Liability for a Biz Card
Date: Thu, 09/24/2009 - 17:12
I am working with 5 creditors, 4 of whom have made really good settlement offers (after much coaxing) --- like 30-35%. The exception is Cap One.
They offered me a business card in like 2000, for a sole prop biz I was running at the time, but no longer. I owe them about $10k --- and the only offer they are making is to remove interest and fees (leaving $8700).
Now here's my question (though I will take any suggestions on how to settle this): the card is a business card (the biz is kaput) and the debt does not show up on my credit report --- however, it was a sole prop and the agents do call up my account via my my SS# when I call them on the phone. Am I actually liable for this debt? And whether I am or not, what are the consequences should they sue me?
Thank you in advance ----- t
Sole propritors assume full legal liability for their business d
Sole propritors assume full legal liability for their business debts.
Thank you ----- that was very clear. Any reason why it doesn'
Thank you ----- that was very clear.
Any reason why it doesn't appear on my credit report?
t
Yes, sole proprietors have personal liability for any business d
Yes, sole proprietors have personal liability for any business debts they incur. (If you were an LLC or incorporated, then it'd be a different story)....
The reason it's not on your credit report is probably because the account is under the business' name, not yours personally (the 3 major bureaus don't keep credit reports on businesses). Now if you pulled a Dunn & Bradstreet report, you might see that debt listed. They are able to pull up your account by your SSN because as a sole proprietorship you didn't have a TIN, so they go by your SSN.
