Business Debt Settlement -- Help for Small Business Owners
Help for Small Business Owners with Large Debts!
The good news for struggling small business owners is that unsecured business debts can be settled just like personal debts. There are a few technical differences that must be taken into consideration, but the process generally works the same way as it does for consumer accounts.
How do we define “business debts”? Business debts may commonly include:
- Personal credit cards that were used to fund a startup operation. These follow the exact same process as consumer accounts used for personal purchases.
- Credit cards issued in the business name but personally guaranteed. If you have a credit card issued in the name of your business, but personally guaranteed by you, then this type of account is also very similar to a personal credit card. In fact, many so-called “business credit cards” are merely personal cards in disguise. Very few businesses have true business stand-alone credit, where liability is truly limited to the corporation and no personal guarantee is involved.
- Lines of credit (LOCs) or signature loans granted to the company itself. LOCs and bank loans often involve larger balances than regular credit card accounts, and although these are usually issued to the business entity, the reality is that there is almost always a personal guarantee involved. Settlements on this type of account are common and routine.
- Vendor bills or trade payables. Vendor payables are the credit accounts granted by suppliers and other merchants you regularly do business with. Depending on the need for an ongoing relationship with the vendor or supplier, negotiated settlements for this type of account are also quite common.
Virtually all of the above types of business debts are potential candidates for negotiated settlements.
Why pay huge fees to a debt settlement company when we can show you how to accomplish the same results yourself?
How Business Debt Settlement Works
Our Do-It-Yourself Debt Negotiation Training & Coaching Program™ covers all the bases. Here’s how it works:
Step 1: Training & Education:
Training and Education on the fundamentals necessary to move forward.
As soon as you start with ZipDebt, you’ll receive immediate access to the Debt Settlement Success Seminar™. This audio training course will provide you with a very thorough and comprehensive education in how to negotiate and settle your own debts. The Debt Settlement Success Seminar™ is an intensive and ultra-informative seminar recorded in MP3 audio format for fast download. There is a total of EIGHT HOURS OF MATERIAL on 28 audio tracks that you simply will not find anywhere else. All the Forms and Letters you’ll need are included, as well as a detailed Workbook with examples and illustrations. This is all insider information designed to help you get right to the job of tackling your debts without paying stiff fees to third-party debt companies.
Step 2: Personalized Strategy Session:
We’ll evaluate your situation and provide you with specific advice.
After you’ve listened to the training course, we’ll schedule a personal telephone strategy. Together we’ll review your debt accounts, discuss what the creditors on your list are currently settling for, analyze your financial situation, and answer any questions you have. The purpose of the strategy session is to help you apply what you’ve learned in the audio course to your particular set of circumstances. The result will be your PERSONAL DEBT NEGOTIATION GAME PLAN.
Step 3: Ongoing Live Coaching & Support:
You’ll receive professional coaching support every step of the way.
With ZipDebt’s Premium-Business Program, you’ll be entitled to live coaching support throughout the process. You’ll be able to request help anytime. Live coaching, creditor-specific advice, answers to financial questions, and ongoing support are an integral part of our unique approach. We’re not talking about auto-responders, generic email fluff, or “updates” that may or may not have anything to do with your situation. We’re talking about ACTUAL, GENUINE, PERSONAL coaching & support, coach to client, one on one. “Do It Yourself” doesn’t mean you have to go it alone!
Step 4: Document Review Service:
Professional review of collection notices & settlement letters.
Financial disclosure documents are rarely required to obtain settlements on personal accounts, but settlement of a large-balance business loan or business line-of-credit may require submission of a formal proposal package, to include P&L statement, balance sheets, and tax returns. Our Premium-Business Program includes full review of any and all such disclosures before you submit them to creditors. We also review settlement letters before you pay, as well as any collection notices or creditor correspondence. Simply fax or email the letters or notices to us. We’ll review them and respond with our professional opinion on the documents.
