Then late last week, I received my first collection letter from the California company letting me know that they are trying to collect 45K from me on this bank line of credit. So they said in their letter since they have been unable to reach me by phone, that I have to call them to try to work out a resolution, but they have forwarded my account to their legal council. Yet they provided not deadline date for me to contact them.
Yet one haunting thing about the California company's phone calls was they kept making a reference that they located me at my home address and that they see that I have the house in my name. Then on Monday, the lady that always calls and leaves a message, had a very, very happy tone in her voice as she left the message . . . as if to say, this is the last time I have to call you, because they are going to take the collection to court.
I would like to see if there is a way I can work out a resolution for this business loan, but I am not quite sure if it is a good idea to telephone them, like their letter wants me to. Yet it may be too late. It sounds like in their letter, that they can take this matter to the court and have a judgment ruled in their favor and they can start seizing assets and property, without ever serving me a summons, and as if this letter is their final communication to me and whatever legal action they take, I will not be included on it and that basically the next thing that will happen, the sheriff will be at my door with the judgment for them to instantly start seizing assets and property. Can this be done, even if it is a business loan judgment? I doubt if I can file a business bankruptcy on this, since I personal guaranteed the line of credit I borrow. Yet right now, it is doubtful that I could pay back 45K in a timely manner, to satisfy them. Yet I feel if I at least make contact with these people, it may slow things down to see if I can try to pay them back or file business bankruptcy.
I am sure it doesn't matter, but looking at the envelope, the letter, the return P.O. Box address, it looks like this collector is one of those types of businesses that somebody is running from their kitchen table. Yet they have a very impressive website, that announces "A leader in debt acquisition and debt management.", yet they do not list the physical location of the business on their website, they only list the P.O. Box.
I really would sincerely like to try to pay this loan somehow, but I have fallen on very bad times, like a great deal of small businesses out there, due to our very poor economy over the past 2 years.
Edited by BrokeIn2011, 04 November 2011 - 02:08 PM.