debt consolidation question on accounts in collections

Hi TMD

Welcome to the forums.

When you are enrolling yourself in the consolidation program, the consultant will negotiate with the companies that are presently working on your accounts. Either your accounts are with the creditors or the collectors, negotiation will be done with that agency authorized for receiving the payments.

Not all the collection agencies are bound to work with consolidation companies, but most of them do. It's because the consultant has a vast experience on how to deal with such companies and know their language better. Ultimately, the CA wants to get the money back from you. They won't mind if it is getting paid through some consolidation company. Since money will be sent to the CA, they are willing to reduce to financial charges and rates of interests. The consultant knows how to cut the deal. :D

I have recently started a new business and have quickly incurred debt to one of my suppliers. I am on 30 day credit terms with them but due to cost of trying to grow the money owed is well passed 30 days and they insist i pay huge amounts to pay it off quickly. How do i handle this without it really hurting my business?

Michael Shirley,

Welcome to forums. Negotiate with your suppliers and explain your situation with them. Ask them to extend credit term. Perhaps you will be able to manage some money in the mean time.

If possible offer them a small amount of money, so that they understand your willingness to work with them.

However, if no option is of any avail, look for some company that does business debt consolidation. Business debt consolidation covers debt to suppliers and debt to creditors both. For more information, please go through the link below-

http://forums.debtcc.com/forums/business-debt.html