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I have a pay-pal account that is negative 900.00 and they have turned me into collections. it is because of chargebacks. By not paying the negative balance will that effect my credit?
Wiki User
∙ 15y ago
Hey, yes it will, when you signed up with PayPal you agreed to terms and conditions which basically gave them the right to retrieve money owed to them using any means nessesary, which also gives them the right to report your to credit services which will have an impact on your credit rating, same thing happened to me but i just paid it off even though it was totally a scam and not my fault.
Wiki User
∙ 15y ago
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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.
What does it mean if your account has a minus sign?
IT most likely means that your overdrawn on your account and its at a negative balance.
What is the balance in the account after the cheque is written out?
The balance of an account is the cash that is in it at any given time. It may be a positive or, if you have been given permission, negative amount.
Is it possible for the cash account to have credit balance?
It could be possible for the cash account to have a negative balance. This could occur if they wrote a check out for more money than they have. This would not be a good situation for a company!
How long does it take for credit card accounts to be closed if they have not been paid?
If a credit card account has an outstanding balance that is defaulted on, the account will not be closed. The account will be charged to profit and loss, or sent/sold/assigned to collections, either internal or external.
Will having a negative balance in an unused checking account affect your credit rating?
No, having a negative balance in an unused checking account will not directly affect your credit rating. However, if you fail to pay off the negative balance and the account is sent to collections, that could potentially have a negative impact on your credit rating.
What is the term used for a negative checking account balance?
"Overdrawn" is the common term used to describe a negative checking account balance.
What is a negative account?
Below 0 balance.
Has negative current account balance always negative impact on economy?
yes
Has negative current account balance always negative impact on the economy?
yes
What is the term for the amount of money you have in your account?
The amount of money available in an account is usually referred to as the "balance" of the account. The cash balance may be positive or negative.
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.
What does it mean if your account has a minus sign?
IT most likely means that your overdrawn on your account and its at a negative balance.
What if you have a negative balance in your bank account for 6 months?
If you have a negative bank balance for six months, the bank is likely to charge you fees and ask you to pay them what you owe. Once the account is back to zero, the bank will likely close that account.
What is a country with an official settlements balance of zero and a negative current account balance is called a?
Net borrower
What does put in the black mean?
To be put in the black means that you have money or your account shows a positive balance. Being in the red means that your account has a negative balance.
What is the balance in the account after the cheque is written out?
The balance of an account is the cash that is in it at any given time. It may be a positive or, if you have been given permission, negative amount.
