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What else can I help you with?
Do you still need to pay a company if you are paying a collection agency for the charged off debt?
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
Difference between income and expenditure account and p and l account?
Differences Between Receipts And Payments Account And Income And Expenditure AccountThe following are the main differences between receipts and payments account and income and expenditure account: 1. NatureReceipts and payments account is a summary of cash transactions for a period and it is a real account. Income and expenditure account is a summary of expenditure and income like trading and profit and loss account and it is a nominal account.2. ObjectiveReceipts and payments account is prepared to show cash and bank receipts and payments during the period to derive closing balance of cash and bank. Income and expenditure account is prepared to show the net result of the operation during the period to derive surplus or deficit.3. RecordingAll cash and cheque receipts are recorded on debit side of receipts and payments account where as all cash and bank payments are recorded on credit side. In income and expenditure account all expenditure of revenue nature are recorded on debit side and all incomes of revenue nature are recorded on credit side.4. Capital And Revenue ItemsThere is no distinction between capital and revenue receipts and payments in receipts and payments account. All expenses and incomes of revenue nature are recorded on accrual basis in income and expenditure account.5. ContentsReceipts and payments account contains only cash and bank transactions. Income and expenditure account contains both cash and non-cash expenses and incomes of revenue nature.6. Balance Sheet RequirementReceipts and payments account is not required to prepare balance sheet. Income and expenditure account is required to prepare balance sheet.7. AdjustmentsNo adjustments are required in receipts and payments account. In income and expenditure account adjustments are made because it is prepared on accrual basis.
Examples of Cash payments journal and Cash receipts journal?
What_is_a_cash_receipt_journalcash receipt journal is used to record money received by the business during calendar month as previously mentioned ,when money is received by the business for capital All cash payments made by the company.
What is the use of a collection agency debt settlement?
A collection agency debt settlement means when someone is in debt and a company offers a settlement amount to the creditors owed. Payment arrangements are discussed and made, sometimes the amount is way less than the actual bill.
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.
Can a debt be classified as a judgment if you made a payment and the collection agency contacted you and you showed proof of payment and are paying the remaining balance?
if collection agency is not from your lender, but third party, then you need to fax them proof of your payments to your lender or financial insitution and have them send you a letter stating that they will not report you to credit bureau. and also have them contact the collection agency you are making payments. asian623 http://www.myspace.com/scionturboracing
Can a collection agency repossess a car that a bank owns but you are making payments on to the bank?
carolene, normally, banks dont turn accts ovet to CA unless the payments are NOT being made. Have you bothered to call the bank and inquire as to why this is happening?
If a few payments were made to a collection agency for a repossession after the fact will the repo come off of the credit report 7 years after the repo or 7 years after the few payments were made?
The report will be removed 7 years after the date of the last on time payment to the original creditor.
I have a medical bill for 168.00 that was sent to a collection agency after I made a payment. They are going to keep in the collection agency until my bill is paid off. This can not be right.?
If the bill was late enough to be sent to a collection agency, the collection of that bill has been turned over to that collection agency as well.
What are the items of receipts and payments in bank reconcilation statement?
In a bank reconciliation statement, receipts refers to deposits that have been made to the account in the given time period (received by the account). Payments refers to debits to the account such as ATM withdrawals and checks written.
What steps should I take if I receive a letter from a collection agency regarding my outstanding debt?
If you receive a letter from a collection agency about your debt, the first step is to review the letter carefully and verify the debt is yours. Contact the collection agency to discuss payment options or negotiate a settlement. Make sure to keep records of all communication and payments made. It's important to address the debt promptly to avoid further consequences like damage to your credit score.
I paid off a judgment but now the collection agency is requesting more money and they will not update my credit report reflecting payments made. Can they do that?
Well, since you have satisfied the debt and have the receipt, their asking is just that. You have no responsibility to respond.
What can you do if you have a closed electric account with a balance and you have made monthly payments but it has been sent to a new collection agency and they are requiring larger payments?
And the question is what? You created the large bill, you need to be responsible enough to pay it off. You can't expect to pay a dollar a month and think that they'll be happy about it.
Do you still need to pay a company if you are paying a collection agency for the charged off debt?
No, as they are the legal agent of the original Creditor and the arrangements made with the collection agency are binding on the original Creditor.
Can the collection agency garnish my check is i skipped a payment but then made two payments and be came current with my agreement with them?
Depending from state to state, most collection agencies cannot garnish your check unless you have signed for them to do so or they have a court order to do so. If you have signed I believe you can still rescind that agreement if you are current on payments. You can consult an attorney free of charge over the phone if necessary, find one in your area.
How can I remove a collection agency from my credit report?
To remove a collection agency from your credit report, you can dispute the debt with the credit bureaus if you believe it is inaccurate or outdated. You can also negotiate with the collection agency to pay off the debt in exchange for them removing it from your report. It's important to keep documentation of any agreements made.
When a collection agency buys a debt from a credit card company does a new statute of limitations start from the day it was purchased or does the collection agency's statute remain the same?
The statute of limitations starts counting immediately when you made the last payment to either the credit card company or the collection agency. If you ever make a payment to either of them the statute of limitations will start over. If you have not made any payments to the credit card company recently and the credit card company sells the debt to the collection agency, the collection agency's statute of limitations will be from the date that you last paid the credit card company. Furthermore, if the statute of limitations is over and the collection agency continues to keep collecting the debt, you can send them a letter (certified is the preferred method) to stop all contact with you. Under the Fair Credit Reporting Act (FCRA), they would be required to stop immediately upon receipt of the letter (unless they are taking legal action in a court then they can send you legal notices only). If they do not stop, you are entitled to collect monetary damages as outlined in the FRCA. This does not stop the collection agency from reporting to your credit report. Your credit reporting falls under a different set of rules which basically removes most collections debts (except for court judgements) after 7-10 years.
