Ask Steve

Tuesday, December 04 2007 @ 05:56 PM MST

Contributed by: psinewman49


Didja hear the story about the guy (Joe) whose business was faltering to a point where he could no longer pay his bills? Seems Joe had worked hard to build what he thought would really be a winner. Instead, the economy, the weather, his wife's brother, and lotsa things came all at once; he found he just couldn't make ends meet.

He ploughed more money into his business and soon found some relief, and then it all hit the fan. The debt load rose along with the interest rates he was forced to pay on the borrowed money. Even his golf handicap went up.

Soon, some vendors came knocking on his door, wanting money. He made promises, even kept some of them. Then, at his nephew's grade school graduation (it was a hot, late June day, no air conditioning), he overheard two other guys talking about their relationship with a payables management company. One, having arrived late, said to the other, his brother, he was delayed because he waited to hear how good the debt settlement went with their biggest creditor. The latecomer was ecstatic; the settlement was at 34 cents on the dollar.

Thirty-four cents on the dollar! Our Joe would have given his right arm for that deal. The graduation ceremony was boring. Joe sat there, wondering. Dare he ask these guys to share their experience? He would claim honestly, he'd overheard most of what they said. But he'd prefer to listen and learn, and not divulge his real problem. He approached, indicating he had in fact heard, and that he would ask, on behalf of a friend who he knew had a similar problem.

Well, the rest of the story is really interesting; you see, the two guys laid it all out. They had owed over $250,000.00, and after being sued they were approached by a payables management company, offering, on commission, to settle their payables with possible savings of 30 to as much as 80% on the dollar. Our Joe knew this is what he needed, so he asked either of these two for the name of the magician who did this.

They said, he should call me.

Steve Newman, 800/883-5080

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