I Can’t Afford My MCA Business Loan and Not Sure if I Can Settle With Lendr LLC

Question:

Dear Steve,

I get fund 8k from mca…after that my business slows down and I can not afford to pay back. I need some help to protect my business

I need someone help me set up a settlement with the Lendr LLC I own 10k …now they send to a recovery company. How much you cost to help me successfully settlement with them either amount I can afford.

Thao

Answer:

Dear Thao,

Thank you for sending along correspondence you received from a lawyer. I am not an attorney and can’t give you legal advice. You would need to see an attorney licensed in your state for that.

I was struck by the letter you received. On face value, it appears to be an offer to settle the amount you owe.

The offer was labeled FORBEARANCE AGREEMENT and not a settlement offer. In fact, the letter demands payment from you and then says once you make those two payments they will then talk to you about “further payment options.”

There are many people and companies out there, including an attorney, who could represent you with the creditor. A settlement is nothing more than a negotiated repayment arrangement which may include a one-time payment or installments. It’s just a meeting-of-the-minds between you and your creditor.

The advantage of using a third party is they are not emotionally involved in this issue and have experience in dealing with similar situations. I would suggest that an individual debt coach or attorney is a better fit for you in this case than some large process-driven settlement company.

Steve Rhode
Get Out of Debt GuyTwitter, G+, Facebook

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This article by Steve Rhode first appeared on Get Out of Debt Guy and was distributed by the Personal Finance Syndication Network.

The post I Can’t Afford My MCA Business Loan and Not Sure if I Can Settle With Lendr LLC appeared first on Personal Finance Syndication Network.

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