topic Re: Wells Fargo Business Line of Credit in Business Credit

Wells Fargo Business Line of Credit

CreditChampion — Tue, 02 Apr 2013 19:47:43 GMT

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.

Re: Wells Fargo Business Line of Credit

Creditaddict — Tue, 02 Apr 2013 21:40:54 GMT

@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?

Re: Wells Fargo Business Line of Credit

CreditChampion — Thu, 04 Apr 2013 20:20:16 GMT

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

Re: Wells Fargo Business Line of Credit

Anonymous — Fri, 05 Apr 2013 01:17:53 GMT

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?

Re: Wells Fargo Business Line of Credit

CreditChampion — Fri, 05 Apr 2013 01:58:11 GMT

$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.....

Re: Wells Fargo Business Line of Credit

Anonymous — Fri, 05 Apr 2013 03:20:01 GMT

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?

Re: Wells Fargo Business Line of Credit

CreditChampion — Fri, 05 Apr 2013 13:02:13 GMT

Opened in 1998 originally a Wachovia account.

Re: Wells Fargo Business Line of Credit

Anonymous — Sat, 06 Apr 2013 17:00:58 GMT

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.