Thank you, Monty. Jeepman2

jeepman.... best thing to do is contact the creditor

I'm sure they're going to want your money as higher priority than building your business!

If the creditor sues and gets a judgement against you personally, that will show up on your credit report.

in the meantime, contact the creditor and feel them out. i'm only guessing at this point.

Please do report back what they tell you

Monty, to recap. This is not guaranteed 2) does not show on my FICO at all and 3) I need room for other GST, CCRA, clearing my credit line with RBC, and $ to grow my business.....Again, thank you.

Before I attempt settling, I'll wait for your response. Jeepman2

Monty A: No the debt is not, Jeepman2

q: is business your debt guaranteed personally?

Thank you Monty for your help.Before I proceed I'll wait for your reply.Your website has been most helpful. Jeepman2

montyloree.. I appreciate your comments and the fact that this is not the place. Should I contact a professional to settle in my area or attempt to do this myself? The answer is "NO" to the following 1) I am not being sued. 2) I will not try to game them.

This debt is difficult to pay at 13% when we have other obligations.I again thank you for the advice as well as your comments.

jeepman.. i can't really comment on business debts here.
Ultimately, if you've signed contracts, can the creditor sue you? do they want to sue you. If you haven't signed contracts, does the creditor have any recourse?

Do you have copies of the original contracts with the creditors?

Gaming the system means that you have enough money to pay but are trying to get the creditor to settle by telling them whatever story you need to.

R9 is described here at equifax.com
http://www.equifax.com/EFX_Canada/consumer_information_centre/faqs_e.html#ques14

Rating What it Means
R0 Too new to rate; approved but not used
R1 Pays (or paid) within 30 days of payment due date or not over one payment past due
R2 Pays (or paid) in more than 30 days from payment due date, but not more than 60 days, or not more than two payments past due
R3 Pays (or paid) in more than 60 days from payment due date, but not more than 90 days, or not more than three payments past due
R4 Pays (or paid) in more than 90 days from payment due date, but not more than 120 days, or four payments past due
R5 Account is at least 120 days overdue, but is not yet rated "9"
R7 Making regular payments through a special arrangement to settle your debts
R8 Repossession (voluntary or involuntary return of merchandise)
R9 Bad debt; placed for collection; moved without giving a new address

Oh montyloree, please add the definitions of the R9 etc... to your reply? Do you think 10% will settle considering the original line was $35K , reduced to $20K and paid on time?

Thank you montyloree.In terms of demonstrating liquidity, does the creditor require a financial statement? Also your comments on "gaming them", please? This debt is a "hangover" from the sale of our previous business.I am really appreciative of your advice....

Anymore real estate questions? I am a professional realtor working on an international commercial designation. Jeepman2