Corporate Credit Card Debt

I had a corporate Amex credit card and was left with a pretty big outstanding balance when my company (Burr Wolff) went bankrupt. Am I responsible for this outstanding balance that was for items and services that were charged on behalf of Burr Wolff (Google AdWords, etc.)? I have had no luck in resolving this with any of the bankruptcy lawyers or from anybody at Amex...please help.

The quick answer is "YES", when you sign up the AMEX card your user agreement and corp terms and conditions all should say you are responsible. This is mainly a safe guard again abuse by employees from charging personal items that can't be expensed. In the meantime, you will not get results from AMEX their only interest is to get paid. What's between you and your company is not their business. You need to check into the current bankruptcy process of your company and see if you can become a creditor to recover some of the outstanding balance. Other than that, you can take comfort for the fact Corporate business credit cards are not reported to your personal credit histroy at all. Just be sure to check with AMEX. I would say for now just ingore the balance, consult another lawyer since your current lawyers are obviously not giving you good advise. Probably want to consult a personal finance advisor on this too! Hope this helps you!

2007-03-01 10:19:20 by HG

www.letsforgetdebt.com - An excellent informative site and service to help anyone with credit card debt. A step by step video talking about the ...

The bailout is not restricted to mortgage-related debt.

Did you hear the media or any of the politicians alluding to that fact?

Read the bill -- specifically, the definition for troubled assets - pay close attention to sub-clause (B).

"(9) TROUBLED ASSETS. -- The term "troubled assets" means--

(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and

(B) any other financial instrument that the Secretary, after consultation with the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress"


Sub-clause B means that two unelected officials - one from the government (Paulson) and one from a private baking cartel (Bernanke) can decide what types of assets fall under this legislation. That is totally absurd.

Don't be fooled by the misleading language in sub-clause (B) "but only upon transmittal of such determination, in writing, to the appropriate committees of Congress". That language exists to provide a talking point to sell the bill. That is not a requirement for Congressional approval - it is merely a duty to inform.

Senate bill:
http://www.govtrack.us/special/econstimb ill/pdf/AYO08C32.pdf

Go here for links to various versions of the House and Senate bills
http://www.theopenhouseproject.com/2008/ 10/01/watch-the-revisions-to-the-bail-ou t-bill/


If you are not OK with this, will you contact your reps by email and phone NOW to tell them you are still opposed to the bailout in any form?

Capitol Hill Switchboard: (202) 224-3121

Congress
http://www.house.gov/
https://forms.house.gov/wyr/welcome.shtml

Don't give up if they are busy. Call the local offices if you must. Those links may be slow either from high traffic. If so, search Google for other sources for contact information.

Let me start by saying that I believe that credit cards are nothing by legal loan sharks. They allow credit card providers to victimize people who cannot handle money. They get people hooked on "credit", as if using credit is a good thing.

Credit is the ability to go into debt. Debt is not a good thing, unless you are the creditor, and you are legally able to charge outrageous interest. People with self discipline, understand that you can't have everything you want, right now. They understand that we need to establish our priorities, and then make choices. Economics means choice.

So what the credit card companies have done is to put millions of Americans in debt, many of whom cannot get out of that debt. Besides enticing people into this debt, they charge the merchant 3% on all credit card transaction, which increases the prices of these products by 3%. And now, these criminals want the taxpayers to cover their interest receipts from those who are unable to pay?

I think this qualifies as a conspiracy to defraud the American taxpayer. What do you think?

2008-10-02 07:27:34 by Ruby

Price: $22.50

I just started a new job and i'm making a much higher salary. i also have a lot of credit card debt. thankfully the higher salary is going to make it much easier for me to pay down my cards entirely within 8 months.

i have mapped out a plan for paying down my credit cards, starting with the one with the highest balance, while paying a smaller amount to my other cards.

i got a notice in the mail saying that one of my smaller cards is not being renewed because the balance has been consistently high. i'm sure that this is going to hurt my credit score.

my new job is going to require me to travel at times. my manager has given me the go ahead to apply for a corporate card. i haven't applied yet. there is a trip coming up but i'm not sure if i have to go.

i'm worried that my personal credit history and now this recent canceled card is going to affect my being able to get a corporate card! it would be awful if i were to apply and then rejected...

does anyone know if my personal credit history will effect my being able to get a corporate card?
i should also add that i had a corporate card at another job previously. with fair credit.(my score was high 500 low 600 range) but i've never had a credit card company close a card on me, so i am extra worried.
thanks for your responses thus far. i am also going to add that the way the card gets paid is not out of my own pocket. the bill comes to my house but the expenses are paid for by the company once i submit my expenses. i just have to submit them ASAP before the card due date.

I tend to disagree.
Our corportate card does not show up on our credit report.
The company never even did a check on our credit history.
If the card does not get paid - they come after the company - not you.

If it's a true corporate card - it belongs to the company.
You can be late paying this card - it will never show up on your report.
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2009-10-18 10:32:44 by bellabonita

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I ended up using my company credit card for personal use while on medical leave. I was not able to pay it off completely right away and it was sent to a collection agency. I have a very nasty debt collector calling me all the time now (which is to be expected) but her story seems to change so I'm not sure if she's being honest or using scare tactics.
I contacted a debt management program and am working on paying off the debt over the next 12 months. Meanwhile, this woman keeps calling me and now she's apparently (according to her latest voice-mail) set up a conference call with my corp office tomorrow.
I'm just wondering if there's some reason using a lump sum settlement won't work on a corporate card?

Debt Settlement, also called debt negotiation is an arrangement between a debtor and a creditor to repay a debt generally for a for a lowered payoff amount. When a debtor is not able to pay the debt any more for any reasons, debt settlement is the only option that remains.

Generally, only unsecured debts, like those accrued with credit cards , can be negotiated for settlement. This is because of the fact that there is no security attached with unsecured debts. Hence, the lender can't repossess anything. On the other hand secured debts, like home loans, mortgages, car loans etc. have a collateral attached to them and can be repossessed by the lender if a default on debt occurs. So, there is no debt settlement or negotiation with secured debts. Read more about it at: http://www.credit-card-gallery.com/artic le/216,The_secret_of_successful_debt_set tlement

2007-04-29 20:26:22 by Trxy

Just watched the trailer to maxed out. A doccumentary about debt and the evils of the credit industry. What is the truth? Is credit card debt really unsecured or is there a back door where you are screwed if you get into debt? I do know former corporate execs who hit a bad patch..Unemployment, Divorse, Illness and needed to live on credit cards..Now some of them have 200K + in debt and no viable income. What can happen to them?

Credit cards are "UNSECURED" loans because the creditor (the credit card company) does not have anything of value that you own as a collateral.

If you don't pay, eventually, your debt will go to collection, taken to court, receive a judgment for payment, or into bankruptcy, all depends on amount, circumstances, and your ability to pay. (not willingness - ABILITY)

Remember, you can avoid all this by not spending more than you can pay. If you are not paying off your balance every month, consider it a danger sign. If you need a loan to make large purchases, there are MUCH better loans out there.

2007-04-07 08:43:53 by corporatetrade