Are you the owner of a small business and are you facing troubles with the your business debts? There is nothing surprising in this because the recession affected everyone in the US economy. The best thing that you can do to get out of your liabilities is to opt for settlement programs. Settlement is the most popular and the best method of debt relief and is capable of helping the small businesses. This method returns the best results when a professional settlement firm is hired for negotiating with the creditor. What negotiation are we speaking about? Here negotiation means that the negotiator from the settlement firm will bulldoze the creditor and threaten bankruptcy to waive off at least half of the unsecured loans that your business has.
For a settlement program to work, you need to ensure that your business unit is under $10k or more of unsecured loans. The negotiator will then ask you to go delinquent and as soon as you do so, the negotiator will send a letter of settlement and a repayment plan to the creditor and wait for the lender to make a move. The lender does exactly the same and sells off the debt for 20-30 cents a dollar to a collection agency. This is when the negotiator makes the second move and contacts the creditor and offers a bulk repayment of around half of the dues and asks for elimination of the rest.
The creditor is forced to accept this because the negotiator threatens bankruptcy. The creditor then wipes out at least 50% of the dues that the small business has and you will have to repay the remaining in bulk. Once you pay the remaining outstanding, you become debt free with clean credit records. This is how settlement programs can help a small business.
For a settlement program to work, you need to ensure that your business unit is under $10k or more of unsecured loans. The negotiator will then ask you to go delinquent and as soon as you do so, the negotiator will send a letter of settlement and a repayment plan to the creditor and wait for the lender to make a move. The lender does exactly the same and sells off the debt for 20-30 cents a dollar to a collection agency. This is when the negotiator makes the second move and contacts the creditor and offers a bulk repayment of around half of the dues and asks for elimination of the rest.
The creditor is forced to accept this because the negotiator threatens bankruptcy. The creditor then wipes out at least 50% of the dues that the small business has and you will have to repay the remaining in bulk. Once you pay the remaining outstanding, you become debt free with clean credit records. This is how settlement programs can help a small business.
Article Source: http://EzineArticles.com/?expert=Ally_Sanders
No comments:
Post a Comment