What is the fair debt collection personal guarantee?

Answer by  patti (29325)

A personal guarantee is when someone agrees to assume responsibility for a business debt. The Fair Debt Collection Practices Act is federal legislation that governs collections.

Answer by  tamarawilhite (17883)

This is when a person has promised to pay if the company has not. However, if the corporate veil is secure or no promise in writing, it is null.

Answer by  tamarawilhite (17883)

Do not make a personal guarantee to a debt unless you actually owe the amount they are stating. Otherwise, you are promising not only to pay the debt but the debt they are attempting to collect. It is a verbal promise, which they have recorded, that you will pay what they are asking.

Answer by  flamiss22 (5081)

It simply means the collection place will not use any deceptive practices to get the debt. They will not harass you or call you outside of the legal call times and give you lase information.