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Up To Our Eyeballs W/ Personal And Business Debt

Date: Thu, 07/31/2008 - 16:41
Submitted by on Thu, 07/31/2008 - 16:41
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We are small business owners who have not taken a paycheck for the last 3 months in order to secure our employees' payroll. We've got lots of debt, mostly connected to us BOTH personally and professionally. And, as you can guess, the phone's a-ringin' with credit card companies wanting their money. Has anyone else gone through this and can offer some advice?


Hello Celestial,

First and foremost have you visited and sat down with a lawyer? Second, have you spoken to your lenders, creditors and tried to set up special arrangements to re-work your payments? If these people are calling have you tried offering them a percentage of what you owe them to settle the accounts?

Please tell us a little more about your accounts, how delinquent are they, who are the accounts with and will you have any sort of a lump sum soon to begin negotiating on these accounts?

It would not be too wise on your part to try to join a debt settlement program and pay their up-front fees and have creditors and collectors keep calling while you are saving funds for settlements, your interest rates alone would kill you. the money you would be giving away to a debt settlement company can be used to start settling accounts ASAP.


Submitted by on Thu, 07/31/2008 - 18:51

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