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Westwood Funding Business Debt Settlement

As a business owner who may now be struggling to survive thanks to the COVID-19 pandemic or other financial problems, you may be having a much harder time paying off the debt you incurred from the credit cards and loans used to start your business. However, while you may think you are stuck making minimum monthly payments or even considering bankruptcy, there is another option that is much better. Known as debt settlement, you can rely on the services of knowledgeable negotiators who can reach agreements with your creditors to eliminate your debt. Best of all, most settlements are for amounts that are much less than the original amount owed, allowing you to become debt-free much faster.

Months, not Years
As you have struggled with paying off your debt, you have probably figured it would be a decade or even longer before you may have your debts paid off. If you follow this path, you may or may not succeed in your plan. Along the way, you will also cost yourself thousands of dollars in interest payments, making it even more difficult to climb out from under your debt burden. Yet for business owners who enroll in a debt settlement company’s program, debt relief comes in months rather than years. In many instances, business owners are done with their credit card and loan debt in no more than 48 months.

Let Negotiators Work for You
Rather than try to take on the credit card companies yourself and have little if anything to show for your efforts, let experienced negotiators do the hard work for you. Once you enroll with a debt settlement company, trained negotiators will reach out to your creditors and attempt to negotiate fair and reasonable settlements. While you may think this is impossible based on your previous experiences, the opposite is often true. For creditors, being able to recoup some money rather than none at all is a much better option, which results in them being receptive to reaching a settlement. Since virtually all settlements are for amounts far below what you originally owed, paying off your debt suddenly becomes much more realistic.

Accepting or Rejecting Settlements
When negotiators from a debt settlement company do reach an agreement with one of your creditors, they will contact you to let you know the terms of the tentative deal. Once the settlement is explained to you, it is then up to you whether or not you want to accept the settlement that is on the table. If you do, the debt settlement company will take care of the final details and arrange for the creditor to be paid. If you choose to reject the initial agreement, your negotiator will contact the creditor and attempt to get a better offer. While this does sometimes work, it is suggested you carefully examine the terms of the initial agreement and rely on the advice of your debt settlement company negotiator. By doing so, you can make an informed decision that will best serve your needs.

Negotiation Fees
Since you are relying on the debt settlement company to negotiate settlements on your behalf, it does of course expect to be paid for its efforts. To do so, the company will charge you a fee that is based on the total amount of debt you owe at the time you enroll for its services. Generally, you can expect to pay a fee of about 25% to get your debt matters resolved. However, this is a bargain when you compare it to the amount of interest you would continue to pay by making minimum monthly payments on credit cards or loans.

Setting Up an Account
Once you enroll with a debt settlement company, you will need to set up a savings account that is to be used only for paying off your creditors. Prior to the company beginning to negotiate with your creditors, you will need to show you have accumulated a sufficient amount of money in your savings account for them to proceed. Afterwards, each time a settlement is reached with a creditor, the money needed to satisfy the debt is transferred out of your savings account and to the creditor, with the debt settlement company taking its share for its fee.

Ask Questions Prior to Enrolling
Since you may have multiple types of debt, you should always ask plenty of questions before enrolling to make sure you understand which debts are eligible under the company’s program. When it comes to business debt settlement, such things as student loan debt, tax debt, mortgage payments, and vehicle loans are not eligible for debt settlement services. However, any type of credit card debt, personal loans, or other debt directly related to your business is eligible for a potential settlement. Also, be sure you understand that any business debt you want settled must be debt that is only listed under your name. Finally, you must have legal proof demonstrating you are the sole proprietor of your business, so have the appropriate documents needed prior to enrolling.

Get Started
To get started on eliminating your business debt, fill out a short online form to see if you qualify for such services. Once this is done, talk to a company rep about what will be expected of you from start to finish. If all sounds good, you can begin the process of eliminating your debt and saving your business.

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