What many people fail to realize is that writing off accounts doesn't affect the existence of the debt at all. It's all about the bank's accounting and financial statements. If the bank loans you or your company , it expects to get the money back. The bank principally lists the loan amount as an asset on its balance sheet.If the bank decides you're a deadbeat, the financial statements can't ignore that. Ignoring the bad debt would give investors and auditors a distorted view of the bank's health. Instead, the accountant writes off or charges off your debt - they mean the same thing - to remove the money from the balance sheet. That's all writing off your debt does. It doesn't stop the bank from going to court, selling the debt to a debt collector or reporting your failure to pay to the major credit bureaus. Wirestork.com has some serious information of this subject.
bounced cheque upto amount of 50k, pay 2k fine and u r free. upto amount 100k pay 5k and u r free . upto amount 200k pay 10k fine and u r free. this is the rule now in Dubai, Abu dhabi & RaK they dont wanna feed u in jail for free.
What many people fail to realize is that writing off accounts doesn't affect the existence of the debt at all. It's all about the bank's accounting and financial statements. If the bank loans you or your company , it expects to get the money back. The bank principally lists the loan amount as an asset on its balance sheet.If the bank decides you're a deadbeat, the financial statements can't ignore that. Ignoring the bad debt would give investors and auditors a distorted view of the bank's health. Instead, the accountant writes off or charges off your debt - they mean the same thing - to remove the money from the balance sheet. That's all writing off your debt does. It doesn't stop the bank from going to court, selling the debt to a debt collector or reporting your failure to pay to the major credit bureaus. Wirestork.com has some serious information of this subject.
May God help all in financial troubles
If somebody doesn't paying the business money ; is there any legal option for recover the money?
How to pay this
Once cheque bounced, you will have a criminal case against you, even if you paid the fine
bounced cheque upto amount of 50k, pay 2k fine and u r free. upto amount 100k pay 5k and u r free . upto amount 200k pay 10k fine and u r free. this is the rule now in Dubai, Abu dhabi & RaK they dont wanna feed u in jail for free.
its true bro bcoz i have rent cheque bounced in 2009..i want to come back pls reply me