[fedupwithdebt]

My question involves collection proceedings in the State of: Illinois (Cook County)

About 9 years ago, I obtained a business credit card through my former place of employment, which had the name of the company and my name on the account. The card was used for business purchases only, and the company paid the bill. When I left the company 8 years ago, I cancelled the card and the company agreed to pay off the balance.

I recently discovered that the company defaulted on the debt, it has gone to collections and is also now on my personal credit report. Is there any type of legal document that I can submit to the credit bureaus and the collection agency that will exempt me from being personally liable for this debt? The company acknowledges that they are responsible because they were paying the bill. Meanwhile, my credit score is going down the tubes!

[Mr. Knowitall]

Are you telling us that when you applied for the card, you personally guaranteed the debt? When did the company default on the card? When did it go to collections?

[fedupwithdebt]

Yes, according to the contract I signed, I would be liable for the debt if the company didn't pay it. The company had been making sporadic payments over the past few years, but it went to collections in March of 2007. That is also when it showed up on my credit report.

I know I may be fighting an uphill battle. I was advised by an attorney to just pay the debt and then file suit against the company. But if they won't pay the credit card company, they probably won't pay me either. Is there a such thing as a "transfer of responsibility"?

[divemedic]

Your attorney gave you good advice. You signed the contract, so you are stuck. There is little you can do, but consider this a lesson learned.