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Question
My fiance has a busines and his mobil gas card is delinquent and in defalt so the APR is now 29.99 Too high! Will be hard to pay off. What is a credit card company as big as Exxon Mobil really able to allow themselves to do as far a reducing debt. Can they other than put us on a hardship program{already discued w/ them) drop some off the debt?
Joi:
Thank you for your question. Your concerns are real, considering the costs related to the product purchased. If you can substantiate a legitimate hardship, and have been making at least good faith monthly payments, the creditor may be willing to reduce the interest rate and perhaps the debt amount. All of what is offered as a compromise (or settlement) must be backed up by immediate money. Creditors don't usually want to settle something and than give you months with no interest to pay it off. Make sure if you call them that you speak with a manager in collections. If you don't get someone who can help, call again and speak with someone else. If you reach an agreement, than get it in writing and send any payments with reference to that documentation or party who approved it. If you are not having any success than you must really consider professional business debt settlement if the debt is more than $10,000. If not, perhaps a liquidation and repayment plan, interest and all will be your best measure to get this resolved.
Respectfully,
Christine Janklow
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Answers by Expert:
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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