Do It Yourself with ZipDebt vs. Debt Settlement Companies
ZipDebt pioneered the approach of do-it-yourself debt settlement combined with professional training (via audio material) and live coaching (delivered via email and telephone). Our amazing results are published on the ZipDebt Blog.
You won’t find a better track record anywhere in the debt settlement industry. ZipDebt clients settle faster for less total money out-of-pocket compared with the traditional debt settlement approach. Of course, good luck trying to find the published track records of other companies in this industry to compare us against. The vast majority of companies do not publish their results at all! And the ones that do tend to disclose only very general information, instead of a more detailed analysis of what is actually happening with their clients.
When you examine the results of those few firms that actually do provide this type of transparency, it becomes immediately clear that the ZipDebt approach results in LOWER RISK of LAWSUITS and GREATER OVERALL SAVINGS compared with traditional debt settlement programs.
How Much Money Can You Save with DIY Debt Settlement?
Let’s say you owe $100,000 of unsecured debt, spread across 8 different credit cards with balances ranging from $5,000 to $20,000, and that you have just started to fall behind with missed payments. Depending on the specific mix of creditors involved, a reasonable estimate would be 40%, or $40,000 needed to settle everything, or 60% savings of $60,000.
This scenario allows for the fact that the $100,000 total will likely climb to $110-115k or more after six months, due to late fees and interest applied meanwhile. Most ZipDebt clients average at or below 35% settlements against the inflated balances at the time of settlement (close to or soon after charge-off). On $115,000 of debt balances, this would result in a total payout to the creditors of $40,250. Of course, results will vary depending on the history of the accounts and the exact mix of creditors, and this is not a guarantee you’ll automatically save that much if you owe $100,000 starting balances. But it will give you a pretty good idea of what can be accomplished through this approach.
Also, and very importantly, if you were to obtain the same outcome through a debt settlement company that charged 20% of enrolled debt, you’d be looking at an additional $20,000 in fees on top of $40,000 to the creditors! Compare to ZipDebt’s Premium-Business Program at less than $1,200.
Why pay some company THOUSANDS in fees when you can do it yourself with our help and get out of debt faster with better results?
What Are Your Costs?
At the ridiculously low price of $1,197, ZipDebt’s Premium-Business Program is the MOST AFFORDABLE comprehensive debt solution available, period. Compare our “do-it-yourself with a coach” approach to the sky-high fees of any third-party settlement company and you’ll see that our program is a no-brainer. Why pay a PERCENTAGE of your debt when you can do the work yourself and SAVE THOUSANDS?
In fact, the more you owe, the more you are penalized by the way most debt companies structure their fees. If you think about it for a moment, it doesn’t take any more effort or time to negotiate and settle 6 or 7 accounts totaling $100,000 of debt versus 6-7 accounts adding up to $25,000. Yet your fees will be QUADRUPLE based on the size of your debt load.
With our FLAT-FEE structure, you can avoid the huge fees and get better results. By taking matters into your own hands and doing it yourself using ZipDebt as your coach, you will become debt-free FASTER, because you’ll be applying 100% of your available money toward GETTING RID OF DEBT, not paying fees!
Will You Have Time to Do It Yourself?
“Will I have time to do this myself?” is a question we hear over and over again at ZipDebt. The first thing you need to understand is that you’ll still receive collection calls even if you hire a professional negotiator. The only way around that is to send “cease communication” letters, which greatly increases your risk of getting sued.
With the ZipDebt method, you will implement a screening system that greatly reduces the number of calls you actually need to handle. So the time commitment required is nowhere near as burdensome as most people think, provided you learn the right techniques for managing and controlling the process.
ZipDebt’s DIY-with-Coach approach can yield savings of $500-$1,000 or more per HOUR of negotiation time. Here’s a typical example: Let’s say you settle a $10,000 credit card debt for 40%, or $4,000. It requires a total of 15 phone calls spread over 6 months, with average duration of 20 minutes per call. That’s 300 minutes, or 5 hours total, to save $6,000. Where else are you going to make $1,200 per hour?
You can’t afford NOT to do it yourself!