I personally guaranteed many business loans my Illinois business took out. I think the companies are violating the Fair Debt Collection Practices Act (“FDCPA”) in trying to collect from me. Is there anything you can do?
Unfortunately, not under the FDCPA. The FDCPA protects consumers from unlawful debt collection practices for consumer debt. Collection of business debt is not covered by the FDCPA. There may be other things we can do, but not under the FDCPA.