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It goes to a collection agency, prepare to get annoyed and harassing phone calls
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When an account balance is written -off what happens to the account balance?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
WHEN AN ACCOUNT BALANCE IS WRITTEN OFF WHAT HAPPENS TO THE ACCOUNT BALANCE?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
When an account balance is written-off what happens to the account balance?
It goes to a collection agency, prepare to get annoyed and harassing phone calls
What does a charge off with a zero balance mean?
A charge off with a zero balance means that a creditor has written off your account as a bad debt. This will show up as a negative mark on your credit report.
Should you pay off a credit card balance that has been charged off?
Yes. You're still responsible for any outstanding balance, even if an account is charged off. What has been known to happen is that the balance will keep getting sold to collectors, and you end up being harrassed.
What is a check balance?
Credit card companies send out checks that you can write to other creditors to pay off the balance. In turn, you get the balance of the other account transfered to your new account (the one who sent you the checks) and your old account is paid off.
What does mean writing off an account?
Canceling the balance of a customer account because the customer does not pay is called writing off an account.
What is a balance transfer check?
Credit card companies send out checks that you can write to other creditors to pay off the balance. In turn, you get the balance of the other account transfered to your new account (the one who sent you the checks) and your old account is paid off.
Why we treat profit and loss account balance in asset side of balance sheet?
whenever net loss is done we shown assets side under head miscelenious asets to written off
What is the statement closing balance?
a closing balance is the amount of money that is in the account when the bank sends out the statement of the cut-off date for that month. for example if you have $75.00 in your account on December 15th, and you have not used the account for a time, and the cut-off date is Dec.15, that $75.00 is the closing balance.
What is the double entry for an asset written off?
When an asset is written off, the double entry involves debiting an expense account and crediting the asset account. Specifically, you would debit the Loss on Write-off of Asset (or a similar expense account) to reflect the loss incurred, and credit the asset account to remove the asset from the balance sheet. This ensures that the financial statements accurately reflect the company's current financial position.
How can you close your American General Finance account -?
Contact your local branch of AGFS. If the account was an installment loan, the account will "close out" at time of payoff. If the account is a revol line of credit, and has a zero balance, a written authorization can close the account or after 6mos of no activity the account will automatically close.
