You worked hard to build your business. From the moment you began dreaming about creating a business venture that you could call your own to the day you opened your company’s doors, you worked hard to realize that dream. Unfortunately, as the years of the Covid-19 pandemic taught or reinforced for all Americans, even the most fiscally responsible individuals and business-savvy entrepreneurs can fall on hard times through no fault of their own.
As a result of missteps and/or forces beyond your control, you may currently be struggling with business debts. You may even be concerned about keeping your business operational due to your debt load. Losing everything you’ve worked so hard to build is a terrifying thought. Our firm has extensive experience representing the interests of small business owners who are navigating debt issues, so please understand that we know how stressful these circumstances can be. Also, know that you don’t have to navigate these circumstances alone. We’re here to help.
Debts Owed To Bluevine And Other Business Loan Issuers
Bluevine Inc. – and other companies like it – issue loans and revolving lines of credit to owners of small companies. Like any lender, Bluevine often takes legal action when those who have borrowed from the company fail to make good on their repayment obligations. Bluevine takes action directly, and sometimes it hires collection agencies like Commercial Collections of America LLC to pursue collection actions on its behalf.
Generally, Commercial Collections of America LLC or another collection agency isn’t engaged by Blueline until after a borrower has defaulted on their debt. Most of the time, loans are considered past due if a payment hasn’t been made on an account for up to 90 days after a payment is due. Past this threshold, a loan is considered to be in default. It’s important to understand that business owners can act at virtually any stage of the debt collection process to resolve an outstanding balance and to mitigate the risk that an overdue debt will harm their bottom line.
If Your Debt Is Overdue But Not Yet In Default
If your debt is overdue by only a few months, there is a good chance that our firm will be able to negotiate directly with Bluevine (or another original creditor) to obtain a resolution to your overdue account. Your lender may be willing to modify the terms of your loan, grant you a temporary deferment, or grant you a brief forbearance.
If your account is significantly past due and your lender is willing to negotiate a settlement agreement, we may be able to reduce the amount of money owed substantially. For example, we recently assisted a small business owner who owed over $60,000 to Bluevine. By negotiating directly with the lender, our business debt lawyer team was able to settle that $60,000 debt for $20,000. In allowing us to settle that account on their behalf, the small business owner was able to reduce the amount owed by two-thirds. Understandably, these results provided the business with much-needed relief.
The results of debt settlement negotiations vary, as no lawyer and no lender can guarantee a specific outcome to any given back-and-forth. But, if you entrust your Bluevine debt matter to our firm, you can rest easier knowing that we'll do our utmost to achieve the best results possible under the unique circumstances your company is facing. Virtually all businesses fall on hard times at one point or another. We understand how to navigate this reality to our clients' maximum advantage.
If Your Debt Has Been Referred To A Collection Agency
Frequently, when an account is in default, a lender like Bluevine will pass the account along to a debt collector like Commercial Collections of America LLC. This collection agency notes on its website that it engages in “strong phone contact.” As a result of tactics like these, you can expect that if your account has been referred to a collection agency, you will be called regularly – and possibly multiple times each day – as the company attempts to resolve your debt.
By allowing our firm to represent your company's interests, we will be empowered to field these calls on your behalf. This will save you the stress of having to negotiate with a collection agency on your own. Additionally, it is worth noting that collection agencies are often far more willing to "make a deal" that is truly in a borrower's best interests if an attorney represents that borrower. Why? Collection agencies, understandably, assume that consumer advocacy firms understand a borrower's rights under the law and that most borrowers probably aren't familiar with the nuances of consumer rights law.
By allowing us to negotiate on your behalf, we’ll also be empowered to push for the best deal that a collection agency can offer. We succeeded in securing a 65% debt reduction for one of our clients in recent direct negotiations with Bluevine, and we also understand how to obtain meaningful debt relief for our clients when their accounts have been referred to debt collectors and collection agencies.
Speak With A Compassionate New York Debt Settlement Lawyer Today To Learn More
If your business is experiencing hardship, understand that you don’t need to manage your company’s overdue accounts on your own. Our knowledgeable legal team is here to help. Depending on the circumstances affecting each overdue account, we may be able to secure a loan modification, a forbearance, a deferment, some form of debt relief, or a meaningful debt settlement offer.
Schedule a free consultation with a dedicated and reputable lawyer at our firm to learn more about your rights and options under state and federal debt laws. If you haven't already done so, connect with the Law Office of Simon Goldenberg, PLLC, by calling 888-301-0584 or contacting us online so that we can learn more about your company’s unique needs and circumstances. We look forward to speaking with you.