Forums
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!
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.