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Acting as personal guarantor for credit card in connection with employment - now can not be removed from the card. Legal?

3 views 2 answers
I signed on as personal guarantor for a credit card for a small nonprofit in my employment position as Executive Director. I no longer work there. The organization says no one is able to replace me as guarantor. Can I be forced to remain on this card? Is this a legal issue - to require the continuation of a responsibility that was connected to my employment? Credit card company says I'm SOL until there is someone else. I've suspended further charges, but the organization is not able to pay the balance.

Attorney Answers

2
Robert Pennell ·
The employer has no control over the credit card company which has no incentive to release you from your personal guarantee. This is precisely why people should not enter into personal guarantees.
0 upvotes
Ronald Eisenberg ·
Unless the guarantee language states that you can choose at will not to be a guarantor, I don't see how you can get released. Bad situation, and hopefully it's a mistake you won't make again.
0 upvotes

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