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  1. #1

    Is debt consolidation a good decision?

    Hai friends,
    My uncle John Ernest was an export and import entrepreneur. He was focused on prawns and crabs. After COVID-19, there was a big loss in his business, and he decided to sell his licence. He has borrowed loans from different banks, and he is not able to manage all that. He is worried about debt management.
    Many of my business colleagues suggested corporate debt consolidation. Is that a good choice to help him? Because in their opinion, corporate debt consolidation is a good choice for debt management. He demands financial advice on the matter mentioned above.
    I'm expecting an expert opinion from my friends.
    Please, it's urgent.

  2. #2
    Senior Member Reputation points: 123988
    Join Date
    Feb 2017

    First of all, is your uncle in the USA or Canada, because that will make a difference over here. Most of the people on this board are Americans.
    If it's simple debt consolidation, then the rule is that this is likely debt added onto debt. Which will only make sense after looking at the numbers. Will the extra debt load make sense just to change the payments into something more manageable that he will be paying down the debt? Does he orderly enough to do that himself without an outside impetus?

    If it's a matter of defaulting on debtors and reducing payments on them, your uncle should be really be speaking with an experienced lawyer in this area. I had a client who had a BK on his business about 3 years ago and wanted to consolidate. His personal credit remained impeccable, and we managed to get him something close to $75,000 on his personal credit without income verification.
    Micah Markowitz | | 855-33-GO-ABF (direct)

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