Business Line of Credit Tips and Advice

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Arya

Joined: 19 Aug 2009
Arya's page
Posts: 46

1190 Magic Points

Subject: Business Line of Credit Tips and Advice

Sun Sep 13, 2009 9:36 am

I still have a business line of credit open from my business I closed 4 years ago. And owe 7,500 on the line of credit. What is the best way to resolve this. At the current time I cannot pay the full amount off. What should I DO!

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Wed Sep 16, 2009 11:53 am

Hi Arya,

A business line of credit is considered to be an open account. Hence, you have to find out about the Statute of Limitations regarding open accounts for your state. If it is 4 years, then I Believe you do not have to pay the debt anymore. If it is more than 4, then you have to pay the debt to have a better credit history. Under such circumstances, I would suggest you to call the creditor or write a letter stating your present financial condition. Negotiate a new payment plan, through which you will be able to pay the debt.
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All the Best Smile

Justin

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