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 wish to know can a third party collection agency place a collection on one's personal credit if credit was granted in the name of a corporation (with a personal guarantee) and the company defaults on the loan. Can the collection information be placed on the personal guarantor's personal credit profile?
Answer Victoria:
Thank you for your inquiry. The answer based on the information you provided would most certainly be yes. If you personally guaranteed the debt, and the business defaults on payment the bank can pursue the corporation for a time, but will often realize that they can more likely collect if they pursue you as guarantor. Often they will "threaten" to report this to your personal credit in hopes that you will take action. They can do this and may do this, but that leaves you in a position of having added debt to income. If they report to prompt a "payment response," that does not mean that you have any more money or assets than your corporation did. Assuming you drew income from that business, that actually makes it less likely for you to be able to pay due to your self employment status. If you can not cure the default, or simply cant handle servicing the debt any longer, you can consider going through a business debt settlement program. Remember, credit is reparable and often the cost of keeping "good" credit is high. Don't be so concerned about keeping good credit, but rather how you can get rid of the debt sooner. Since, it appears the actions you have taken up to now may already be having a negative affect on your personal credit, why not get your money to go much further (than servicing) by having the debt negotiated down to a fraction of its present balance? I hope this answer helps.
