You are an entrepreneur and you run a business that provides either goods or a service to the local community. You had a good business plan that was researched and worked out, down to knowing just what kind of competition you would face. You are the purveyor of quality goods and service. Nevertheless, the venture still isn’t breaking even, let alone making a profit. The business debt far exceeds the assets and the payments are falling behind. You are beginning to worry that your credit rating is beginning to suffer and you think you need business debt help, but don’t know how to get it or what it will cost. You don’t want to consider bankruptcy, since the circumstances are not hopeless, and you are certain you if you can keep the business running, it will turn around. You are very tempted to take out a business debt loan, thinking that you would use it to get current on your existing business debt. However, that would mean that next month you would be faced with the same array of monthly bills plus one extra. But something has to be done.
What has to be done is to seek a consultant who can advise you about business debt restructuring, something you may be unfamiliar with. How could business debt restructuring relate to your business? This is a debt counseling service that advises clients regarding the multiple 債務重組服務 forms of debt relief that are legally available and then proceeds to pursue the course of the best option for your individual situation. This is all done at reasonable rates that may even be tax deductible, and the process restores rather than injures your good credit rating. There are experienced and reputable companies who are trained to give advice listed in your local yellow pages, but it is better to search on the Internet where you can compare the information in each website before speaking with the firm. The counselors listed there are trained in the various fields of business debt restructuring and will be available to explain the available options such as debt consolidation which involves an assessment of the total amount of business debt associated with an individual business. After evaluating the amount of business debt and different types of creditors, he or she will enter into negotiations with all of the creditors to formulate a new, agreed upon repayment plan. This plan will consolidate all of the existing business debt into one business debt reorganization program that will require you to make just one monthly payment that will be tailored to terms based on your income, not the creditor’s demands. The counselor will become the contact person to your creditors, giving you some peace and quiet and allow your focus to return to running the business. Your monthly payment will be distributed according to the program to the creditors. These payments will be reduced since part of the negotiation process is to reduce or eliminate the business loan interest and to eliminate handling fees and late charges. Your new business debt restructuring plan payment will go to paying down the principal of the business loan and will result in a faster payoff.
A business debt restructuring plan is the best way to cure an ailing credit rating, since payments will never be late again and entering into a formal plan sends a signal to the creditors that you are serious about repaying your financial obligations. A business debt restructuring plan acts as kind of guarantee in their eyes that they will receive payment, although the consulting company will not assume payment in the event that you break the contract.