Credit Repair Loans
This is out of business, all assets of the company have been liquidated, and all that remains is a fairly substantial pile of debt. What now? One might think that the logical step would be to make an offer in compromise package (which this writer specializing in clients) so that the debt can be resolved in a once and for all.
Not so fast. Here's the thing:
For those unfamiliar with the process, the offer of compromise (OIC) should be presented through the lender. When the lender considers the OIC to the SBA, the bank asked if they recommend that the bid be approved. In many cases, banks do not want to solve, which means that the OIC is dead in the water before it even makes more than the SBA.
Why would a bank does not want to settle? Perhaps they think that a borrower was fraudulent. Do they think that a borrower is not making an offer strong enough. Or do not want to bother with the necessary documentation OIC to present to the SBA (this is the only major reason to have professional training to prepare a package of OIC, and deliver on a silver platter to the bank). Some lenders simply have a "no settlement" policy of certain types of loans or loan amounts. No matter the reason, the conclusion OIC is not something that lenders are obliged to consider.
So how can a borrower to improve their chances of support for an entity creditworthiness of the OIC?
Sounds simple, but many borrowers are elusive and difficult to track because they do not want to deal with the stress of talking to the collections people. If you are intimidated by those libraries, then find someone (like us) to represent him. Not just a professional training agreement with the anger people's collections, which will not be sure that crushed with unreasonable demands.
If you submit an OIC, make sure you are offering complete information in terms of their assets and income. If you get caught leaving a major asset of your PFS (yes, there are ways to check), your chances have accepted a settlement will be reduced drastically.
Another way to help their possibilities of having an accepted OIC is to cooperate fully in the settlement assets of your company. Simple things like providing access to appraisers and return phone calls to schedule assessments can help you immensely in the long term. In short, when you make your life easier lenders, chances are that you return the favor when the time of the OIC.
(Distressed Loan Advisors offers expert advice about SBA loan modifications and the Offer In Compromise process, and can be reached at http://www.JasonTees.com
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