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MaRitA | Can a bank sue for not paying a Small business line of credit??? |
Owes about $9k - its been late for 120 days and its going on collection soon. I got a call from the bank saying that they will sue me if i dont pay it soon. i got behind and now they want me to pay the whole thing. any experience???? need help. |
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BostonScott
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Anyone can sue for anything. The question is, will they have a legal basis for their suit.
A line of credit is simply a loan, only you get the money as you need it, and only pay interest on what you take out.
If yours is a small company, it is likely the line of credit is personally guaranteed by whomever the owner is, and whomever else signed the loan. If you default, the bank can take you to court, and will ding your credit report.
If yours is a larger company, and the line of credit is not personally guaranteed, while the bank will have no problem launching suit against the company, it will be harder to sue the owners (if they gave no personal guarantee).
What I would do is send them a letter. Be very upfront. I know I owe you this money, I simply cannot pay it. I request a meeting with you to discuss a plan for me to meet my obligation. Emphasize you do intend on paying.
Meet with them, suggest breaking what you owe up into smaller monthly payments that you can afford.
Send a certified letter after confirming the discussion, whichever way it went.
Bottom line, handle this in an open way. Show intent to pay them back. The cost to take you to court will likely result in them not actually taking you to court, so as long as you handle this in an open way, they probably will accomodate. You might want to try to get a promise that they will not ding your credit, but i'm not sure whether that is possible or not.
I've seen that the key to handling issues like this is to just be very open and honest. Don't hide. Answer your phones. Know this will pass eventually. Think of this as a test of your character. Weak people run from problems. Strong people face them head on with resolve.
In the scheme of things, $9k may seem like a lot of money, but it is not. |
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Ron H
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The bank can call the loan in default and usually go after you if you signed as a personal guarantor for the small business. They would generally be entitled to the full amount due, interest, court costs, and attorneys fees if the contract allowed. (most bank lines of credits allow for attorneys' fees in case of default.) |
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Daddy of 5
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I got sued on a 10k business loan 6 years ago. They will sue and they will win. Then, they can attach your bank account and garnish your wages.
Make a payment arrangement with them, it's much easier. |
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rav
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yes
ur credit could be in trouble |
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le_roche
 |
Get copies of the documents you signed when you took out the loan. Specifically, look for the Note: it spells out the loan amount, terms of repayment and your interest rate. What the bank is referring to is what's called an "Acceleration Clause." This clause gives them the right to call the entire loan due and payable. It may also allow them to attach attorney's fees and any other costs of recovering their money.
I suggest that talk to them ASAP about setting up a payment plan or making some kind of payment arrangements. The amount you owe will only increase if you delay. |
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DStarr
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I am not an attoreny or any financial expert, I'm just giving my opinion.
You have several options depending on your current financial situation. If you are not in dire straits financially, I would contact the banks credit department and try to negoitiate with them about making current payments and adjusting the backpayments in installments as an additional partial payment. Depending on your history with them and their policy, they may go for it.
You can also contact one of the consumer credit counselours and have them negoitiate with them. If you do, I would suggest that you check out their background though your bbb or some other organization. |
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franhogan
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Why would you even ASK? You borrowed the money and haven't paid it back.... of course they can and will sue you... and win. They'll get a Judgment for the amount you owe PLUS all of their collection and legal expenses PLUS interest.
Anytime a bank loan gets past due the bank can 'call' the loan, which means that they want ALL of the loan plus interest repaid immediately, since they cannot trust you to make regular payments as you agreed. Read the contract that you signed and agreed to.
Now for some more bad news.... the bank will report your unpaid loan to the IRS as INCOME (they gave you money... you didn't pay it back = income). You will have to include that amount on your income tax return as income or you'll ALSO owe the IRS taxes and penalties.
Grow up. Pay back the loan. Do what you agreed to do when you signed the loan documents. Welcome to the real world. |
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joyceeleann
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Of course they can sue you..You owe them money!
Sounds like your in trouble |
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wjvv
 |
Yes, they can sue and win. Your best bet is to try to work something out with them. You might get a lawyer to negotiate on your behalf. |
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Blunt Honesty
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Anyone can sue anyone for anything. Whether or not they will win a judgement is in the proof. They can sue you and you can be ordered to pay it by the court if you don't catch up on your payments. |
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Jackk
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it is going to be a negative for your credit history (DBA) it is batter to call them and arrange a payment tell them that your going to pay every mount. |
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askaway
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if you fall behind on your credit....the financial instituition is entitled to pursue you for recovery of debt.....yes you can be taken to court....generally what they do is try to come to an arrangement of repayment that you can afford....if the debt is secured by an asset they can also repo the asset to help recover their debt...... |
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