Does This Example Sound Like You?
Are you a tradesman that used to have good credit, but now due to the downturn in the economy your suppliers have you on COD? Did you have to give the government a series of post-dated cheques to pay your back taxes?
What Can You Do?
If you are used to credit and are suddenly required to pay cash you may be getting hit with a double whammy. When a customer pays their bill to you the money should be used to pay off the credit, but the only way you can start a new job is to use the money for supplies so the old bills don’t get paid. Worse still, those post-dated cheques to the government have to be paid or they’ll freeze your account. To solve this problem you may be able to offer your creditors a deal in the form of a proposal. A proposal is a negotiated settlement to repay a portion of what you owe over time. If things are really bad you may need to consider bankruptcy. For more information or to ask a question click here.
