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 Posted: Mon Aug 04, 2008 6:05 pm Subject: NCO Collection for ex business partner debt |
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Hi everyone
NCO is calling me about an ex business partners debt on a credit card. I have the agreement where I was bought out and absolved from all debt from the ex business partner in the buyout agreement. He is filing bk. I was bought out in 2005 and the debt from the credit card was delinquint and rang up after I was off the record as an owner. I thought i was only on the account as an authorized user and not as a cosigner or backer of the debt. I did not notify the credit card company that i was no longer an owner nor did i use the card anymore after my buyout. Am i still entitled to this debt even though i can probably prove that the charges were made after I sold the company back to them. Can my buy out letter serve as purpose that they need to take it up with the old owner? Thanks for any info on this.
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igotscrewd
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Debtcc Points: 100
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| Posted: Tue Aug 05, 2008 1:16 am Subject: |
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Please try to remember whether the debt they are talking about was a joint one. If it was a joint debt then both the partners are liable to pay-off the same.
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phoenix
Joined: 14 May 2008
Posts: 924
Debtcc Points: 5968
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phoenix
Joined: 14 May 2008
Posts: 924
Debtcc Points: 5968
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| Posted: Tue Aug 05, 2008 8:09 am Subject: |
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An authorized user would not be liable for any charges made. You need to find out if you were just listed as a user or if you actually signed the contract. I would make them dig up the original contract and show you were you signed it. If you signed the contract then I don't think the sale of the business would matter but you might want to get a lawyer to figure that out for you since that would really be between you and your business partners and really not involve the OC. I would send the collector a DV letter specifically requesting that signed contract. They will send you a bunch of garbage the first response assuming they respond so you will have to DV them again and again until they get that contract. I would also do my own leg work and contact the OC and request a copy of that contract. I would go through their fraud department claiming you worked for the company and only had authority to use the card but did not own the card and would not take no for an answer. If you signed the contract they can hold you liable for the debt.
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DOLLARSandSINCE
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