Helpful Resources

Community

Popular Discussions

Creditmagic Twitter

Credit on Facebook

Home

Credit Forum

Credit repair

credit score

Post reply Start a topic

Author

Message

Options

	Print this topic
	Invite a friend
	Email this topic

Bookmark online

	Add to del.icio.us
	Add to YahooMyWeb

jassica

Joined: 13 Sep 2009
jassica's page
Posts: 76

10 Magic Points

Subject: credit score

Fri Oct 02, 2009 5:29 pm

have a small business, and unfortunately I have encountered debts that were sent to a collection agency. Can they go after my business and myself personally? I have explained my hardship with this economy, and would like to set up a payment plan to pay them off. Will my credit still be affected by this? And, if so, what is the upside on paying this debt

Justin

Justin

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

28942 Magic Points

Sat Oct 03, 2009 5:14 am

HI Jassica,

Yes, they can go after your business in case you are unable to pay them the debts. Legally, they can take away your assets to get the debt amount. Your business is an asset which could be readily liquidated into cash.

Well, if your credit report reflects "paid as agreed", the damage would be less, than when it reflects unpaid accounts or collections. So setting up a payment plan with the creditor is the best way out.
_________________
All the Best Smile

Justin

sunnyca

Joined: 10 Sep 2009
sunnyca's page
Posts: 148

954 Magic Points

Sat Oct 03, 2009 5:28 am

You cna alwsy negotiate with collection agency and settle them for less. Normally they agree for lower than you owe

One way to gte rid of this woudl be is you cna file for bankruptcy but that woudl eb the last option

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: credit score

Sat Oct 03, 2009 9:26 am

Just wondering: can you get into some kind of Debt Consolidation program? Something that you can possibly do, without filing for BK (just a suggestion). If you are on a Debt Consoliadation/Settlement program, this will reflect on your credit. However....I think it reflects in a 'positive' way, because it tells those looking at your credit that you are trying to take care of your debts.

Kayli
Guest

Subject: osRUXXGSCdySdjH

Sun May 22, 2011 6:21 am

Superior tihnnikg demonstrated above. Thanks!

Sally Nachelle
Guest

Subject: credit score

Wed May 25, 2011 12:50 pm

Yes, a collection agency can go after your business and yourself personally. If you want to repay your debt, you can contact with a debt consolidation company and enroll in a debt consolidation program. This program helps you consolidate your debt and make one single monthly payment instead of multiple payments. Your account status will be updated as “Paid-as-full” after you have repaid debt. So, it is better to repay debt on time.

Tiger
Guest

Subject: kUWWJzkuYJNE

Wed Jul 06, 2011 12:53 pm

So true. Honesty and eevyrhting recognized.

Lakeisha
Guest

Subject: aZnLijFtTEZZQUwb

Sat Jul 09, 2011 8:01 am

I spupose that sounds and smells just about right.

Quick Reply

Your Name

Subject

Message body


Page 1 of 1

Home|Contact Us|Terms of Services|Privacy Policy|RSS

* Disclosures:

Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.