While the global pandemic has claimed many lives all around the world, it has also forced many businesses to shut their doors closed. If you are one of many such businesses, then surely you have been through hell and back. While you closed your business, that has surely incurred financial losses and perhaps debts too. Now, after months, when you are planning to open your business, you need to get a fresh start and without any debts.
So, at Nelson, Cooper and Ortiz LLC, the best collection agency in Houston, we are here to tell you how you can do that. Take a look at the following points to know more.
Take Care of Your Past Debts
Even after closing your business, are you left with some funds in hand? Maybe you have got the payment and as you are not paying any wages, you have money in hand to pay off a past debt. If yes, then do it first. If you have taken material, products and services on credit, then pay them immediately.
Look for Government Capping and Relaxations
Since the beginning of the pandemic situation, state and federal governments have introduced various relaxations and capping for individuals as well as for struggling businesses. If you are in a tight place and need to use all the cash in hand, then look for such relaxations. That way, you can delay the government payments and pay your debts when agents are calling you for commercial debt collection.
While reopening your business, you need to go for downsizing. Right now, owing to the pandemic, you are not in a good place. So, you cannot take the burden of paying all your employees. It might be a difficult decision to make, but a necessary one. Only open with the essential staff.
Go for Settlements
If you are paying your debts to your creditors, then you can negotiate for some discount or cashback. They also need the money. Hence, you might be in luck when you are asking for these incentives. If the debt is huge and your creditor has hired a collection agency Houston, then go for settlement. Pay the debt in installments.
These are the ways you can reopen your business while getting rid of debts. If you are looking for debt collection or need any advice regarding the same, come to us at Nelson, Cooper and Ortiz LLC. We are an experienced firm and equipped with collection agency tools for efficient service. Dial (800)939-7213 now for more details.