In these days of financial uncertainty, our office is seeing an increase of inquiries from business owners that need help restructuring defaulted loans and merchant cash advances. All too often, the daily or weekly payments become overwhelming and can cause the business to be unable to purchase new inventory, meet payroll, and keep up with other financial commitments.
Reducing Small Business Debt with Can Capital
In this example, our firm was hired by a borrower that needed help reducing a business loan owed to Can Capital Asset Servicing, Inc. (“CAN Capital”). Although the borrower had made a best effort to keep up with payments, this account went into default, with a loan balance of $175,694. Collections were coming after both the business and its owner in personal capacity as the guarantor of the loan.
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We received several written and verbal demands from Can Capital’s collection agents demanding payment in full, threatening an investigation of the businesses assets, and threatening to assign the matter to a lawyer for possible litigation.
After a series of negotiations, Can Capital agreed to accept a sum of $30,000 in full satisfaction of the debt, resulting in a reduction of 82%. A reduction of such magnitude was within the borrower’s financial capacity, and as such, the loan was fully resolved.
As a result of the assistance of our commercial debt relief advocates, the borrower was able to:
- Reduce their business debt by over $145,000
- Avoid seizure of secured business assets
- Eliminate concerns about being sued by Can Capital
- Avoid seeking business bankruptcy
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While these results are not typical, we always strive to obtain the best results possible under the client’s particular circumstances. If you’re a small business that has fallen behind on payments owed on business loans or if you’ve defaulted on a merchant cash advance with Can Capital or any other business lender, call us to learn how we can help.
Contact our lawyers at (888) 301-0584 to schedule your free business debt relief 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. Call us for an evaluation of your situation.