I still have a business line of credit open from my business I closed 4 years ago. And owe 7,500 on the line of credit. What is the best way to resolve this. At the current time I cannot pay the full amount off. What should I DO! THANKS.
We will try to get you some tips and advice on the options available to you (there are four primary options) and what you should consider.
The quick answer is that there are options for business debts and for lines of credit. Which one you choose will depend on what your priorities are, so I will try to cover all of your options and let you decide the best course of action for your situation, but I can tell you that it might be a good idea to sit down and evaluate debt consolidation options that do not necessitate a loan.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.