In accounting, the term "sundry creditors" is used to designate a group of suppliers on a ledger sheet, according to The Law Dictionary. It is typically used for suppliers that are used infrequently or that do not fit into categories generally used by a business, although according to FinanceReading.com, it can be used for any customized grouping of organizations to which a person or company owes money.Know More
When formulating a balance sheet, the term "sundry creditors" can be used as a heading for all the money owed to an entity for goods and services, but not money owed as interest on a loan or as taxes, according to FinanceReading.com. The heading is listed under the category of liabilities, which, according to Investopedia, includes all financial obligations of an entity.
The term "sundry debtors" is the reverse of sundry creditors, and refers to a group of entities who owe money to a person or organization. On a balance sheet, the heading of sundry debtors is categorized under assets, which Investopedia defines as anything that can be converted into liquid cash. A sundry creditor can also be considered a subcategory of creditors in general, which are defined entities that have extended credit to another entity, either in the form of a loan or in a contract for goods and services provided, as explained by Investopedia.Learn more about Credit & Lending
Findlaw advises creditors to take the most direct approach to collect on a judgment, which entails simply asking the individual or business owner to pay the money owed. Debtors who have a stable financial situation may pay the judgment to avoid collection activities and additional legal action.Full Answer >
Bankruptcy is a legal process that enables an overly burdened debtor to obtain relief through a judicially supervised liquidation or reorganization of assets that is conducted for the benefit of the creditors. There are two main objectives of the United States bankruptcy laws. The first is to protect the rights of creditors so that lenders are not fearful of extending credit, and the second objective is to protect the rights of debtors so that they can have an opportunity to resume their lives or business affairs if they become overburdened.Full Answer >
One way to find your debts is to check your credit report for a list of your creditors and then contact them to find out exactly how much you owe, according to Experian. If collection agencies are involved, you can ask the original creditor which agency has your account, notes About.com.Full Answer >
Credit Karma is accurate in the sense that it gives information about the data in a credit report and contains the latest information reported by creditors to the TransUnion credit bureau. Information is sometimes outdated when creditors have not recently updated a credit report. On the other hand, Credit Karma is not accurate in terms of FICO credit score, which is the "official" score most often used by creditors.Full Answer >