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If a credit card company closes are you still required to pay the balance?
Wiki User
∙ 14y ago
Yes. Their receivables will be sold to someone. That someone (assignee) will now own the debt from the assignor and will have all of the same legal rights of the assignor. This new group will then look to you, the debtor, to make good on your original contract with the assignor. If you do not they then come come after you just as if they were the original creditor.
Wiki User
∙ 14y 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.
When will the cash book have credit balance?
When company spend more cash then it actually has will cause credit balance of cash book.
Does it hurt your credit if a credit card company closes your acouunt because you aren't using the credit card?
No. It will show on a credit report as an account closed due to inactivity. It has no effect on your credit score.
Does dividends payable have a normal balance of a credit?
Yes divident payable has credit as a normal balance because it is the liability of company to pay to it's shareholders.
Is a debit required for a decrease in liabilities?
Yes. Liabilities have credit balances, so a debit will reduce a credit balance.
If you pay off an enormous credit debt within a year will it be completely off your credit report once it is paid off?
Every credit company and lender is required to repost to the credit bureaus monthly so it will show a zero balance within a month of paying it off but it will not be completely off you credit report. It will still show the company and original balance of the loan but it will show that the balance is at zero and when it was paid off.
How do I transfer the balance on my credit cards?
You will have to talk to you credit card company. They will be able to assist you in transferring your balance on your credit cards.
Is accounts payable a debit or credit?
Accounts Payable is the amount which is payable by company for the merchandise purchased by company but payment is due in future, as it is the liability of company so like all liability accounts it has credit balance as normal balance.
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.
Reginald's credit card statement states that his balance is 550 What does the term balance mean?
The 'balance' of his statement is the monetary value of his account with the credit card company. In this case it is the amount he owes the company.
When will the cash book have credit balance?
When company spend more cash then it actually has will cause credit balance of cash book.
What is outstandanding balance in a credit card?
The outstanding balance is very simply the amount of debt that you have charged on the credit card. You owe that amount to the credit card company.
Does it hurt your credit if a credit card company closes your acouunt because you aren't using the credit card?
No. It will show on a credit report as an account closed due to inactivity. It has no effect on your credit score.
Can you call your credit card company and pay off the balance by giving them the number for another credit card and charging the balance onto that card?
No, they have to offer you the balance transfer.
What company currently offers low interest balance transfer of other credit cards?
Discover is one company that offers low interest balance transfer of other credit cards. One can compare interest balance rates online at websites such as Nerd Wallet and Credit Cards.
Does dividends payable have a normal balance of a credit?
Yes divident payable has credit as a normal balance because it is the liability of company to pay to it's shareholders.
Is a debit required for a decrease in liabilities?
Yes. Liabilities have credit balances, so a debit will reduce a credit balance.
