AboutMichelle Dunn Expertise As one of the Top 5 Women in Collections, one of the Top 50 Collection Professionals of 2007, and winner of the 2007 Business Excellence award, I can answer any questions about debt, debt collection, improving business credit, creating a credit policy, enforcing a credit policy and collecting on past due accounts. I can also answer questions in regards to starting a debt collection agency since I have been a bill collector for over 21 years, started and ran my own collection agency for 8 years, and maintain my 11 year old American Credit & Collections Association for members of the credit & debt collection industry. I am also the author of the popular and award winning book "Starting a Collection Agency, how to make money collecting money" now on it's 3rd edition. This book has won a the Writers Digest self published award as well as the 2007 New York Book Festival Award.
I am a repeat contributor to the Wall Street Journal, and have been featured on NPR as well as many other national radio and television programs. I have also been featured in national publications such as the Wall Street Journal, Forbes, Smart Money, MSNBC and much more. I have 12 published books to my name and am an accomplished speaker and consultant. I currently write 9 columns for newspapers, magazines and online portals worldwide.
Experience I have over 21 years experience in debt collection, I started and ran my own collection agency for 8 years and I am the Executive Director of my American Credit & Collections Association that I founded in 1998. www.credit-and-collections.com
Organizations The American Credit & Collections Association LLC, I was also a member of the American Collectors Association and Plymouth Chamber of Commerce for 9 years. I am a member of many writing groups as well as my local Women Inspiring Women chapter. I am a member of Know More Media as an expert for their blog on business credit.
Publications Business NH Magazine, Smart Money Magazine, MSNBC, CNN, Forbes.com, The Wall Street Journal, Home Business Magazine, Entrepreneur Magazine and website, many books, newspapers and television programs as well.
Education/Credentials I have written 12 books in my collecting money series and one for Entrepreneur Press called the Ultimate Credit and Collections Handbook.
Awards and Honors My book Starting a Collection Agency, how to make money collecting money won an award from Writers Digest and the 2007 New York Book Festival in the "How to" category. I have won 2 awards from Dun & Bradstreet and Governor Jean Shaheen. I was nominated as one of the Top 5 Women in Collections in 2007 as well as having been selected as one of Collection Advisor's Top 50 Collection Professionals for 2007.
Question I started as a Controller with a company back in 2005. The company had just been purchased and I was the first hire by the new owners. The majority of the debt was carried by the seller as a note. The owners lived in Oregon and I started running the manufacturing company in AZ. I had to fill out new credit forms with existing vendors to get supplies. The company defaulted on the seller note in Dec of 2007 and the previous owner took back the assets only (no debt). One of the vendors is coming after me personally (not an owner or someone who can bind the company) because I signed the credit form along with one of the owners. The attorney is telling me it is a personal guarantee. Wouldn't the owner who signed be liable? I did not supply my social security number, nor do I have any interest in the company. The amount they claim is owing is also over the credit limit. The attorney says they are putting it on my credit the end of this month (they don't even have my social) and they are starting litigation. Do I have any defense? I didn't realize I could be held to a personal guarantee as a non-owner and when one of the owners signed. The attorney said he talked to the owner on there but is coming after me. One other thing, the credit app is in the name of the company back from Feb of 2005 to April of 2005. The name of the company has changed twice since then so the credit application is not in the existing name of the company after April of 2005.
I appreciate any advise.
Answer It sounds like a co-sign type of credit extension. If the owner who also signed with you is not paying or giving them the answers they want, they will come after you which it sounds like they are doing. Talk tot he other person who signed the agreement with you and tell them what is happening. If they have any sense they will take care of it before losing an employee over this, if they don't I would obtain an attorney and look for another job.
