Business Debt/Company credit card

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Expert: - 10/16/2008


Question
I have read a couple of questions regarding "business" credit card debt.  I was the executive director of a company that was issued a credit card through our bank.  I was the "authorized" signer for use of the card.  The company folded in April of '07 and now the cc is trying to collect the debt from me personally!   They have turned it over to a collection agency and THEY turned it into the credit reporting agencies.  I do not owe this money.  Never signed on as a responsible party and in fact was not an officer of the company.  HELP!

Thans.

Roger Newcomb
Lansing, MI

Answer
Roger:
Thank you for your inquiry. You are not responsible, unless you yourself signed a personal guarantee for the debt. You need to contact the creditor in writing asking them for a verification of the debt, to illustrate your liability. Secondly, you can then contact the credit reporting agencies and dispute the reporting, until they have conducted an investigation to your link as responsible payer. You do not have to speak with creditors, but they must have you on their radar and are attempting to collect from anyone related to this debt who is reachable and will anti up to get them to stop calling. You can and should also contact your states attorney generals office and ask how to dispute a debt with a collector and of course any issues with harassment pertaining to. Lastly here is a website that provides information and examples of dispute letters on the subject.http://www.fair-debt-collection.com/disputing-debt-collections.html

I hope this will serve to begin a resolution to your situation. Please feel free to write a follow up and if the information provided thus far was helpful, please take a moment to provide a favorable rating on my answer.

Respectfully,
Christine Janklow

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Christine Janklow

Expertise

As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.

Experience

My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.

Organizations
Provisors;Turnaround Management Association; Los Angeles area

Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."

Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising

Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.

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