[Michael I]

and it gets better .i was moving him from a 6 month 1.4 to a 15 month 1.4
i emailed him that
John
I can not move forward with this is if you do not plan on paying it. What we can do is keep the daily payments at what you were currently paying and lower the rate to a 1.2 factor. If we do this it will be $52,000 with a total payback of $62,400 minus your current balance . Please let me know your thoughts.
His response
"
Michael that will not help me FYI, I have stopped my payments with this loan,as of today, and plan to only pay them principle only... If they don't except terms, then they get nothing.

I share this with you because I am considering closing my business. The loans from company's like yours have done nothing but hurt my company. Bottom line is my attempt to grow my company was squashed by expensive capital.

It's time me to move on, as there is no way for me to save my company under these current lending terms.

Thank you for all your time and effort!

[Sachip24]

saved yourself a default

[Chambo]

saved yourself a default

Sounds to me like he already defaulted by stopping payments on current balance