Debt Collection

profit on debt means the interset,penality,fees,charges and other benefits on bebt

recevied by the financer

a mug collector

Well everyone is in debt one way or another so your question could be answered in two ways in terms of money or in terms of a physical achievement and a recognition to another for a help or service

Sure would like to know myself ... just got a call from a collection agency telling me that i owe 95.00 from June of 1999... no info about patient...only a date. not even a doctors name. They are rude and relentless ... what do i do ???? help me !! Jane

It does yes, but only for seven years after it happened. This is because the FCRA (Fair Credit Reporting Act) specifies that anything on your credit report can only be on it for seven years after inactivity. Inactivity means that you have not had anything to do with it. For example, lets say you had a delinquent credit debt and did nothing with it for seven years, it would fall off your credit report. But even if you paid 1 dollar to this debt 6 years and 364 days after it's date, it would be on for another seven years.

In many cases the husband will be held responsible. They are deemed to have benefited from to goods and services.

Yes, a writ of attachment is a court order that allows a creditor to seize a debtor's property before a final judgment is entered. It is a legal remedy used to secure the creditor's claim and prevent the debtor from disposing of their assets to avoid payment.

According to post I've read online, Absolutely Not! However, the IRS or a State may.

In Georgia in most cases they will be held responsible. They are deemed to have benefited from to goods and services.

Canceling the balance of a customer account because the customer does not pay is called writing off an account.

If they got a court order within 7 years of you getting the debt then they can but the amount of time and money they would have to put into it would make it impractical to do this unless you owe over $200,000. If they didn't get a court order within 7 years then the debt completely goes away.

There are specific laws in place to protect consumers from harassment from debt collectors. It is illegal for debt collectors to contact you at work if your employer does not allow this.

Record all contact by debt collectors just in case you have to take them to court in the future. Also, I advise you to check online for laws in your state that protect you against harassment.

There is no special rule that says why should businesses use collection agencies. One of the most essential activities of a business is dealing with the accounts payable and there is going to be other business or consumers that will not pay on time, for business accounts that are delinquent 60, 90, 120 or more days, represent a tremendous lost.

When a business goes after their delinquent account (past due accounts) may represent an enormous effort and resources to collect that account, some times business have in-house collection department, some business mix in-house with a third party collection agency. When collecting business debt a commercial collection agency usually is needed.

So, this is up to the business, if they want to collect themselves or via a third party collection agency

It is possible for Revenue Canada to freeze a person's bank account. This includes both single and joint bank accounts.

Receivables collection period refers to the number it takes debtors to pay which is about the last part of the operating cycle where the company will generate the required cash to start another cycle. the longer it takes the debtors to pay, the longer the operating cycle becomes however short are the other elements such as raw material conversion cycle, work in progress conversion cycle, marketing and distribution cycle for finished goods. since most companies run their account on accrual basis such that it gives rise to selling goods and services on credit, there will be need to have a good collection policy in place so as to avoid tying down capital in the hands of customers and most importantly to shorten the average collection period to have a shorter operating cycle. the shorter the operating cycle, most especially for merchandising, the better the company's efficiency.

Lateef Ismail Adebayo

Credit and Marketing

Union Bank of Nigeria Plc.

+2348035571160.

No.

No creditor has the right to freeze a bank account - only the court has the right to do so.

Now, if a bank account or any asset with value has been offered as security to the lender, then it is possible that the lender may seek a legal remedy to obtain the asset, however, that remedy is conducted through a civil suit. If the court finds the lender to be in the right, they will rule as judging against the defendant(s) and will provide legal recourse to the lender to obtain an appropriate settlement (but the lender still cannot freeze an account).

A bank account can only be frozen by the court in which a suit has been filed against the account holder. The reason for this is to prevent the debtor from removing monies from the account, closing the account or transferring ownership of said account. Accounts that are allowed to be held as TBE by married couples cannot be levied if only one spouse is a debtor. (TBE accounts are not available in all US states and none are allowed in community property states).

A lien cannot be placed against an individual in reality. However, a judgment creditor such as a credit card company can place a lien against real property owned by a judgment debtor. The judgment creditor can take other steps as well to collect the debt, an example would be income garnishment.

No. The bank owns the house after foreclosure. But your credit report will take years to fix. Good luck.

State party organizations run grassroots campaigns in their states to support candidates. They also mobilize people to go out and vote.

Collection agencies have sliding scales for costs typically. Say 100 accounts come into the agency on the first of the month. On these, 100 letters will be sent out notifying the debtors that the accounts are in collections. Of these, roughly 30% will pay immediately. These accounts usually generate 20% commission, that 20% of the amount paid goes to the collection agency. There are 70 accounts remaining. These will require a phone call. So, 70 calls are made, and of these another 30% will pay. That's 21 accounts, and these usually commission for about 33.3% or one third of the amount collected. There are 49 accounts left, and for one reason or another letters did not work or were returned for bad addresses, telephone contact could not be made, or the debtor just refused to cooperate, and the accounts were turned over for skip tracing. Once a skip tracer touches an account, the commission jumps to 50% or more, and this is where the collections agencies really start to mount costs. Skip Tracer activity results in a variety of actions. From simple location, to location of assets and property for the intent of legal action. Most skip tracers are competent enough to find people. The really good ones find everything.

That is perfectly legal. The term "charge off" does not mean that the debt is not still valid and fully collectible.

The creditor can file suit against the debtor and if the creditor is successful and is awarded a judgment the judgment can be executed against all non exempt real and personal property belonging to the judgment debtor.

Usually, once a company charges off a debt, they will send the unsavory transaction to the credit bureaus, lowering one's credit score.

Even if that individual pays the charge-off, the damage is done insomuch as the lender rarely sends an updated message indicating that the debt was paid.

If you paid the charge-off, you may dispute the transaction line (by having a note added to the line that states that the debt was paid on a particular date), however, you DID allow the debt to get charged off, so that line will only go away after seven (7) years.

Yes. Get an attorney to advise you, if you have medical bills that you have let get out of control.