It’s a common scenario: unforeseen circumstances like regional natural disasters – floods, hurricanes, wildfires – significantly harm small business operations. However, it’s not just natural calamities. Factors like inflation, soaring fuel prices, supply chain disruptions, the loss of a major client, or personal health issues can all lead to a downturn in business revenue.
In contrast to other financial commitments like credit card, car, or house payments, where a call to the creditor can often result in a workable solution due to regulatory obligations, the realm of MCAs is starkly different. These companies are not bound by the same government regulations, making them less inclined to offer reasonable resolutions. If you’re struggling to meet your daily or weekly MCA repayments, or if a default seems imminent, don’t expect much leniency. At best, they might propose a brief pause or a slight reduction in payments, but these measures are typically inadequate for a meaningful financial recovery.
Most importantly, your attorney may recommend that you refrain from disclosing additional financial information to them. They may already possess sufficient data and might request more under the guise of being unable to assist without it – additional bank details, client information, or personal debt figures. We hope these 6 Videos and or Podcasts will help you make informed decisions.