Here is what I have. I was in a business with my family a credit card was open in company name I signed a personal guarantee not really knowing what it is I know that is my fault but it still a business debt so I left company in 2013 and they paid bill a few months after that but then stopped I had no clue and never heard from credit card company at this time it was November 2014 I took a job in PA and I was renting an apartment and they came back and told me that due to credit I would have to pay a much higher deposit before all this my credit was 750-760 so I still have no clue what it is I asked to see my report and they send to me I then called my family and told them they had to pay credit card they did they would they made all arrangement with credit card company all they are paying is 200 a month and it's killing my credit till all is payed they racked up bill of little over 25,000 I just want to know if I had any legal rights to get them to pay off or transfer debit into their name. This company is based in Alabama I live in Pennsylvania
First of all AVVO is a public forum where you do not have the benefit of the attorney-client privilege which you need in order to reveal further relevant facts to your situation and to properly respond to your question. Because this involves a potential "family dispute" involving at least Alabama and Pennsylvania, you should consult with an experienced consumer protection attorney in Pennsylvania to discuss the problem. I have also changed the area of practice to credit repair.
If you do not presently have an attorney, suggest you use AVVO to select one..
Mr. Geisenberger is a Pennsylvania-licensed attorney only. The information is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Answering this question does not in any way constitute legal representation. Contacting Jacques H. Geisenberger, Jr., P.C.,does not constitute legal representation, nor is any information you provide protected by attorney-client privilege.
Once you signed the personal guarantee, you became responsible for the debt. It will remain on your credit report as a bad debt for seven years. If your family is continuing to pay on the debt, but less than the amount that is required to keep the account current, then your credit will continue to be affected for seven years from the date of the final payment. Also, your information indicates that this was a business debt, so the consumer protection laws will not apply. I've had success in settling these actions with a percentage lump sum payment. I would suggest you contact an attorney to assist you. There are many proficient ones listed in AVVO. Good luck.
By signing the guarantee, you agreed to be responsible for the debt of the business should the business default on the obligation to pay the credit card. Your liability was triggered once the business defaulted. That being said, that business could be sued by you in theory. In reality, the business probably has no assets and there is very little to gain by suing them. The other problem you have is if you sue them, it will likely be in Alabama as that is where they are located and where you could execute against any assets which they may have. There may be a basis for jurisdiction in Pennsylvania but without more details, I can say for sure.
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