Legal Question in Credit and Debt Law in Georgia

Re: Delayed payment of loans

I hope that this helps you, however, a lot more facts need to be flushed out before anyone can give you a solid opinion on this matter. First, let me say that there is no such thing as "blacklisting" here in the US. What can and will happen is that your husband's personal and/or business credit will be destroyed by late payments, and then he will not be able to borrow additional money from banks because they will deem him to be a bad credit risk. Typically, when a loan goes 30 days late, it will be reported to various credit reporting agencies. Because he is consistently (if I understand your email correctly) three months late, then his credit is being reported adversely every single month. I am not sure what advice anyone can give you. If he doesn't pay his loans on time, yes, it will greatly impact his ability to borrow money in the future. Further, if this is business credit, he may also be reported to Dunn & Bradstreet as delinquent. The problem with adverse reporting on Dunn & Bradstreet is that many people wanting to do business with your husband, or people he may want to do business with will check him out through Dunn & Bradstreet and find that he isn't paying bills on time - that may cause him to lose business. The only advice I have is that he needs to either get current on his obligations, or consult with an attorney to discuss a workout with his lenders - that might allow him to salvage his ability to do business here. As an aside, the credit markets in the US are terrible right now, so even the smallest "ding" on credit reports and business credit reports will probably make him ineligible for any borrowing, but this is hopefully a temporary situation.

*Due to the limitations of the LawGuru Forums, The Gibbs Law Firm, APC's (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided is general and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence.