Something is Better
August 11, 2021
Let’s assume that despite your best efforts, the business climate (and the pandemic) has hit you hard. The result might be that you cannot satisfy all your creditors. The essential question becomes: How much will they settle for?
While this will depend on many variables, for example, your creditor’s own situation, the length of your relationship, and other possible issues, a frank and honest talk may be just what is needed, and may cement and even improve your business relationship.
In our experience, if you can pay 30% to 50% of the debt, it’s at least worth a blunt conversation. We can do this on your behalf (we only charge a fee if we are successful in achieving a satisfactory result) or you can try it on your own. Many vendors, who are simply businesses just like yours, know that they will have a hard time collecting the debt and will actually appreciate you coming forward to do your best to salvage the relationship. Life’s challenges confront all of us at times. If we can be of service please don’t hesitate to drop us a line.