Business DEBT. 10 Tips to ensure success
October 21, 2008 6:29am CST
1. Put aside your monthly budget like clock world, even if no payment are scheduled to go to the creditors. 2. Keep a separate account or a good accounting of your reserve funds. 3. Just because a settlement sounds good, doesn't means you can afford it. 4. Don't promise more than you can deliver. 5. Don't be a rush to settle what you can't afford to pay. 6. Some collector can be rude. Never sink to their level. If they are unprofessional, just ignore their rudeness and maintain your composure. If a collector make you emotionally, you've lost. 7. Cut expenses. If feasible, scale back on an employees or two. 8. If the business was going well, you may even have extra cash (money not really committed to repayment or other expenses) that can be put into your reserve fund and use to help settle debt. 9. Take all calls from creditors - don't avoid them. 10. If you cant make a schedule payment, call or write to the creditors that you're having trouble paying before they contact you.Expresses your regret at having to fall behind on the promised repayment and explain whether you expect to have the ability to resume scheduled payment and when.
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