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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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βˆ™ 2004-12-30 17:54:08
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Q: When a car gets repoed and sold at an auction for less than its value can the leading company put a lien on your credit report for the balance?
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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.


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.


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.


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.


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.


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.


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.

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