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.
I have one last issue and that is in regards to 2 business credit card debts (company has terminated)that are holding me responsible for the debt (about $15k each card). These credit lines where set up over the phone no signatures/etc were done but they are holding me responsible because they claimed I was the person on the phone. I have asked in writing for these recordings but still no response. Do they have to respond in 30 days? These credit lines DO NOT show up on my credit report and now they have been sent off to a 3rd party collection agency and I have asked them in writing about me being personally responsible with no real response except for "because this is NOT a personal expense you do NOT fall under the FTPC", true?
Thanks
Jay
Answer Jay:
Thank you for your question, albeit a loaded one. Your first question addressed the issue of having your debt set off by your bank out of a personal and unrelated to business account. Without benefit of knowing what your card or loan agreement stated, the general "language" that authorizes such action is attained when you sign a signature card opening any type of bank account. Most banks basically state that any defaulted/delinquent debts or fees owing the bank can be restored by their right to "set off" the debts owed. Keeping money in a bank where you owe them as well is not advisable, unless you have some sort of arrangement set up to resolve the past due accounts. Is it legal? The rules are made (and broken) by the banks and not for me to determine. If you have received a collections notice stating your personal liability to a debt, you can ask for a "Debt Validation". This is a written letter stating clearly that it is not a refusal to pay but rather a notice sent pursuant to the Fair Debt Collections Practices Act, 15 USC 1692g Sec. 809(b) that your claim is disputed and validation is requested. You must also request that their offices provide you with competent evidence that you have any legal obligation to pay you. Ask them to provide:
*Amount of debt
*Identify the original creditor
*Prove the Statute of Limitations has not expired on this account
*Proof that their company is licensed to collect debts in (your) state.
*Provide a verification or copy of any judgment if applicable
Also state that they need to give you at least 30 days after receipt of above to investigate the information until such time any collection effort must cease and desist. You might consider getting the advice of an attorney to determine if you are liable. You can at that point look to resolve these accounts or suffer further consequences. At that point you might be a good candidate for commercial debt settlement. If you found this answer helpful, please take a moment to provide a positive rating and feedback so others may continue to benefit.
Respectfully,
