« on: 04-15-12 at 08:17 am »
Greetings, I had a moderate ammount of personal debts which have all been purchased by a single collection firm. The ammount is under six grand, and I stay in contact with them all the while they continually bombard my cell phone with calls. I'm currently unemployed and was never delinquent before losing my job. I can't express how much I would like to be in a position to take care of the debt, but I currently have to dodge their attempts to making an initial payment because technically it would involve renewing the debt with "them" and give them a broader bite if I were to default somehow.
Meanwhile, I've devised on a wonderful concept that can earn me a decent income and allow me means to stabalize my financial situation. It with skills and tools I already have. I fear however if I were to try and start a corporation or limited liability entity, they will direct collection efforts (or harassment) towards the venture. I really wish to get myself out of the hole and pay it off, but I only cripple myself from a very promising opportunity if I were to direct my efforts towards only partially satisfying them while I am still unemployed. My venture and LLC fileing fee only cost a marginal of my current resources to establish the entity, and far less than what would only be a partial satisfaction towards the collection firm. My first contract would earn 5 grand in a few months time.
Would I be better off to seek to start my company with a family member as a partner and in their name or can I still manage to disassociate my personal debt issues from an LLC? I'm not worried about what they would try to collect from my earnings once I was getting them as I would be then in a better position to settle the debt. What I wouldn't need is for them to bombard the phone or mailbox of the company in the same manner they do me personally at home. Nor for them to perhaps attempt to sue the business while in early start if such were possible. Again, I do maintain open communications with them via my home phone all the while it does not stop the bombardment from various outsourced and foreign collection employees.
While I'll admit I was far more empathetic towards my original debtors, I am still just as eager to settle the debt with the firm that had collectedly purchased my various debts for roughly 43 cents on the dollar. My best bet is to try and establish myself first rather than subject to an ongoing and certain penury.
Forgive me if I'm way off topic, but I would appreciate any input some of you might could offer. Also if I need to make reference to a different forum, I would appreciate suggestion in this regard as well . My sincerest regards and thank you for your time in reading. C W