Employment Law

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I have a question about a workplace loan that I took out. So…

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I have a question about a workplace loan that I took out

Lawyer's Assistant: Have you documented this or discussed it with HR?

Yes, so for context I don't know how this works are you a human or bot? can I just give you the rundown?

Lawyer's Assistant: Yes, I'm a bot. I make the process of talking to the lawyer more efficient and affordable by asking basic questions. Is the employment agreement "at will," union, full time or part time?

At will

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I'm a co-founder of a small four person company. (Two of the other members are founders). I took out a loan 18 months ago, and we planned for it to be paid in a year, but I've only paid 1/3. Basically the loan is about to default and I want to know my options and how it affects my credit score.

Submitted: 7 months ago.Category: Employment Law
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Customer reply replied 7 months ago
The pledge agreement and promissory note are attached here
Answered in 2 hours by:
12/13/2017
Employment Lawyer: Asad Rahman, Lawyer replied 7 months ago
Asad Rahman
Asad Rahman, Lawyer
Category: Employment Law
Satisfied Customers: 2,527
Experience: Practicing Attorney with 10 years experience
Verified

I'd be happy to review these agreements but such a review is deemed a premium service. I can try to answer your questions. Was the loan in the name of the LLC or you directly?

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Customer reply replied 7 months ago
our company is a C-corporation. The Lender was the company and the Borrower was me.
Employment Lawyer: Asad Rahman, Lawyer replied 7 months ago

You can have the company cover the expense and then make it a loan of the company if they will consent. You can try to effectuate a settlement with them.

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Customer reply replied 7 months ago
Well it was loaned by the company. What does make it a loan of the company mean exactly?
Employment Lawyer: Asad Rahman, Lawyer replied 7 months ago

The company pays you back or assumes the loan on your behalf.

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Customer reply replied 7 months ago
that's the issue. My co-founders want the loan to simply default and take my equity as collateral. So they don't want to assume the loan. So I'm asking if that would affect my credit score.
Employment Lawyer: Asad Rahman, Lawyer replied 7 months ago

Not sure how they can take your equity as collateral but a default on a personal loan can certainly result in an impact on your credit score.

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