Small Business Loans Consolidation | Frequently Asked Questions

Frequently Asked Questions

Q. Is your program the same as debt consolidation?
A. Not exactly, what we do is customize a program that fits your profile. We specialize in negotiating a settlement for your total debt within a budget that you can afford. We also arrange loans as an alternative program.

Q. Will all of my debt be eliminated upon completing your program?
A. If you follow all of our procedures, at the conclusion of your program, you can expect to be free of all contracted unsecured debt that we negotiated on your behalf.

Q. How long does it take?
A. The length of time for program completion varies from client to client and will depend on your having certain funds available to initiate the program. The amount of time necessary to complete your case will be discussed with you in your initial consultation after we have reviewed your consultation request.

Q. Does your company keep my information confidential?
A. We are committed to maintaining complete confidentiality. Your information will not be shared by anyone except those persons authorized to receive information on your behalf. However, creditors will be advised that you have contracted our service to assist you.

Q. What can I expect from your program?
A. We will establish a budget with you that allows for continued business operations. Based on that budget, we will work to come to new terms with your creditors. We offer creditors options from pennies on the dollar to payment in full. Our goal is to come to new affordable terms and to keep you in business. While results vary, we do offer a guarantee [see contract] that roughly states that you will pay back less than you owe, including our fees. Remember, our job is to save your business.

Q. Do your procedures work with every creditor?
A. It is unlikely that any program works 100% for everyone, and no firm can guarantee results in advance. We are proud to say that we have a very high success rate. In fact, to this date, we have already settled millions of dollars of commercial debt.

Q. Should I just file Bankruptcy?
A. Only file Bankruptcy as a last resort and after seeking the advice of a licensed attorney. If you have enough discretionary income to resolve your debt over time, we would recommended that you attempt our program in lieu of filing bankruptcy. Resolving your debt through our program will have a more positive impact on your credit rating in the long run. Note that a Bankruptcy stays on your credit profile for up to 10 years.

Q. What is secured debt?
A. A secured debt is one in which your creditor has a recorded and/or perfected security interest in items of real or personal property, such as your business, real estate, business vehicles, equipment, inventory, accounts receivables, etc. Should you fall behind on payments on this type of debt, the lender had the ability to repossess the property in order to mitigate their damages. Remember that you could remain liable for any deficiency balance owing after the property has been repossessed and sold. Certain exceptions may apply and these will depend on the exact nature of the property, the security interest and applicable state law.

Q. What is an unsecured debt?
A. Unsecured debt generally arises out of a contract you enter into with a creditor which enables you to obtain goods or services on credit in exchange for your promise to pay back the debt. The most common types of unsecured debt are loans, lines of credit, credit cards and ordinary vendor accounts payable. If you fall behind on these types of debt the usual recourse the creditor has is legal action.

Q. May I select which debts I want you to resolve?
A. With our program, you can select which accounts you would like us to resolve. It may be recommended that you include all or most of your unsecured debt and this will be discussed during your initial consultation.

Q. How do I know if my application will be accepted?
A. We will review your application and contact you to further discuss your current situation. If you are someone who is in debt and seriously looking to resolve your debt, chances are we will assist you.

Q. What happens if I don't have enough to cover the settlement?
A. We will work out a deferment program where you may pay back your debt over a longer period of time.

Q. Can I get a settlement and deferment at the same time?
A. Yes. In many cases a creditor may make a concession on the total debt and still take monthly payments on the balance.

Q. Who does the negotiation on my account?
A. Your account will be handled by a team of experienced negotiators. In addition, our negotiators
are assisted by a “state-of-the-art”, proprietary software system which took over 8 years and 1 million dollars to develop. This system lets our negotiators see a birds eye view of the entire restructuring while keeping settlements within your budget.

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