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jassica
Joined: 13 Sep 2009
jassica's page
Posts: 70
6 Magic Points
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Subject: credit score
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Fri Oct 02, 2009 5:29 pm
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| 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 |
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Justin
Joined: 17 Jul 2006
Justin's page
Posts: 1093
25288 Magic Points
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Sat Oct 03, 2009 5:14 am
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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 
Justin |
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sunnyca
Joined: 10 Sep 2009
sunnyca's page
Posts: 150
950 Magic Points
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Sat Oct 03, 2009 5:28 am
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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 |
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sdchargers_63
Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1343
162 Magic Points
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Subject: credit score
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Sat Oct 03, 2009 9:26 am
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| 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. |
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