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UT friggin' OH

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Scott1971

Junior Member
Pennsylvania :eek:

I and my nephew started a business together. I personally guaranteed the credit card. We parted ways last year. I forgot about the credit card. I just found out via phone calls from the credit card company that the card has a $60,000(max limit) balance and is over 30 days late. When we separated, I gave up all ownership and interest in the company stating nephew is responsible for anything pertaining to the business. Credit card co. is still coming after me. What can I do?
 


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outonbail

Senior Member
Scott1971 said:
Pennsylvania :eek:

I and my nephew started a business together. I personally guaranteed the credit card. We parted ways last year. I forgot about the credit card. I just found out via phone calls from the credit card company that the card has a $60,000(max limit) balance and is over 30 days late. When we separated, I gave up all ownership and interest in the company stating nephew is responsible for anything pertaining to the business. Credit card co. is still coming after me. What can I do?
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The first thing you should do is learn from this $60,000.00 lesson. You will be paying the credit card company out of one hand and trying to collect the funds to do so from your nephew with the other.
Tell me you did cancel this golden egg laying goose, so your nephew can't continue to charge against your credit line. You did didn't you?
 
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Scott1971

Junior Member
Yes I told them to cancel the card. They were more interested in asking for payment then the card status. Do I have any legal out's here?
 
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outonbail

Senior Member
Scott1971 said:
Yes I told them to cancel the card. They were more interested in asking for payment then the card status. Do I have any legal out's here?
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You should read the contract in which the credit card company spells out all the terms and conditions that apply to what your obligations are and see how many out's they identify and will accept in order to release a card holder from their payment obligations.

I'm confident you'll find at least zero conditions which will excuse your obligation to pay the charges and maybe less than that, which will apply directly to your particular situation.

You may also wish to see if they are playing any "increase the amount of interest charged" games, when a payment is late.
 
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