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I suggest you pay the debt off or be prepared to face the creditor in open court.

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โˆ™ 2006-05-01 19:05:33
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Q: What should you do if you received a call about a 6-year-old debt that you haven't received collection letters on in a few years and the creditor said it's getting ready to be turned in for litigation?
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Is the original creditor required to notify you of debt before using a third party collection agency?

Yes, the original creditor should have notified you that you had an outstanding balance. The creditor also notifies you that they will be submitting your debt to a "third party" collection agency. This is usually the final notice before your debt is sold. If you never received a notice, it is not required that the original creditor send you notice, all it is is common curiosity that they do.

Why original creditors sale accounts to a collection agency?

Original creditors sale their accounts to collection agencies when the account has been past due and they have not effectively collected. At that time, the original creditor will charge off the balance from their accounts receivable and turn the account over to a collection agency. When the collection agency collects the debt, a portion of the amount received is paid the the collection agency and the remainder is returned to the original creditor as profit.

Can you be sued by a collection agency for fees if you settled the debt with the original creditor?

Yes. If a debt is defaulted on, there are several penalties that can be assesed by the collector. They can sue andmaybe received a judgment. Collecting on any judgment, however, is a different matter. Proof of payment to the original creditor would provide an affirmative defense to a lawsuit from a collection agency.

When accounts are purchased by another lender which do you list when filing for bankruptcy?

You list the creditor or collector of the last notice your received. For example if you received a collection notice from an agency for a debt from Capital One you list it in that form. XXX agency for Capital One acct.

What is mean by sundry debtor and sundry creditor?

Sundry Debtor is a person who bought goods or received service from us (Customer) Sundry Creditor is a person whom we received the goods are service (Our Vendor)

Can a creditor and the collection agency who purchases your account from the creditor both report the same debt in separate instances to a CRA?

Yes, they can and it's customary for them to. The original account should have all the history, including late payments you made and the status (collection or charge off), the DLA, and date the account was opened. It should not be showing a balance due once sold or assigned to a collection agency. It may have a statement about being sold or transferred, but not always. The CA account should have the date they received, or were assigned, the account and the current balance (often with interest added in). The DLA should not have changed.

What coin is not part of the us mint collection?

The U.S. Mint no longer maintains a collection. In 1923 the Smithsonian Institution received the collection and it is now part of their National Numismatic Collection.

How long can a creditor hold a claim against you?

If the creditor has received a judgment the time is indefinite, as most judgments are from 5-20 years in duration and can be renewed. If a creditor perfects a judgment as a lien against real property, then the debt is considered permanent until paid or settled.

What is journal entry if you received check under collection?

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If creditor received a judgment and you make arrangements to pay the bill can the creditor still repo your car?

"debtors" can never repo cars, LENDERS can, even after you make 'arrangements". As long as you are in "default", they can repo.

What happens if you get served papers from a collection agency and you never received them?

Well then technically you were not severed if you never received them ...

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What if your out on worker's comp unable to pay your bill's you try to make payment agreement creditor says it's not acceptable can they sue you or can a collection agency who brought the debt sue you?

First, collection agencies do not typically buy debts. They recover them under contract for the original creditor. Second, regardless of your ability or lack of to pay, the debt is still owed. By law, the creditor need not accept anything less than the amount owed or balance in full. Third, keep all records of payments made to all creditors including mortgage and utilities and basic living needs, plus all income received, and when you receive the service to appear in court, show up and present this all to the judge. He will not likely forgive the debt, but he will order payment arrangements based on what you bring, especially if you have in writing any refusal to accept payments, and this will reflect poorly on the original creditor.

If the monthly statement is not received where do you send the payment?

If the monthly statement is not received, you still need to send in your payment. If you do not have the address, you need to call your creditor to see where the payment should be mailed to.

How long can they garnish your wages in Georgia?

By the Fair Debt Collections Practices Act, the creditor may collect for ten years from the date of judgment or last payment, which ever is latest. That means if you received service (bought something) on 1 January 2010, failed to pay on it, and the creditor obtained the judgment on 1 December 2010, they may continue collection, garnishment, until 1 December 2020, provided they received nothing each time they attempted garnishment. If they received as little as one cent, the time resets each time they receive payment. Your best course of action is to pay the balance in full as soon as possible.

What are the ratings and certificates for My Collection Obsession - 2011 TV?

My Collection Obsession - 2011 TV is rated/received certificates of: USA:TV-PG

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What are the ratings and certificates for The Larry Sanders Show - 1992 Putting the 'Gay' Back in Litigation 6-10?

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Can you sue a creditor for not updateing my credit report after a payment was received?

Creditors update credit reports on their schedule, some update every month, others update every other or every third month. If you are in a hurry, contact the credit bureaus and have them contact the creditor themselves. You can sue a creditor, but you have to try contacting the creditor first (via mail), then file a complaint with the FTC, then contact the credit bureaus. If the account still hasn't been updated, you can go ahead and sue the creditor.

What are the ratings and certificates for The Atari Collection 2 - 1997 VG?

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What are the ratings and certificates for Rockman Anniversary Collection - 2004 VG?

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