BofA business charge-offs

[theGman]

Hello All,

 

1. Two business cards with lines of about $7k were placed by BofA with Mercantile Collections Agency.

2. Another was placed with CCL for about $4k

 

These are personally guaranteed but there has been no mark on my credit report.

 

What are my best options to resolve these? All ideas greatly appreciated!

 

Thank you!

 

[theGman]

Turns out this is urgent. The letters from Mercantile were sent on 12/08/23 and the 30 day response time is 1/17/2024. I just wrote them via email to validate the debt.

 

 

Edited January 22, 2024 by theGman

[SeekerOfWisdom]

For business debt does validation even apply?  I thought that was limited to consumer debt.

[hdporter]

9 hours ago, SeekerOfWisdom said:

For business debt does validation even apply?  I thought that was limited to consumer debt.

 

Nailed on the nose:  FDCPA only pertains to consumer debt.

 

You can always request the issuer validate.  But I don't believe there are consequences if they fail to respond.

[overtun333]

Tbh since this was a couple years ago I hope those BofA accounts didn't tank your score too hard. Those personal guarantees are the absolute worst part of business credit. 

 

I ended up working with Delancey Street when I was in a spot like that and they managed to settle for way less than what the agency was asking. Just make sure you get everything in writing before you send a single dollar.