Personal Guarantee (PGs)
I have a question about PGs.
I had a business credit card (UBOC) that had a PG, if the business defaulted.
Do to multiple billing errors (at >10K a pop) I asked for the card to be closed and I would just make monthly payments on the balance
As soon as I did that they invoked the PG and it started showing as outstanding personal debt.
Does/should a PG kick it automatically, or are they supposed to sue me, and as part of the suit invoke the PG?
in the mean time, I called an atty. They will take it on contingency since FDCPA allows for atty fees.
Thanks for your tip.