Defaulted on SBA loan
by hostilesolutions, Window Shopper
- Created: May 16, 2012, 7:24 pm
- Updated: October 14, 2012, 10:21 am
I am seeking assistance and guidance please. HISTORY: My business unfortunately folded in 2008. I took an SBA loan out (10K) in 2007 that was not fully paid for when the business went under. I have heard nothing, seen no mail, no calls, etc. I am an easy person to find but have heard nothing. RECENTLY: I tried to buy a house through FHA and found that I was on the CAIVRS Report. OK, No problem. I never heard of this report, but I know I had the loan out so I figured something like this would pop up. So I contacted the SBA who didn't help me or provide me any of my contract information and said my account was in default (which I already knew). The woman on the phone didn't even know who the loan was through (B of A). All I got was an account number and a balance (13K) interest is a kicker ain't it? INSTRUCTIONS: I was directed to a collection company that was initially misrepresented as a government agency, but later found out it was just a collection company contracted through the Treasury Dept(very unethical history based on research). The collection agency said I owed them money and to fill out a packet. The collection company also threatened to take my paychecks during the call, which I didn't believe anyway. The packet required very sensative personal information that I never had to give out to get the loan in the first place. Now knowing that I was dealing with a collection agency, I sent a certified letter requesting all my documentation and especially the document that states I am personally responsible for the loan (which doesn't exist because I never signed a personal guarantee). I have not heard from that collection company since. There are no reports of this to any of the credit bureaus, I do not have any liens on my credit or elsewhere, B of A directed me to SBA and has no record of my loan, I have no tax liens, I get all my tax refunds on time, basically there is no information form anyone, coming from anywhere, to signify that I owe this money. Oh! During the few months I was dealing with the collection agency, I did receive a few demand letters, but they were addressed in the business name only??? DIRECTION: I am desperate to solve this matter. I am well back on my feet. I never signed a personal guarantee, but to clear it quickly, I would be willing to offer up some money (possibly half of original balance) as an OIC to make it go away...Any suggestions will be greatly appreciated.
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