Business Debt Negotiations | How to Cut Your Debts

Business Debt Negotiation Principles

Come with a plan for repaying some, if not all, business debt that you owe
Answer your emails and phone when a creditor wants to talk about your business debt.
Lack of communication will make it worse for everyone.
Communicate, communicate, communicate! You should send out a monthly letter to your business debt holders at least monthly telling them the progress of your turnaround.
Offer a reasonable amount in any settlement proposal. Don’t go in at just a few cents on the dollar. The most reasonable starting point is 25 cents on the dollar.
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Don’t be afraid to ask for repayment terms that go out for at least a year. Also, you may be able to get higher credit limits and a two or three year note.
Prepare to spend at least 3 months of your life negotiating your business debt with creditors.
Consider hiring a business debt restructuring firm if you do not have the time to devote to a thorough negotiation effort
Make special efforts to help your strategic suppliers and business partners. “Strategic” means that your business can’t survive without them.
Meet with the taxing authority (such as the IRS) if you haven’t been paying your taxes. While they will not usually take less that you owe them, you will often be able to come up with a reasonable payment plan.
Remember to communicate, communicate, communicate!