Business Debt/business credit card

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Expert: - 5/13/2009


Question
I was layed off from my company after close to 30 years as the administrator.  I had a credit card in my name that the company paid for for over 6 years.  A cash advance was used to cover payroll and now that I have been layed off, the company stopped paying and I am getting credit calls.  What are my rights?  I was the signer on a business card.

Answer
Louann:
Sorry to hear of your recent lay off. The card in question was a corporate debt and simply because you were a card holder, does not make this your liability. You are getting calls because the company defaulted, and this is in collections. The collection agencies use many pressure type tactics to evoke a response (from anyone connected with the account), some not ethical or founded. Be careful not to give any personal information and you are under no obligation to speak with them as they may be trying to find out more about who they can collect upon. Furthermore make no payments or promises to pay and seek legal counsel if you receive a legal notice such as a summons. If you receive dunning (collection) notices in the mail at your residence you can write the credit card company a verification of debt letter to stop collections while they must provide you verification that the debt is owed by you and their ability to collect. You can learn more about these tactics and your rights by visiting www.ftc.gov or www.fair-debt-collections.com

Best of luck.

Respectfully,

Christine Janklow

Business Debt

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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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