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Wells Fargo Business Line of Credit

Frequent Contributor

Wells Fargo Business Line of Credit

What happens if a debt that you owe from a pior bussiness that you owned is not payed. The account has no personal guarantee. The prior bussiness is now closed.My family now has a new bussiness. Can they go after the new bussiness? They are seperate corperations. 

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7 REPLIES
Epic Contributor

Re: Wells Fargo Business Line of Credit


CreditChampion wrote:

What happens if a debt that you owe from a pior bussiness that you owned is not payed. The account has no personal guarantee. The prior bussiness is now closed.My family now has a new bussiness. Can they go after the new bussiness? They are seperate corperations. 


Should not be able to but I wouldn't really suggest going back to the same bank!

 

you got a Wells Fargo Line of Credit with no PG? How long and how much money was involved in this prior business to get this type of line of credit?

Message 2 of 8
Frequent Contributor

Re: Wells Fargo Business Line of Credit

It was a medical office my pops had in the 90's lol. Originally a Wachovia account.

Fico Scores:800+Club

Marvel MC 25K AMEX BCE 18K AMEX Blue Sky 13.6K AMEX BCE 13.5K AMEX Zync
NPSL(AU) Citi Double Cash 14.5K PenFed Plat Rewards 14.5K Citi Forward 10.3k Discover it 9.5K Wells Fargo Cash Back 7.2K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed) PenFed PLOC 14K
PenFed Promise 5K
Message 3 of 8
New Contributor

Re: Wells Fargo Business Line of Credit

Back then business credit was easy and real.. They can't come after the new business at all. That's like going after a person for some some else's debt.

How much was owed?
Message 4 of 8
Frequent Contributor

Re: Wells Fargo Business Line of Credit

$9700 originally was 10k. That account accumulates so much interest, I think my pops might just not pay anymore lol. We do bank with wells fargo though.....

Fico Scores:800+Club

Marvel MC 25K AMEX BCE 18K AMEX Blue Sky 13.6K AMEX BCE 13.5K AMEX Zync
NPSL(AU) Citi Double Cash 14.5K PenFed Plat Rewards 14.5K Citi Forward 10.3k Discover it 9.5K Wells Fargo Cash Back 7.2K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed) PenFed PLOC 14K
PenFed Promise 5K
Message 5 of 8
New Contributor

Re: Wells Fargo Business Line of Credit

Chances are if he stops paying it won't effect his personal relationship with WF especially since it was a non pg loan. But with that said you want to make sure it really wasn't PG'd..They could go after the company for money and in rare cases if the company wasn't properly set up and kept properly they could pierce the corporate veil and go after owners. That is pretty rare and hard for creditors to do and with the amount being so low very very unlikely.

How old is the loan?
Message 6 of 8
Frequent Contributor

Re: Wells Fargo Business Line of Credit

Opened in 1998 originally a Wachovia account.
Fico Scores:800+Club

Marvel MC 25K AMEX BCE 18K AMEX Blue Sky 13.6K AMEX BCE 13.5K AMEX Zync
NPSL(AU) Citi Double Cash 14.5K PenFed Plat Rewards 14.5K Citi Forward 10.3k Discover it 9.5K Wells Fargo Cash Back 7.2K BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $6K Capital One Platinum (AU) $500 Capital One Secured Card (AU) $251(Closed) PenFed PLOC 14K
PenFed Promise 5K
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New Contributor

Re: Wells Fargo Business Line of Credit

So the loan is about 15 years old and was for $10k and is still being paid off is that correct? Just want to make sure I'm not missing something.
Message 8 of 8