Here it is, our non-profit format…

Every day I talk to people with defaulted SBA guaranteed loans and traditional bank secured  and personally guaranteed loans. Usually circumstances beyond their control forced them into failure.  Everything seems lost.

Our mission is to preserve assets and reduce debt.  Few can do this. Few have thirty years of experience in resolving these matters.  Few understand the strategies we have successfully developed over the years.

We accept the responsibility of having unique skills, experience and knowledge and thus we believe we must share it with those who need it and cannot afford our  special business services.

We have thus prepared an affordable basic support package and program for those business owners who have already lost their business and are confronting impossible demands on their personal guaranty. Utilizing the same skilled workout experts in our ‘for profit’ division, we have designed a non-profit business division  providing valuable workout services, affordable for anyone in such a situation.

We’re happy to  introduce this service below:

We welcome feedback of any sort and  anxiously await the opportunity to provide a second chance for our clients, whether it’s a workout and turn around by our ‘for profit’ business division, or help for an individual guarantor in our ‘not for profit’ Debt Relief Services, Inc. division.

Call it public service, call it…we care.

Debt Relief Services Inc.

A non-profit organization, dedicated to providing defaulting SBA  borrowers with a second chance, while encouraging responsible debt management practices.

Eligibility
Eligibility is based on your honest request for sophisticated and experienced debt relief services, as determined after review of your financial statement and circumstances by the management of Debt Relief Services Inc.

We cannot help everyone who asks  for help thus there will, on occasion, be a rejection of your request for help.  We will do our best to provide as much guidance as we can for  as many as we can.

You must have already closed your business and liquidated your business assets. If not completed, call us when this requirement has been completed.

Fees:
Fees are based on a sliding scale and will be discussed  with the applicant  before a determination is made.  We reserve the right to determine what the fee will be on a case by case basis.

What we will do for you:
Using the information you provide us and that provided by outside third party experts (appraisers) -privately arranged at additional cost to the client-we will review your financial circumstances and condition and prepare an  ‘Offer in Compromise’ for you to present to your banker for review and forward it to the SBA for final determination.

In approximately 9-12 months, when the initial Offer is rejected, as it always is, we will review the rejection and recommend a counter proposal.

If rejected again, we will engage in a direct communication with the SBA to ultimately resolve the issue and settle with an accepted Offer in Compromise.

Process:
You’ll need to complete our provided personal financial statement and monthly operating budget.  You will have to arrange an appraisal for your home and additional real estate, if any.  This costs approximately $300.  We’d be happy to discuss the appraisal with your chosen appraiser to make certain we get the type of appraisal we need.

Once we have received and reviewed all of the required information, we will prepare the Offer and return it to you for submission.
We may have to discuss the matter with your banker as frequently they will block progress in filing the Offer with the SBA -and have a bad habit of rejecting it themselves rather then submitting it for approval.  We will work with the bank to support their forwarding the submission to the SBA for final review.

Conclusion:
The final amount accepted, by the Offer in Compromise process can be paid  in monthly installments over a maximum of 2.5 years.  Once paid in full the liens will be released form your home and your personal guaranty will be released as satisfied in full.

What to do to apply: If you need professional help and cannot afford to pay market price for it:

Please call Norman at 413-584-2581 and ask for our application forms.  Fill them out and return them with a brief statement of your history and current situation.  Two paragraphs please.

Norm will get back to you to discuss the program, your eligibility and to determine the fees.