Have I been swindled--and what can I do?
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I worked for a small mom and pop company a few years ago. At one point they were having financial problems, so since I had good credit I helped them get some loans and lines of credit, with the promise the business would repay it.
It turns out they quit paying on these loans and lines of credit and now the creditors are coming after me. It is a huge amount of money, I did not benefit in any way from this, now I mad and dont know what to do. HELP!!!!!
Have I been swindled--and what can I do?First, contact the States Attorny for your state.
Second, don't communicate with creditors, for now.
Third, get a lawyer.
Forth, (and this is really hard) prepare to file for bankruptcy.
fifth, after a set amount of time apply to have bankruptcy expunged from your credit history with the facts.
good luck
Have I been swindled--and what can I do?You need to see an attorney and sort this out!
Have I been swindled--and what can I do?What do you have in writing. That makes a lot of difference. If you just co-signed without a contract with them stating they would pay the loan off you really don't have any recourse. By all means, check it out with a lawyer. Good luck!
Have I been swindled--and what can I do?A verbal agreement is all you need. In court that holds up just as good as a written one.
Like the person above me said...
"Get a lawyer to sort this out"
Have I been swindled--and what can I do?You put yourself in this position. That's what it means when you apply for loans/lines of credit in your name - you are making yourself responsible. I suggest contacting a debt counselling service (use one that is registered as a 501(c)(3) or other non-profit designation) and have them talk with the creditors. Maybe you can work out a payment plan or get them to right off some of the debt.
Signing a contract is a serious thing; never sign if you don't plan to hold up your end of the bargain.
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