California | Credit and Debt Law
Legal Question
Breaking Lease
I signed a 48 month lease agreement for software that allows me to accept credit card payments. The leasing companay is in California and my business is registered in LA. Due to poor sales I decided to discontiue this method of receiving payment so I returned the software. The contract says that I must pay the remainder of the software lease which amounts to about $650.
Lease payments were made by direct transfer from my checking account so I placed a stop paynment on any further charges from the leasing company. What are my risks? Can the leasing company put a lien on my checking account? If so can I just close it and open a new one to avoid this result? How bad will my credit rating suffer? My record is not flawed otherwise.
Share This On:
