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Business Debt/credit card guarantor

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Expert: - 1/30/2009


Question
Dear Christine:
I have read some of your answers re the liabilities of a credit card guarantor and found them very useful. Does Florida law (statute #?) require that guarantors receive written notices from collection agencies? And if so, under the law am I responsible for any/all of the outstanding debt placed on the card by my former business partner. I have been to small claims court and the plaintiff (who denied to me is working for a collection agency) was ordered to send me all documentation re this debt including the original contract with Citigroup. Neither the law firm nor Citigroup have responded to my verbal request to get said documentation. Until I see the contract and statement of charges it's my feeling that my name and social security number were forged by my former partner. Up until a court summons I was unaware there was even an outstanding balance due. P.S. the business has been closed for almost a year. I haven't spoken to my ex partner, nor do I want to. He'll just give me a run-around of excuses.

Answer
Dear John:
Thank you for your question. According to the Fair Debt Collections Practices Act,(www.ftc.gov)a creditor must notify you in writing of their authority to collect on behalf of a creditor. There are statutes for collection in each state that are usually between 4-6 years for written contracts. If as you say, you did not authorize the opening of this credit line (card), and in some way your identity was stolen or falsified, you might benefit from consulting with an attorney practiced in FDCPA enforcement who can advise you of your rights. Even though you are a business owner, it appears your social security number may have been compromised, so the debt likely befalls you personally. If you have not done so already, you can write a validation of debt letter to the creditor indicating your dispute with the charges they hold you liable for. You can find more about statutes and letter examples on www.fair-debt-collection.com. If you don't have an attorney but need one you can visit your states attorney general website or www.lawyers.com

I hope this helps you find a direction to resolve your dispute.

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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