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Date: Wed, 02/16/2011 - 07:27
I have $100,000 unsecured note at a bank. The note was a line of credit at 6% for years and the the bank changed it to a credit card at 17.5%. The payments went from $600 to $1700. I was never late when it was a line of credit. I have now fallen behind 5 months. What can the bank do to me and my corporation. By the way this is a small business.
Thanks:
Thanks:
The bank can charge off the debt and assign it to a collection a
The bank can charge off the debt and assign it to a collection agency as you're 5 months behind on your payments. You should immediately have a word with your bank and check out if you can get a repayment plan to pay it off. You will have to negotiate with the bank and convince them about your financial situation so that they agree to give an affordable repayment plan.
