Help for Troubled Businesses

Easier Alternatives to business bankruptcy

Credit Card Debt Settlement Plan–Clean up your Credit Card Debts Wisely

Apr 24

Posted by guest in content traffic monster articles | No Comments

by Myrina Stein

If you are entrapped in overwhelming debts and looking for ways to mitigate your financial obligations, credit card debt settlement programs can resolve your credit issues and help you to relieve your stress. When you enroll in a debt settlement program, the settlement company negotiates with your credit lenders to reduce the principal as well as interest and fix an affordable settlement amount that is acceptable to both you and your credit card agencies. However, remember it has certain pitfalls as well. Debt settlement affects your credit score moderately. The effect is more than debt consolidation program, but not as bad as bankruptcy. Read on to know the following steps to settle your credit card debts wisely.

  • Negotiate with your credit card companies. Ask them if they are willing to lower your current interest rates and the entire loan amount. Don’t feel hesitant as maximum they can do is they can turn down your repayment proposal.
  • It is always difficult to convince the creditors to settle the account at a lower interest rate. Do not expect cordial response from them. Speak to a supervisor or department manager who is generally responsible for payments arrangements and settlements. You can address a letter to him as well. Be very specific in regards of your payments, dates and amounts. Keep all your current bills, settlement offer letter, income proofs and other significant documentation on hand before you call the creditor.
  • Remember, your main aim is to get your debt amount reduced to a manageable amount. While negotiating with the creditors, ask them to remove your late fees and finance charges from your account. Aim at 30 to 40 % reduction in your total balance amount, if your lenders are unwilling to give consent to this diminution, drop your debt settlement plan for the time being.

There are certain pitfalls which can derail your efforts to settle your credit card debts. Avoid them to eliminate or ease your debt burden and rebuild your credits.

  • You can settle your debts on your own but you can take the expert advice from a debt settlement company as well. Shop around before you finalize your deal with the debt settlement company, make sure you hire a B.B.B (Better Business Bureau) accredited debt settlement company for yourself.
  • Keep records of all of your conversations with the creditors including the dates and time. It comes in help, if there is any dispute over payments or settlement arrangements.
  • While communicating with the creditors, be cautious not to argue or use any profane language. As most of your calls would be monitored and recorded by your credit card agencies any indecent behavior from your end can make the situation even more difficult for you. It may make creditors less likely to offer you a favorable settlement amount.
  • Always get the settlement terms and condition through official letters. Verbal commitments won’t be regarded as valid documents in this regard.
  • Know your rights as a consumer. Go through Fair Debt Collection Practices Act. It can save you, from unnecessary creditor’s harassment.

So, the bottom line is just like any other debt relief programs, debt settlement program has its pros and cons as well, but once you learn to deal with its disadvantages you can attain financial freedom and can save a large amount of cash in your wallet.

Commercial Short Sale Friend or Foe?

Jun 17

Posted by Andrew Pollock - Commercial Short Sales in Uncategorized | Comments off

Are you facing a possible bankruptcy for your business, do you have commercial property loans that you can't continue to pay. You may want to consider the possibility of a commercial short sale before going the route of a traditional bankruptcy.

What You May Learn In This Article Could Save You Millions! It's no secret that the economy is putting undue pressure on businesses causing many of them to consider the possibility of bankruptcy. This environment is creating a need for negotiation of commercial short sales. With that said an alternative that you might want to consider....a commercial short sale of your property.

Dragging on for over a year is not uncommon for bankruptcies these days. It's pretty normal. One of the reason for the long delay's is it takes so long for your paperwork to make it through the system.

So this brings up the question that a lot of people ask-Should I file bankruptcy or is there an alternative? Commercial Short Sales for Commercial Property may be a great alternative if you are looking for a quick resolution.

It makes sense to work with a business turnaround consultant. Devolp the business turnaround strategy that is going to going to get rid of your headaches and stress. Many people have no idea there is a better solution to bankruptcy and a commercial property. Without a doubt the short sale of your business property is cheaper than a bankruptcy.

Some of the Key advantages of a commercial short sale are:

  • The Rules Are Not Set In Stone
  • The Time Frames Can Be Much Shorter
  • Commercial Short Sales Require Strategy
  • Your Note May Be Purchased Or Discounted.

Your Note May Be Purchased Or Discounted. Investors have great opportunity to pick up substantially discounted commercial notes due to the magnitude of impact on the bank on a large non-performing commercial asset.

The Time Frames Can Be Much Shorter One of the things that banks definitely do not want is a large commercial loan to go into default. They many times represent a major piece of their portfolio. For this reason they are willing to negotiate with willing buyers that have availability of cash to make a purchase of the commercial short sale.

The Rules Are Not Set In Stone Commercial Short Sales Require Strategy No lender wants a large non-performing asset on their hands and will be more willing to negotiate the short sale. If you are considering a commercial short sale, you will be well served to put your self in the banks shoes and figure out a strategy that will work for all parties involved.

Commercial Short Sales Require Strategy Strategy, Strategy, Strategy. Is what is needed to successfully negotiate a commercial short sale. There are more moving parts than a residential short sale, but the payoffs can be very rewarding.

Your Ailing business doesn't have to keep pulling you down, turn it into a profit center by finding out how a commercial short sale is the business turnaround strategy to go with. Keep away from bankruptcy and find alternatives to chapter 7 when you see that business short sales are meant to be the answer. There are commercial short sale specialists that can help you negotiate with the banks.

Consider these key advantages:

  • Less money out of pocket for lawyer fees.
  • No Money out of pocket for court costs.
  • Privacy
  • Quick
  • Potential of keeping some of the proceeds of sale.

It makes great sense to find a proffessional business turnaround specialist. You can develop the strategy you need to stop your headaches and stress with the help of a business turnaround consultant. Struggling business can have a better solution than filing bankruptcy on a commercial property although many people don't realize it. The sale of your business property through a short sale is simply cheaper than bankruptcy.

Tweaked out because you can't pay your commercial mortgage? You might want to consider seeking out a professional commercial short sale specialist. If you would like to learn more about Business and Commercial Short sales or would like a confidential review of your situation you can go to http://www.businessshortsales.com.