TURNED ACCOUNT Meaning and
Definition
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Turned account refers to a financial account that has been passed over to a collections agency or a debt recovery service after multiple unsuccessful attempts to collect payment or resolve outstanding debts. It is often a last resort by the original creditor to recover the money owed by the account holder.
When an account is turned over, it signifies that the original creditor has exhausted their internal efforts in trying to collect the funds and has decided to seek external assistance. The account is then transferred to a third-party agency that specializes in debt collection. This agency assumes responsibility for collecting the outstanding balance on behalf of the original creditor.
Once a turned account is in the hands of a collections agency, they will employ various tactics or strategies to recover the debt. These may include sending letters, making phone calls, or even pursuing legal action if necessary. The collections agency will typically charge fees or receive a percentage of the recovered funds as compensation for their services.
For the account holder, having a turned account can have negative consequences on their credit score and financial reputation. It is crucial for individuals to address turned accounts promptly to avoid further damage to their creditworthiness and to seek resolution with the collections agency or original creditor.
Common Misspellings for TURNED ACCOUNT
- rurned account
- furned account
- gurned account
- yurned account
- 6urned account
- 5urned account
- tyrned account
- thrned account
- tjrned account
- tirned account
- t8rned account
- t7rned account
- tuened account
- tudned account
- tufned account
- tutned account
- tu5ned account
- tu4ned account
- turbed account
Etymology of TURNED ACCOUNT
The phrase "turned account" does not have a specific etymology because it is a combination of two commonly used English words.
The word "turned" is the past participle form of the verb "to turn", which comes from the Old English word "turnian". Its etymology can be traced back to the Proto-Germanic word "tornijaną", meaning "to turn, revolve".
On the other hand, "account" comes from the Old French word "acompte", which originated from the Late Latin word "computus", meaning "reckoning, computation". The Latin term is a combination of "com-" (meaning "together") and "putare" (meaning "to reckon, consider").
When combined, "turned account" can be understood as a descriptive way of saying that something has been changed or transformed in terms of its account or reckoning.
