by DIDO59, Window Shopper
- Created: March 22, 2010, 8:29 pm
After receiving a SBA line of credit for $50,000. the lender decided to call in the line of credit,demanding the entire outstanding balance immediately. That not being possible, I had asked to review my account to set up possible terms.Their response was that were not interested and I should look elsewhere. Being turned down due to poor credit and a lien filed by the lender, they exercised their rite to seizure.
After paying close to $100,000.in fees,interest and late charges, I receive a judgment on sept 08 for $51247.51.
To hold off judgment I borrowed $25000.from a family member. Since then I have paid another $12500. On 6/30/2009 I was served papers demanding payment for 52,268.00.
Does SBA monitor the collection procedure of their lenders?
How much more money can be demanded?
This last judgment has forced me to file for bankruptcy.
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