What is the account?

The

account is a legal statement between the creditor and the debtor stating that the debtor owes the specified amount in the given period on the basis of previous transactions that create a business relationship. If the debtor does not give up objections to the reasonable period against the account, he / she is considered to be a legal obligation. The absence may be a reason for the action and other legal steps and can issue the debtor to consequences such as a black mark in the credit record.

A classic example is a bank statement. The bank can send a monthly statement to the customer who entered the business relationship with the bank by creating an account, placing funds for deposit and using banking services as a debit card. The customer has the opportunity to check the statement and identify any errors or incorrectness. If the customer does not attach them to the bank's attention to correct them, the account is accepted as stated and the customer cannot argue back to the statement.

The definition of "reasonable periods of time" in terms of the account and other legal matters may be vague and variable. For example, with something like a bank statement, the jury can assume that the customer could respond to the problem within a month before coming to the next month. In a situation where the statement is incorrectly directed, it can be considered a reasonable longer period of time, giving the debtor a chance to find out that the statement has not been and asked for a new copy.

If the debtor accepts an account specified either by paying the amount or does not provide a statement, the person takes responsibility for the financial obligations specified in the statement. If the debtor does not apply by the due date, the creditor may take steps. They usually occur on a scale that can begin and a simple telephone call to remind the debtor and could end up by pressing the lawsuit in court to obtain the debt. The court may also order damages to compensate the creditor for the cost of collection.

It is important to check the accountingCarefully and discuss the statements and discuss any errors as soon as they are identified to avoid imprisonment with the mistake of the account. The debtors should also be warned of the usual timeframe in which account reports tend to come. If the statement is too late or does not come, a new copy should be required. The debtor may also want to ask the creditor to check the records to make sure that the debtor's address is correctly indicated.