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CreditChampion
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Registered: ‎03-15-2012
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Wells Fargo Business Line of Credit

[ Edited ]

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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Creditaddict
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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?

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CreditChampion
Posts: 261
Registered: ‎03-15-2012
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Re: Wells Fargo Business Line of Credit

[ Edited ]

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


Fico Scores: 763 EQ(12/11/12) 768 TU(12/11/12) ? EX(TBD)
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Project17
Posts: 137
Registered: ‎11-21-2012
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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?
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CreditChampion
Posts: 261
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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: 763 EQ(12/11/12) 768 TU(12/11/12) ? EX(TBD)
AMEX Zync NPSL(AU) Citi Forward $5500 Discover it $2000 Wells Fargo Cash Back $1300 BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $3300
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Project17
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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?
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CreditChampion
Posts: 261
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Re: Wells Fargo Business Line of Credit

Opened in 1998 originally a Wachovia account.

Fico Scores: 763 EQ(12/11/12) 768 TU(12/11/12) ? EX(TBD)
AMEX Zync NPSL(AU) Citi Forward $5500 Discover it $2000 Wells Fargo Cash Back $1300 BankAmericard Better Balance $700 Chase Freedom $500 Capital One Quicksilver $3300
Capital One Secured Card (AU) $251 Capital One Platinum (AU) $500
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Project17
Posts: 137
Registered: ‎11-21-2012
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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.

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