As with any industry, there are business advisors or debt settlement companies that evaluate a company’s finances and make suggestions to help ease the debt. The goal is to keep the company operating. They can negotiate with creditors or not. Fees paid can be either contingent upon a deal with a creditor or paid up-front.
For some, debt settlement is a choice they make before out-of-court liquidation or bankruptcy.
Must you accept an offer from a debt settlement company as a creditor? The answer is no.
Must you negotiate with your customer or the debt settlement company? The answer is no.
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Debt collection is eventually an unfortunate byproduct of most commercial transactions. Extend credit to a customer for their purchase of goods or services, and they’re now in your debt. While most customers pay within the set terms, sometimes customers will be late, or they may even default entirely.
Did you know that you can use confessions of judgment to bypass New York debt collection? Sometimes, you can even bypass litigation in other states using the New York confession of judgment.
In exchange for a loan, services provided or goods sold, a client put up collateral. The collateral may have been accounts receivable, fixtures, inventory, a personal residence, jewelry, a boat or some other asset.