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?

Comments(1)

  • cjmazur6th April, 2011

    in the mean time, I called an atty. They will take it on contingency since FDCPA allows for atty fees.

    Thanks for your tip.

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