QUESTION
What are my options to negotiate or dismiss this loan?
Asked on Mar 18th, 2014 on Collections - Florida
More details to this question:
I was President of a construction company until the company had to close its doors due to the economic hardship. When the housing bubble popped I took out a personal loan of $10,000 and loaned it to the company to payoff some outstanding debts. The company went out of business in May of 2013 and I received a call from collections today March of 2014. The company made payments directly at first but I made some of the final payments until the company went under ( they did not file bankruptcy). I have proof of the money going to that companies debts. Is there anyway of getting out of this debt?
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
Unfortunately, banks could care less about what you did with the money as it is your responsibility to pay the borrowed money back. In the future, personal loans to pay business debt are a terrible idea, as this is the reason why you have corporations to begin with, to AVOID personal debt. If you would like, we do offer FREE consultations to assist in determing how we can help. Just call 1-800-922-6442.
Answered on Mar 19th, 2014 at 9:04 AM
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