If you’d like to settle your business loans, you’ll be interested in reading about a recent client that reduced his debt by over 75%. Although these amazing results are not typical, it demonstrates an example where a financially distressed business owner achieved substantial relief through the diligent assistance of our debt negotiations team. At the Law Office of Simon Goldenberg, PLLC, we are committed to helping businesses find solutions customized to their needs, with a goal of achieving the maximum savings attainable under the circumstances.
Business Loan Default Resolution
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Reducing Defaulted Small Business Loans
In this situation, a borrower contacted our firm for assistance with resolving a defaulted business loan with a balance of roughly $135,000. The debt was assigned by the lender to a third-party commercial collection agency. The business owner was on the verge of defaulting on multiple loans and a merchant cash advance, so there was an imminent need of relief.
Our negotiators kept in contact with the lender's collection agents, letting them know about the financial hardships our client’s business is experiencing, and that he will strive to gather funds towards repayment. It’s important to keep in touch with the lender; otherwise they might think that the business is purposefully evading them, perhaps with intent of avoiding repayment. This may cause the lender to expedite review of the account to bring a lawsuit. We help lender’s agents understand our client’s good-faith intentions.
Our negotiations concluded with a deal that allowed the small business debt to be settled for $30,000, which represents about 25% of the outstanding balance – a savings of $105,000! This is the type of result that can help a business achieve a dramatic financial turnaround. There is no better time then now to explore your options for business debt relief.
If you’re trying to figure out how to resolve business debts, the first step is to hire a firm with extensive experience in debt relief. A firm you can trust to guide you towards a successful restructuring of your debt. Our team understands the complex circumstances that cause businesses to experience cash flow issues, and we are sensitive to our client’s personal hardship. If you defaulted on a commercial loan with any lender or business funding company, contact us to learn how to get out of business debt.
Call our negotiations team at (888) 301-0584 to schedule your free evaluation.
Results vary; prior results do not guarantee similar performance. While we strive to maintain accuracy and provide relevant case histories, in order to protect the confidentiality of our client(s), all numbers are approximations and are offered for illustrative and general informational purposes only. This page does not purport to contain any legal advice. We make no claim or allegation of wrongdoing by the entities discussed on this page. There is a distinction between negotiations conducted under a consulting basis (non-legal services), as opposed to legal services, such as lawsuit defense which we handle only in New York & New Jersey. Call us for an evaluation of your situation.