When you are looking for ways to stop paying business debt, it can be challenging to decide how to handle vendor debt specifically. Vendors are essential to your business, you depend on your vendors for inventory, and getting behind on your payments puts a strain on your professional relationships.
However, you may feel like you need to default on business debt with vendors because the payments are so high. Vendors typically require payments within 120 days, so if you owe them $100,000 or more, you will need to pay $25,000 per month, or more, to get up-to-date. That may bring your cash flow down to a trickle, making it difficult to pay your employees, and yourself.
At Regroup Partners, the approach we take on how to get out of a business debt with a vendor depends on your situation. We can set up a workout plan, where we work with the vendor to construct a payment plan that satisfies your debt. This allows you to maintain a relationship with the vendor and meet your obligations. We can also negotiate a settlement, which means that the vendor agrees to settle your debt for less than you owe. In the long run, this may help with vendor reconciliation.
At Regroup Partners, the approach we take on how to get out of a business debt with a vendor depends on your situation. We can set up a workout plan, where we work with the vendor to construct a payment plan that satisfies your debt. This allows you to maintain a relationship with the vendor and meet your obligations. We can also negotiate a settlement, which means that the vendor agrees to settle your debt for less than you owe. In the long run, this may help with vendor reconciliation.
We are an attorney-based firm, our process is fluid. We are working on the case from day one. We answer any and all claims that have been filed against your business.
Regroup Partners provides business debt solutions to businesses of all sizes that aid in the mission to ultimately ensure peace of mind to business owners in a time of distress.