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What else can I help you with?
What happens when you don't have enough money to cover your car rental fees?
It is treated like any other unrecovered debt, and turned over to a collections agency.
How long does a business have before turning the debt over to a collections agency?
The sooner you turn an unpaid debt over to collections, the better the chance of recovery. I would not suggest any debt over 3 years old. If it is a credit reporting agency, the debt will remain on the debtors credit report 7 years from the dilinqent date.
How do you find out the original date that a debt was turned over to collections since often it is the sell date that shows on your report?
THE ORIGINAL DATE SHOULD APPEAR ON THE BOTTOM OF THIS TRADELINE (IN OTHERS WORDS DEBT) IN WHICH IT WAS TURNED OVER TO A COLLECTION AGENCIE. THE MOST IMPORTANT THING THAT YOU SHOULD BE WATCHING OUT FOR IS IF THIS DEBT HAS BEEN SOLD TO ANOTHER COLLECTION AGENCY, AND WHEN WAS IT SOLD! IF IT IS A COLLECTION ACCOUNT THAT IS REPORTING FOR THE YEAR OF "2006" THEN THIS DEBT NEEDS TO BE PAYED (ONLY IF YOU ARE INTERESTED IN PURCHASING A HOME.
How do you know if you have debt in collections?
You can know if you have debt in collections by checking your credit report, receiving collection notices from creditors, or being contacted by debt collection agencies.
Would a Credit Card Company really sue you over a 1200 debt?
Yes, they will send you to collections for that amount.
Do you have to deal with a collection agency to resolve a debt?
NO. Once you enter into an agreement with a collection agency no one else can collect against that debt. If you have other debts outstanding not covered in the agreement then another agency may be authorized to try and collect those debts. Collections agencies do not sue people. They can ask the courts to award a judgment or wage garnishment in order to help collect bad debt.
Does a debt being turned over to a collection agency ruin your credit?
Yes.
After cancellation of debt can collections still continue?
no
What is the meaning of ready for collections?
"Ready for collections" means that a company has attempted to collect a debt from a customer without success and has now passed the account to a collections agency for further action. At this point, the collections agency will try to recover the debt on behalf of the original company.
Does the statute of limitations on credit card debt start over when sent to collections?
No, the statute of limitations won't start over again unless you make a payment.
How can I determine if I have debt in collections?
To determine if you have debt in collections, you can check your credit report for any accounts that are marked as in collections. You can also receive notifications from collection agencies through mail or phone calls regarding outstanding debts.
How do you pay an overdue phone bill that has been turned into collections?
You need to contact the debt company that is now responsible for collections and pay them (they will add on extra charges I am afraid but they now own the debt and you have no option but to pay these too). If you now have the money to pay off the whole debt at once (rather than a small amount a week), then negotiate with them for a settlement figure (which will be less than what they are asking for - start by offering then 1/3 of what you owe.
