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Business Debt/Am I protected under the FDCPA

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Expert: - 11/15/2011


Question
Ten years ago I started a business and opened up an AMEX business card under the FEIN with me as a personal guarantor.  The business has since failed and now has a five figure balance due to AMEX.  They have sent that to a collection agency.  Am I covered under the FDCPA or is this considered business debt, therefore, giving them more freedom to harass me and my family?

Answer
Hello William,

If you personally guaranteed the debt, then you would be liable for the debt regardless of whether the business is still operating or in existence, provided that there is no defect in the loan documentation.  With regards to FDCPA, there are certainly guidelines that need to be adhered to, but in general they do have the right to attempt to collect the funds from you.

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Jason Milleisen

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Jason Milleisen is the founder of Distressed Loan Advisors, and offers expert advice about dealing with SBA Loan Default. I have written numerous articles about SBA loan issues, and you can read them all at www.JasonTees.com. My services include assistance with debt settlement (aka Offer In Compromise), loan modifications, and lien releases. If it has to do with an SBA loan, I can likely be of service. Before I started my own debt settlement firm, I was an SBA workout officer at a large SBA lender, and handled and $85,000,000 delinquent loan portfolio. I negotiated directly with the SBA, so when it comes to settling SBA debt, I can say with confidence that there are no workout consultants out there who have as much first hand knowledge as I do. When it comes to SBA loan default, there is very little that I have not seen, so you can feel confident that my advice is based on past experience.

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Jason, the founder of DLA, has experience with all types of loans and businesses, from $5,000 unsecured lines of credit all the way up to $1 Billion large corporate syndications. He has 10+ years of commercial loan experience, and was trained at the 2nd largest financial institution in the world. Jason also spent 2+ years as an SBA workout officer, where he reviewed and negotiated SBA settlement offer with client.

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Bachelors of Business Administration Major: Finance Minor: Accounting

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