Business Debt/Business debt

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Expert: - 10/9/2008


Question
Hello;

Just wanted to know what are the things to expect while doing business debt settlement. Will a creditor come back to you after you have done a settlement at a later stage. I contacted  http://businessdebthelp-llc.com and they seem to have answered a lot of questions but I would like second opinion.

Answer
Mike:
Thank you for your inquiry. If you are hiring a company to do the negotiations on your behalf, then you should be first looking for how they are compensated on services and when/how they expect to get you positioned for settlement. Negotiation services should be success based (although a small retainer is customary). Also you should know if all your debt is unsecured and or personally guaranteed as the latter may have short term derrogatory effects on your credit. If so, than you should also be aware that creditors typically will not settle current debt, so being in arrears is necessary. The debt management company should have a mechanism to help you set monies aside (safely) and process to use those monies as leverage to negotiate and then PAY your creditors the discounted amount. If the settlements are properly executed and paid, then you should receive a settlement letter from the company.  If done improperly any number of things can occur including future billing, interest and penlites collections, legal actions, even wage garnishment of liens. If you are considering this as an option, make sure you know who you are dealing with and check out the above points.

Good luck.

Respectfully,
Christine Janklow

Business Debt

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Christine Janklow

Expertise

As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.

Experience

My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.

Organizations
Provisors;Turnaround Management Association; Los Angeles area

Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."

Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising

Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.

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