AboutChristine 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.
Organizations Turnaround Management Association; Los Angeles area
Publications 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 and service providers.
Question My company ran out of moneyassets, closed and stopped paying credit card
debts. The BOA card was in my name, and they have been attempting to
collect the debt from me personally. I wrote multiple times to them asking
for evidence that I assumed any personal liability (such as a signature on an
agreement or other instrument). They would not provide it, and furthermore
said I needed to subpoena the records. That is entirely false that I would
need to effectively sue them to have them provide evidence that I actually
was liable. The company was a C Corp. I did not even "apply" for the card, it
was just sent to me. I never even gave them my SS#. Everything was done
through a EIN number. This account never showed on my credit report.
So, I did nothing in the meantime since they would not provide me with
simple documents. They then, without warning, drained one personal
checking account, claiming their right to off set the debt with other accounts
in their bank. Thank god my mortgage payment went though first and there
was only $90 left in the account. However, the bank paid this and now I am
over-drafted. This was a personal checking account, that was totally
separate from the company, had never been used for company business, and
were not in any way linked to the company.
The bottom line is, the debt is real, but the personal liability has not been
proven despite multiple written requests. What right do they have to debit
accounts that are not linked, used for business, or in any other way like kind
to off set company debt on a card that they cannot seem to prove I am
personally liable for.
Answer Dear Chris:
Thank you for your inquiry. I regret the inconvenience this event has caused you. Based on the information you have provided, Bank of America had access to your SS#. What they did in this case was called an asset search, of which they apparently found assets in the form of cash. You did not mention if you bank with BofA, but if you had a personal account, a business account with them and a card with them, it would not be very difficult for them to have access to your account. The creditor has a right to collect, but if you closed the business, it may behoove you to notify them of that closure. A SS# is usually required by banks to open up a business checking/savings account with a bank in addition to an EIN. If they won't verify your liability, you can write to their collections department and ask them for verification of debt. If they continue collections efforts on you personally, you may need to seek professional assistance in the form of an attorney or a business debt mediation firm.
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