[ryan $]

I am sick of these Jerk Offs who Offer "Consolidations"

That are Corp Turnaround, Debt Consolidation ****s.

I just got a Million Dollar deal in. Balance with IOU.

Has a "Consolidation" Offer on the table THAT MAKES NO SENSE WHATSOEVER.

I say send me the Contract..... He makes Lower Payments after DEFAULTING.

ENOUGH IS ENOUGH ALREADY

[Lmonus]

As much as it sucks to lose an awesome deal to a parasite like corporate turnaround, the merchant is the one that i feel bad the most for. Im sure if these debt settlement companies disclosed the negatives vs the positives of taking one of these, Non would go that route.

Hang in there Ryan. They wont last long.

[FinancialSwissArmyKnife]

I am sick of these Jerk Offs who Offer "Consolidations"

That are Corp Turnaround, Debt Consolidation ****s.

I just got a Million Dollar deal in. Balance with IOU.

Has a "Consolidation" Offer on the table THAT MAKES NO SENSE WHATSOEVER.

I say send me the Contract..... He makes Lower Payments after DEFAULTING.

ENOUGH IS ENOUGH ALREADY

Even if they did lower payments or even stopped, if they have A/R, I have an avenue that I can bring them through to get funding

[Winning]

..Im sure if these debt settlement companies disclosed the negatives vs the positives of taking one of these, Non would go that route...

I am listening (well reading actually)..

@Lmonus, What do you feel the negatives and the positives are for taking a debt settlement?

There are 2 sides to every story.

Would love to hear from someone that despises debt settlement.

AND would love to hear from someone that feels debt settlement, when used correctly can be a great tool.

[WestCoastFunding]

I am listening (well reading actually)..

@Lmonus, What do you feel the negatives and the positives are for taking a debt settlement?

There are 2 sides to every story.

Would love to hear from someone that despises debt settlement.

AND would love to hear from someone that feels debt settlement, when used correctly can be a great tool.

Here’s the thing: every merchant who signs the contract agrees to sell a portion of future revenue for financing today. It’s a business transaction. With debt settlement they blow up that whole process. It’s not like they reach out to the funder in good faith to make a modification of the agreement. They literally block payments and switch bank accounts.

But here is what makes it so bad: the lawyers selling the debt settlement are often pulling a scam themselves. They make promises complete with future payment schedules that are meaningless. Not unusual for them to tell the merchant that they need to deposit funds into an account the debt settlement has access to, and wipes them out.

The best bet, always, is to have the merchant communicate with funders. They just want to get paidback more than anything. While some of these funders can be jerks, if the merchant hasn’t stacked/double-funded, many funders will make accommodations to help (reduced payments, deferred payments for a month, etc).

[Michael I]

I am listening (well reading actually)..

@Lmonus, What do you feel the negatives and the positives are for taking a debt settlement?

There are 2 sides to every story.

Would love to hear from someone that despises debt settlement.

AND would love to hear from someone that feels debt settlement, when used correctly can be a great tool.

One word ETHICS .

[Michael I]

Here’s the thing: every merchant who signs the contract agrees to sell a portion of future revenue for financing today. It’s a business transaction. With debt settlement they blow up that whole process. It’s not like they reach out to the funder in good faith to make a modification of the agreement. They literally block payments and switch bank accounts.

But here is what makes it so bad: the lawyers selling the debt settlement are often pulling a scam themselves. They make promises complete with future payment schedules that are meaningless. Not unusual for them to tell the merchant that they need to deposit funds into an account the debt settlement has access to, and wipes them out.

Also they lie to merchants and charge a fee . I have had multiple times merchants calling me crying that they can't buy a house because they have a judgment from a funder and don't understand why, because they paid 10k to a lawyer that got them out of the debt. He did not get that he paid them 10k for them to just tell him switch accounts and screw your credit for life.
Another merchant paid them 5k and got all the money taken out by the funder when he defaulted .They did not before anything with the funder but just closed the account unaware the funder had 2 voided checks with 2 accounts on docs

[VitalCapJeff]

As much as it sucks to lose an awesome deal to a parasite like corporate turnaround, the merchant is the one that i feel bad the most for. Im sure if these debt settlement companies disclosed the negatives vs the positives of taking one of these, Non would go that route.

Hang in there Ryan. They wont last long.

Lior, well said.

[ryan $]

These Guys are Calling it a TERM LOAN

Saying they are going to lower Monthly Payments and get a Discount on total Amount Owed.


SUCH A SCAM!

I told Merchant send me Paperwork, Ill highlight all the red flags.

He already brought up lawyers and rerouting Payments.... SMH

[Don Dolla]

it can't just be iou ... how could the settlement company touch that product

[Jamesf]

I just had a lead talk to me today, and he took on debt consolidation.
Poor guy realized too late it screwed him.
Was told to stop paying all his debts(which of course tanked his credit), he instead sends those payments to the debt consolidation company.
The deal is that after time has passed and he has built up enough reserve payments to the company, they will then approach his creditors with the lump sum and try to negotiate a payoff.
Of course they charge a huge fee, basically they tank credit and take a decent chunk of your money.

Basically he paid someone to tank his credit and charge him to do it.

You could literally do that on your own for free over your phone in 20 minutes if you wanted to.