wireman00 Posted August 27, 2011 Report Share Posted August 27, 2011 As the principle of a corporation I applied for and received a corporate credit card (wamu) in 2008, then 2009 happened and the company was having problems covering the debt ($11k). Just before charge off I offered to settle with the new holder of the account. They agreed and the account was settled. Fast forward to recently. I pull my personal credit report and there is a charge off for the account on it. I dig up the original terms and conditions for the card and I could find no mention of a personal guarantee in the documents But I do not have a copy of the signed application from wamu so I am unsure of what I signed at the time. I found this website and followed the instructions and contested every negative remark. Today I receive a letter in the mail from the card issuer in response to my complaint to the credit agency. The letter states that I made personal guarantees for the card and that because I called them to settle the debt that I am the responsible party. When I called them I was acting as a corporate officer, the settlement was paid from the corporate account.Lacking a copy of the signed agreement I am a little worried that if I start making noise about me not being financially responsible that they can come after the corporation for more money? None of the settlement documents have the corporate name on it just mine.Should I ask them to produce the original wamu contract? In the settlement document they agreed to change the status to settled so the worst case scenario is that I make them change the disposition of the account to settled as agreed. Link to comment Share on other sites More sharing options...
willingtocope Posted August 27, 2011 Report Share Posted August 27, 2011 "New holder of the account"? Who would that be?(Unless you had a $100 million dollar company, you almost certainally gave them your personal guarantee.)IMHO, leave it alone. Expect a 1099c at some point for the balance, although this might be in the company's name. Link to comment Share on other sites More sharing options...
wireman00 Posted September 9, 2011 Author Report Share Posted September 9, 2011 I got the letter from the OC stating that they were not going to do anything. Then I recieved the response from the CRA showing that it was deleted. score went from 588 to 655. All this in about 6 weeks. Thanks for the help!! Link to comment Share on other sites More sharing options...
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