The lender will get a JUDGEMENT for the balance due and put THAT on your CR. And then use their OTHER legal options.
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Related Questions
What happens if you can't pay any remaining balance on a repossessed car and do not have a job?
The car will be sold at auction. Whatever it sells for at auction will be deducted from the balance remaining. The credit company may initially offer to accept a reduced amount on the balance, but, if you're unable to pay that, they will turn it over to collections for the full amount of the balance remaining.
How do I transfer the balance on my credit cards?
You will have to talk to you credit card company. They will be able to assist you in transferring your balance on your credit cards.
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.
Reginald's credit card statement states that his balance is 550 What does the term balance mean?
The 'balance' of his statement is the monetary value of his account with the credit card company. In this case it is the amount he owes the company.
Is accounts payable debit or credit balance?
Accounts payable is a credit balance, because that is how much you owe to another company. Accounts receivable (the amount you will receive from another company) is a debit balance.
When will the cash book have credit balance?
When company spend more cash then it actually has will cause credit balance of cash book.
What is outstandanding balance in a credit card?
The outstanding balance is very simply the amount of debt that you have charged on the credit card. You owe that amount to the credit card company.
Can you call your credit card company and pay off the balance by giving them the number for another credit card and charging the balance onto that card?
No, they have to offer you the balance transfer.
What company currently offers low interest balance transfer of other credit cards?
Discover is one company that offers low interest balance transfer of other credit cards. One can compare interest balance rates online at websites such as Nerd Wallet and Credit Cards.
Can a credit card company reduce your credit limit as you bring your balance down?
Yes. All of the credit cards are reducing credit and it doesn't seem to have any thing to do with the balance. They are just protecting themselves.
What is a balance transfer credit card?
A credit card balance transfer happens when on person opens a new credit account in a different company and use it to pay off the debt in his or her old credit card.
Does dividends payable have a normal balance of a credit?
Yes divident payable has credit as a normal balance because it is the liability of company to pay to it's shareholders.
Is accounts payable a debit or credit?
Accounts payable is the amount which is payable by company for the merchandise purchased by company but payment is due in future, as it is the liability of company so like all liability accounts it has credit balance as normal balance.
Is account payable a debit or a credit?
Accounts payable is the amount which is payable by company for the merchandise purchased by company but payment is due in future, as it is the liability of company so like all liability accounts it has credit balance as normal balance.
Is common stock a credit 0r debit balance?
Common stock is a portion of capital of company and capital has a credit balance that's why common stock also has a credit balance and shown under owner's equity portion under liability side of balance sheet
Share capital has a credit or debit balance?
Credit Balance CREDITS record transactions relating to revenues and an increase in the liabilities of the company. DEBITS record transactions relating to purchases, expenses and an increase in the assets of the company.
What happens when your return a car to finance company?
It is treated as a voluntary reposession and it still hurts your credit. They will auction the car and you will pay the difference of your loan and the amount they get from auction.
What is the journal entry when purchasing a company?
Debit assetsCredit liabilitiescredit cash / bank (balance amount)
Is buildings a credit or debit?
Building is a fixed asset of company and like all fixed assets building also has debit balance as default balance while all liabilities has credit balance as default balance which is reverse of assets.
Monique's previous credit card balance is 199.26 and she has a monthly finance charge of 1.5 How much will the credit card company assess in finance charges on this balance?
$2.99
Will credit card company close your account once you pay off your balance?
no
What is done with the finance charge assessed by a credit card company?
added to the balance
What is the difference between debit balance and credit balance?
This is really not as simple as writing debit balance is or credit balance is:In accounting Debit literally means the left side and credit means the right side. The difference between a debit balance "account" and a credit balance "account" is:Debit balance accounts increase with a debit and decrease with a creditCredit balance accounts increase with a credit and decrease with a debitAssets maintain a debit balanceLiabilities and Owners Equity maintain a credit balanceThe above answer refers to accounting, however, I noticed that you also put this in Credit and Debit cards: using a bank debit or credit card is the opposite of the view you see doing accounting.On a Credit card statement for example, a credit balance would mean that the credit card company is "crediting" you with a certain amount, meaning you do not owe that amount anymore. A debit would be a rise in the balance you "owe them".
If you pay off an enormous credit debt within a year will it be completely off your credit report once it is paid off?
Every credit company and lender is required to repost to the credit bureaus monthly so it will show a zero balance within a month of paying it off but it will not be completely off you credit report. It will still show the company and original balance of the loan but it will show that the balance is at zero and when it was paid off.
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.
