Basically there were two officers with each 50% of shares of an incorporated company and the company could no longer operate due to cash flow. The company had a $7000 balance with a major financial institution as an overdraft protection amount that was granted a year ago. We signed documents, but I am unsure if this was personally guaranteed at the time. My partner is not agreeing to pay off his half of the balance so this amount was sent to a collection agency. The have listed my name and the Incorporated company and stated that "Your credit bureau is being negatively impacted by this non-payment but can still be repaired." I just got this letter today and wondering if anyone can give me some good advice on what I should do. If it is not personally guaranteed can this affect my personal credit history?
2007-11-20
17:54:04
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3 answers
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asked by
John A.
2
in
Credit