CC debt validation?

iVillage Member
Registered: 04-08-2003
CC debt validation?
3
Fri, 04-18-2008 - 6:39am

My husband got his first notice from a creditor that one of his cards has been sent to a collections agency.

iVillage Member
Registered: 11-17-2007
Fri, 04-18-2008 - 11:47am

a charge off only last 7 years not 10 like a bankruptcy and I would think that it has to be stated you are paying on it. I know they list collection account as paid and unpaid. Paid ones don't hold as much weigh as the non paid ones


What could happen is that if there is a business credit report it would show up on that report first then transfer over to a personal one too.


That way the creditors can see it is business debt.


Others I am sure know more about this stuff then me.


I wish you guys had spent the money to have that old business INC. if you had then you could go bankrupt on the business end and this would not be happening to you.


Hugs


Mary Ann


iVillage Member
Registered: 04-08-2003
Fri, 04-18-2008 - 1:36pm

The real kicker is that the company is incorporated.

iVillage Member
Registered: 11-17-2007
Fri, 04-18-2008 - 2:41pm

This is all I know. The woman that wanted to buy my other house had a business about 10 or so years back. I don't know why the business went belly up. I never really ask her. Felt it was her private business. But this is what happen to the sale of the house.


Because of this business going belly up some company suited her and got a judgement against her. She made arrangements with the lawyer that represented