Here's what credit we got from 1-20-04 to 4-3-06

[greywolf]

If a business account was PGed, when the business goes BK, the creditor will try and collect from the PGer. If the business debt was not PGed, the business was legitimate, and it was an LLC/Corp, the owner should be protected. There are a very, VERY few exceptions where the owner could be help liable.

Edited November 9, 2009 by greywolf

[ravens44]

If a business account was PGed, when the business goes BK, the creditor will try and collect from the PGer. If the business debt was not PGed, the business was legitimate, and it was an LLC/Corp, the owner should be protected. There are a very, VERY few exceptions where the owner could be help liable.

 

 

Oh okay thanks!

[santacruz]

opps

[gguy]

To bad, SCM.

 

I have been transferring my all personal credit to business credit (backed solely by corporation).

 

Probably declare BK next year, and leave the country with a little spending cash.

[ansky0007]

To bad, SCM.

 

I have been transferring my all personal credit to business credit (backed solely by corporation).

 

Probably declare BK next year, and leave the country with a little spending cash.

 

This is why no PG Credit has just about vanished.

[greywolf]

To bad, SCM.

 

I have been transferring my all personal credit to business credit (backed solely by corporation).

 

Probably declare BK next year, and leave the country with a little spending cash.

That is what gives business owners a bad name...

[teamgreen]

Well, nothing aginst the person . Its just that business is risky. Usually, you have to sell your plan to investors or debtors. The old system didnt require any selling or planning at all so any idea was considered a good one. This is kind of ridiculous and no surprise it has come back in their faces.

 

As for his situation, he feels he has to leave the country and no one will lend to him for the next 10 years at least. He has damaged himsef dearly, although Im not sure how the lifestyle was when the credit was flowing.

 

Either way, I wish you the best and everyone makes mistakes. If some of us got a hold of that kinda dough, we could end up in the same boat. There are alot of things out of our control, too.

[claytp]

were you a homeowner at any point when you started your credit clean up or did you become a home owner when they started giving you the 10k and up account? I'm wondering if they were more lenient to lend to you because if you didnt pay they'll just put a lien on your home.

[expectator]

WOW!

after going to this thread I have learned a lot. Specially Do's and Dont's I thought that I had credit problems but mine are nothing comparable to SCM. I wish you luck and learn from your experience.

I am dealing with personal credit problems and that makes my business very hard to run. By now I have 3 years in business as a trade contractor, good amount of work but my cash flow problems are a night mare from time to time.

Some lines of credit have been approved without PG but unfortunatelly this story and some others like this are the reason why banks do not want to hear about NPG. I can not blame them but it sucks!

[supercreditman]

Hello everyone. I am still in business after all this time. It's been 2 years since I posted on here. I hope you are all successful. I have no credit at all now. I stopped paying all accounts in August 2009 due to a sharp decrease in my income. Very few of the banks have done anything to me as a result. Chase attempted to obtain judgments in the court of common pleas in the county of Pa where I live, but eventually discontinued the 2 cases. M and T has obtained a judgment in New York for $50000. I have no idea what will result here in Pa. PSECU obtained a judgment in local district court for $8000 and is accepting $20 a month. One of the accounts was sold and the firm that bought it filed a complaint in district court but withdrew it after a debt validation letter was sent. After sending me a mere line of a spreadsheet as proof of the debt, I send another validation letter after 30 days and have heard nothing from them since. And lastly, one of the accounts, a Citizen's Bank line of credit, was guaranteed by the SBA, and they have turned that claim over to a collection agency that represents the US Treasury. That one could obviously be serious.

 

Other than that, almost $1.5 million in debt has only 22 months until the statute of limitations in Pa runs out and it becomes uncollectable. I'm not proud of this misfortune but, as you all know, the economy has tanked a bit and I simply didn't, and still don't, have the money to meet these obligations.

 

I hope you all have better luck than I've been having. I wish you all the very best success.

 

SCM

[alplouis]

Hello everyone. I am still in business after all this time. It's been 2 years since I posted on here. I hope you are all successful. I have no credit at all now. I stopped paying all accounts in August 2009 due to a sharp decrease in my income. Very few of the banks have done anything to me as a result. Chase attempted to obtain judgments in the court of common pleas in the county of Pa where I live, but eventually discontinued the 2 cases. M and T has obtained a judgment in New York for $50000. I have no idea what will result here in Pa. PSECU obtained a judgment in local district court for $8000 and is accepting $20 a month. One of the accounts was sold and the firm that bought it filed a complaint in district court but withdrew it after a debt validation letter was sent. After sending me a mere line of a spreadsheet as proof of the debt, I send another validation letter after 30 days and have heard nothing from them since. And lastly, one of the accounts, a Citizen's Bank line of credit, was guaranteed by the SBA, and they have turned that claim over to a collection agency that represents the US Treasury. That one could obviously be serious.

 

Other than that, almost $1.5 million in debt has only 22 months until the statute of limitations in Pa runs out and it becomes uncollectable. I'm not proud of this misfortune but, as you all know, the economy has tanked a bit and I simply didn't, and still don't, have the money to meet these obligations.

 

I hope you all have better luck than I've been having. I wish you all the very best success.

 

SCM

 

Your experience is very common. You obviously got in the business at the right time when credit was easy to get. Thanks for sharing your experience.

[supercreditman]

Hello everyone! I hope you are all having a good year thus far. Mine started out totally debt free. I am back to the drawing board. I ended up in debt for about $3 million. I filed Chapter 7 and surrendered all my real estate and business assets to the trustee. I sold off the cars before I filed. I was discharged in November 2012 and was totally broke and went for food stamps! In Jan. 2013, All my accounts were discharged or closed in good standing and i have $0 credit. I got a job in a Lowe's store. So, for now, I'll be over in the credit forum, building up my personal credit so I have some investment capital and credibility to try starting another business hopefully in summer 2013.

 

Now.....Is anyone interested in me sharing what I do on here as I start over?

[supercreditman]

Hello everyone! I hope you are all having a good year thus far. Mine started out totally debt free. I am back to the drawing board. I ended up in debt for about $3 million. I filed Chapter 7 and surrendered all my real estate and business assets to the trustee. I sold off the cars before I filed. I was discharged in November 2012 and was totally broke and went for food stamps! In Jan. 2013, All my accounts were discharged or closed in good standing and i have $0 credit. I got a job in a Lowe's store. I will have to concentrate on building personal credit first, so I have credibility and resources to launch a new business, hopefully by summer 2013.

 

Now.....Is anyone interested in me sharing what I do on here as I start over?