consolidation of business cards

I am really uncertain of programs for business debts.On the business debt,did you give a personal guarantee of payment? Like stating if business cannot pay they can come after you. I will bump topic for you and perhaps someone with more experience can help you.

It is my guess (correct or incorrect as it may be) that you cannot consolidate a commercial account because laws regulating the collection of personal debts do not apply, and as such creditors may have additional leverage in getting repaid.

Yep, personal guarantees. And, they needed my ss# to open the account, check my FICO, etc.

Forgot to draw the distinction between a program and a loan.

A loan is just that, a loan. All of your debts are paid off, and you make a single payment to one large debt, hopefully at a better interest rate.

A consolidation program involves a company negotiating better interest rates, and possibly reduction or deduction of some fees and whatnot.

Many creditors of small LLC's require the personal guarantee of member(s). A lease holder is a common example.

I'll ask texaslawyer if he'll confirm my hypothesis.

Actually, I was referring to whether or not dmp's are the same as "debt consolidation". I know that loans are distinct.

I understand them to be one and the same.

Very few companies consolidate business debts along with personal debts. You have to do a thorough research and find one that can consolidate both types of your debts.

In case, you can't find any company that will consolidate your personal as well as business debts, get started on consolidating personal debts and save some portion for paying towards your business debts until you find another company that consolidates business debts.

My understanding (from my own student loans) is that consolidation is the act of borrowing from one to pay off many. The objective being to reduce monthly payments.

I am not sure if a debt management Plan does debt settlement or consolidation. It sounds more like the name given to companies that negotiate for lower payoff amounts.

You should probably get more detailed info because there are so many companies offering different services.