporting goods against money spent on importing goods from overseas. Take a simple example.... A country sells 100 billion worth of cars to another country - BUT - at the same time, imports 20 billion worth of grain. The balance of payments on that single transaction is -80 billion, because the country made more selling the cars than it spent on importing grain.

What are the causes for disequilibrium in the balance of payments?

The balance of payments of a country is said to be in equilibrium when the demand for foreign exchange is exactly equivalent to the supply of it. The balance of payments is in disequilibrium when there is either a surplus or a deficit in the balance of payments. When there is a deficit in the balance of payments, the demand for foreign exchange exceeds the demand for it. A number of factors may cause disequilibrium in the balance of payments. These various causes may be broadly categorized into: (i) Economic factors ; (ii) Political factors; and (iii) Sociological factors. Economic Factors: A number of economic factors may cause disequilibrium in the balance of payments. These are: Development Disequilibrium: Large-scale development expenditures usually increase the purchasing power, aggregate demand and prices, resulting in substantially large imports. The development disequilibrium is common in developing countries, because the above factors, and large-scale capital goods imports needed for carrying out the various development programmes, give rise to a deficit in the balance of payments. Capital Disequilibrium: Cyclical fluctuations in general business activity are one of the prominent reasons for the balance of payments disequilibrium. As Lawrance W. Towle points out, depression always brings about a drastic shrinkage in world trade, while prosperity stimulates it. A country enjoying a boom all by itselt ordinarily experiences more rapid growth in its imports than its exports, while the opposite is true of other countries. But production in the other countries will be activated as a result of the increased exports to the boom country. Secular Disequilibrium: Sometimes, the balance of payments diequilibrium persists for a long time because of certain secular trends in the economy. For instance, in a developed country, the disposable income is generally very high and, therefore, the aggregate demand, too, is very high. At the same time, production costs are very high because of the higher wages. This naturally results in higher prices. These two factors - high aggregate demand and higher domestic prices may result in the imports being much higher than the exports. This could be one of the reasons for the persistent balance of payments deficits of the USA. Structural Disequilibrium: Structual changes in the economy may also cause balance of payments disequilibrium. Such structural changes include the development of alternative sources of supply, the development of better substitutes, the exhaustion of productive resources, the changes in transport routes and costs, etc. Political Factors: Certain political factors may also produce a balance of payments disequilibrium. For instance, a country plagued with political instability may experience large capital outflows, inadequacy of domestic investment and production, etc. These factors may, sometimes, cause disequilibrium in the balance of payments. Further, factors like war, changes in world trade routes, etc., may also produce balance of payments difficulties. Social Factors: Certain social factors influence the balance of payments. For instance, changes in tastes, preferences, fashions, etc. may affect imports and exports and thereby affect the balance of payments

If the Balance of payment always always balances then why you have deficit in the balance of payment What measure can be government take to address an in-balance in the Balance of payment?

when they are talking about the deficit or surplus they are usually only talking about the current account. The balance of payments will balance because the other accounts in it (Capital, financial and erros and ommissions) will account for the other parts eg if current account has defiecit of 100m the capital, financial and erros and ommisions will have a surplus of 100m

What options do you have if your car was repossessed in California you paid the overdue balance but they auctioned it anyway?

Was the lender demanding the BALANCE DUE when you paid only the overdue amount? IF so, your recourse is to pay the balance due. IF not, contact a local attorney for state/case specific advice. None, just because you paid the overdue balance don't mean nuthin to the lender.

How does inflation affect the balance of payments?

This affects it because inflation rises and them things become more expensive, also then more money is produced which means it starts becoming devalued. Due to this the BOP (Balance of Payment) reduces so the currency is not devalued and more.

What are causes of adverse balance of payment?

Causes of DisequilibriumVarious causes of disequilibrium in the balance of payments or adverse balance of payments are as follows: 1. Development Schemes:The main reason for adverse balance of payments in the developing countries is the huge investment in development schemes in these countries. The propensity to import of the developing countries increases for want of capital for industrialization. The exports, on the other hand, may not increase because these countries are traditionally primary producing countries. Moreover the volume of exports may fall because newly created domestic industries may need them. All this leads to structural changes in the balance of payment resulting in structural disequilibrium.2. Price-Cost Structure:Changes in price-cost structure of export industries affect the volume of exports and create disequilibrium in the balance of payments. Increase in prices due to higher wages, higher cost of raw materials, etc. reduces exports and makes the balance of payments unfavorable.3. Changes in Foreign Exchange Rates:Changes in the rate of exchange is another cause of disequilibrium in the balance of payments. An increase in the external value of money makes imports cheaper and exports dearer; thus, imports increase and exports fall and balance of payments become unfavourable. Similarly, a reduction in the external value of money leads to a reduction in imports and an increase in exports.4. Fall in Export Demand:There has been a considerable decline in (he export demand for the primary goods of the underdeveloped countries as a result of the large increase in the domestic production of foodstuffs raw materials and substitutes in the rich countries. Similarly, the advanced countries also find a fall in their export demand because of loss of colonial markets. However, the deficit in the balance of payment due to the fall in export demand is more persistent in the underdeveloped countries than in the advanced countries.5. Demonstration Effect:According to Nurkse, the people in the less developed countries tend to follow the consumption patterns of the developed countries. As a result of this demonstration effect, the imports of the less developed countries will increase and create disequilibrium in the balance of payments.6. International Borrowing and Lending:International borrowing and lending is another reason for the disequilibrium in the balance of payments. The borrowing country tends to have unfavourable balance of payments, while the lending country tends to have favourable balance of payments.7. Cyclical Fluctuations:Cyclical fluctuations cause cyclical disequilibrium in the balance of payments. During depression, the incomes of the people in foreign countries fall. As a result, the exports of these countries tend to decline which, in turn, produces disequilibrium in the home country's balance of payment.8. Newly Independent Countries:The newly independent countries, in order to develop international relations, incur huge amounts of expenditure on the establishment of embassies, missions, etc. in other countries. This adversely affects the balance of payments position.9. Population Explosion:Another important reason for adverse balance of payments in the poor countries is population explosion. Rapid growth of population in countries like India increases imports and decreases the capacity to export.10. Natural factors:Natural calamities, such as droughts, floods, etc., adversely affect the production in the country. As a result, the exports fall, the imports increase and the country experiences deficit in its balance of payments.

