Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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Anyone lost an AP or made Settlement?

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  • Anyone lost an AP or made Settlement?

    Just curious if anyone out there thathas had an AP has either lost or made a settlement with the creditor. If so, please share your stories. Thanks.

  • #2
    Instead of asking vague questions that don't help, the outcome of other peoples AP does not help you with your AP.

    Why don't you explain why you think you might be facing an AP and then we can contribute based on your specific circumstances.


    • #3
      Sorry about that.

      We had a credit line with a bank for our small business. We have had the line for many years, and the business doing OK. During the last two years we had a large client that we worked with that we were in the process of doing a large nationwide contract with. To make a long story short, we were going to be paid with inventory from this client.(something we had done in the past with this client) We began doing work for this company before the contract was signed, (I know bad move) as we were told it only needed a few signatures and everything was business as usual. Again to make a long story short , that company got bought by another one, which turned out not to need us anymore. The inventory that we were counting on, never materialized.

      The problem is that during this time, our bank would occasionally ask us for inventory listings. We had put the inventory we were planning on receiving from the comapny on this list. WE did so because we honestly felt the contract was going through, and we were doing work for them. So when the deal fell apart, so did the inventory, and the bank's collateral for the loan. During this time we had used the line to buy inventory, but when it was sold, we had to use the money for operating expenses, and did not have a chance to pay down the line as we should have. We kept the business afloat for about a yaer after our proposed deal fell through, in hopes that we could salvage the contract with the new company, or possible sell our business. Ideas which were both explored in depth.

      We informed our bank that the invnetory that we expected, and was listed on our financials was no longer there. Obviously the bank was pissed, and has filed a cognovoit judgement from the credit line.

      At the time we notified the bank about the inventory, we were current with our loans with them. We have never been in default or behind. The last month or two, I actually put personally money in to make the payment to the bank. I do not feel I tried to deceive them or defraud them in any way. Did I make so dumb decisions. Absolutely.

      Since the problem occured after we had the loan, and the inventory problem happened later on, do you feel will we have an AP go against us? An attorney we spoke to stated that the creditor had an uphill battle to prove that we did this with the intent to defraud anyone. Especially since there was no fraud in the inducement at the beginning of the relationship. I'm still very nervous, I've never been sued before in my life. I'm afraid this will follow me and ruin my familes lives for the rest of my life.

      That is the basic nuts and bolts of the situation, or as much as I can type without taking a break. Sorry about the long post, just trying to acuratley describe the situation.


      • #4
        I could list these all day but its irrelevant. The fact of the matter is that they were guilty as sin and know they screwed up. They took a shot and it didnt work out for them. In other instances the debtors was guilty as sin of committing fraud and walked. Its just the way it is. Bottom line is that if you did nothing wrong you should not be worried. Most districts are overly debtor friendly and make the creditor jump through every hoop have hard evidence to prove everything every step of the way. Unless the creditor has you dead to rights, there is nothing to worry about.


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