How to exit a cc gracefully...

**AndyD** · 01-Nov-10, 11:29 PM

Thanks for the update. Not a happy ending but probably the best that could be expected. Sounds like a reasonable settlement all round, I would get him to put pen to paper as soon as possible.
Good luck.

**McCaffrey** · 02-Nov-10, 01:33 AM

I'm happy with the outcome so far. We have a meeting scheduled with our accounting firm and lawyer on Monday, and an equitable deal on the table.

I don't do ANYTHING without the requisite paperwork!

**Martinco** · 02-Nov-10, 09:02 AM

This just proves that if you are willing to share your thoughts, you will get suggestions from uninvolved persons that might prove to be very valuable and as in your case has come to a win-win situation.

Could have been much worse !

Good luck.

**wynn** · 02-Nov-10, 10:41 AM

Just make sure that any sureties you may have signed in connection with this cc are cancelled. (may come back to haunt you five years later)

**BusFact** · 02-Nov-10, 01:21 PM

On the subject of those sureties on the two properties, what is the wording?

Are they limited to the loans on those two properties or have you signed a standard unlimited surety? If the latter I am concerned that you may still be standing surety for any future loans the company takes out even after you have left.

**Martinco** · 03-Nov-10, 09:25 AM

Originally Posted by BusFact

On the subject of those sureties on the two properties, what is the wording?

Are they limited to the loans on those two properties or have you signed a standard unlimited surety? If the latter I am concerned that you may still be standing surety for any future loans the company takes out even after you have left.

I would suggest you contact the bank or whoever holds the sureties and make 100% sure of this.
It can come back to you in years to come and then it is too late !