What does attorney at law mean what else can an attorney be at'?

In the United States, Attorney-at-law means a lawyer. The distinction is made because people can have "power of attorney" or "letter of attorney", which is referred to as Attorney-in-fact.

Are transfer payments included in GDP?

no, because they are not payments for currently produced goods or services.

Can the lender repossess your car if you didn't make the payments because they never sent a payment book?

They can repossess your car if you defaulted on the loan. You knew you owed the money and you knew you didn't receive a payment book. It was your obligation to contact the lender to arrange to make your payments. You should seek the advice of an attorney who may be able to negotiate with the lender on your behalf. Not making your payments for your debt on such a technicality is really dangerous.

If they send you the bill for the remaining balance after your car is repossessed do they expect you to pay the bill all at once and if you sell it for less than you owe how do you pay for the balance or sell it without a title?

If they send you the bill for the remaining balance after your car is repo'd do they expect you to pay the bill all at once, **YES**if you sell it for less than you owe, **YOU must come up with the difference between what you sell it for and whats owed to get the TITLE B4 the sale is complete**how do you pay for the balance lump sum, payments, garnishment of your wages, lien on other propertyor sell it without a title?**YOU DONT**this answer may be too long for this board so email me and Ill do a better job. It is NOT easy but VERY rewarding.

Will deferred credit card payments affect your credit?

No, they won't, because a creditor is basically agreeing to your terms temporarily. It is generally not a good idea to do it for too long, because usually you are still accruing interest but you're not making any payments, so keep an eye on your balance and make sure it does not get nudged over your limit during the deferment period.

Can a dealer after voluntarily returning a car over 3 years ago now come after you for the remaining balance?

In a word yes.Just because you voluntary returned the car doesn't mean anything to the lender they still want the balance of their loan.You need to find a few things out to help yourself.First find out what the dealer did with the car did he auction it or resell it?Most importantly how much did they get for your former car?The difference between your original loan amount(including all the interest)less your total payments and less what the dealer got for your former car should equal the remaining balance BUT CHECK The NUMBERS !!!!!!!!!!!!!!!!!!! IT is a good idea to conduct all correspondence with the lender/collector in writing only and read what they you send very carefully!!!!!!!!!!!!!!! GOOD LUCK

Why do you need to have balance in football?

because balance is a type of balance that makes balancing a type of balance that people use.

Why do you need balance for gymnastics?

You need balance for Gymnastics because if you don't have balance you will not be able to do the beam because when you are on a beam you balance on a 10cm wide area and you also have to do moves on that too. You will not be able to do handstands, headstands and balance on one foot and you need to do them moves so that you can move on in gymnastics and get better. I am in gymnastics and when I don't have/use balance, then I fall. You have to have balance because when you are competing, you get points deducted because you fell, took an extra step, or didn't use balance.

Why is making a minimum payment on a credit card bad?

If you mean making only the minimum payment required, it is bad because you are going to be paying a very high rate of interest on the remaining balance. If you pay the entire balance each month, you are spending your money on goods and services. If you leave a balance, you are spending a lot of your money on interest. That's good for the bank and bad for you.

What is the major difference between adjusted trial balance and trial balance?

The trial balance is just that, a "trial" balance. It shows where the company stands at a certain point in time. the "adjusted trial balance" does the same thing with one slight difference, it's the balance after all adjusting entries are made. These entries may include, the expiration of pre-paid insurance, payments received and the closing of the books for the period. For example, you can begin your month with a trial balance, to ensure everything is correct, at the end of the month you have made all your adjusting entries and transactions, after this point you want to have your adjusted trial balance (because entries have been "adjusted" for the period)

Do you still have to make payments after returning a car?

Making Payments After Returning a CarNo, you do not have to make payments HOWEVER.....once they sell the car you still owe the left over balance. Just because you don't have the car anymore DOSEN'T mean you didn't borrow the money #2No you do not have to make payments after returning a car as long as you are ok with having a repossesion on your credit history and as long as your ok with the finance company filing a judgment against you for the amount left owed after the sale of the returned vehicle.

Why do you have to balance your health activities?

because its really important to balance your activities

Is withdrawal a debit or credit balance?

it is a debit balance because it decreases owner's equity, which has credit balance.

Relationship between balance of payments and exchage rate system?

The balance of payments describes the relationship of import, exports, and their payment transactions between countries. How these payments are made and their value is closely related to the exchange rate system. In general, the real rate of exchange between two countries depends on their price levels and these price levels may vary through trade and production. However, nominal exchange rates depend on the level of trade to provide currency because the relative value of currencies depends on how much of one country's currency can be used to buy the currency or products of another. In general, since the balance of payments reflects this relationship of transaction, it directly influences nominal exchange rates and indirectly affects real exchange rates through trade.

Balance in nature?