Another word for a debt workout – a controlled train wreck!

One must be realistic when entering into a workout negotiation. It is not like any other negotiation you have ever done. First, please keep in mind your position is defenseless. You borrowed the money and now cannot pay it back. You are in breach with no place to go. Worse yet, your collateral is also worth far less then the debt owed and has declined since the loan was established.

The bank has its remedies, and its procedures; we have our strategies. However, if we look closely at what is going to happen, if we are involved early enough, it is possible for us to control the train wreck and keep us and you out of dangerous situations. An orderly presentation of financial information, followed by an Offer in Compromise to settle the personal guaranties; sounds very civilized and in most instances it is.

However also in many  situations, the plan runs amok and danger  mounts up. Workouts follow similar paths, but there are many opportunities for unplanned events, the landlord may shut you out, probably only for a day or a few hours but it could happen. Banks accounts get swept, it can happen even to payroll accounts, despite the fact that they are not supposed to touch payroll accounts. Law suits will be filed, it happens frequently. Foreclosure auctions, seldom if ever occurring but it is possible. Bank finds a purchaser of the assets and want you to sel to their buyer even if not as advantagious to you,  for a higher price, it has happened. The bank uncovers assets the borrower did not disclose, it has happened. The list goes on.

In short, a workout is an organized train wreck, which we force to occur. A controlled wreck, so  despite the best plans, the unexpected can occur. Then we clean it all up…  adjust and move forward. Usually they go smoothly with few problems, but given the issues at hand there is ample opportunity for  the unexpected but possible  to happen. We understand these events and always have a way to contain the issues, reducing them to mere road bumps. But they can happen. Be ready.

The point is, anyone entering into a workout, needs to understand we are playing hard ball. Getting the banks to agree to accept pennies on the dollar is difficult at best. It requires a bit of magic, certainly a lot of skill and experience and are most always successful, despite the way it looks and sounds along the way.

So yes, we are saying jump off the cliff, and trust us we will catch you….. But what other choice do you have? And yes we always catch our clients before they hit ground.

Workouts are foreign, uncomfortable, dangerous, painful, challenging, difficult, procedures, however it is the nly way to survive strangling debt.

It’s upside down thinking and nothing you have ever done can  prepare you. Trusting your workout specialist just like any good emergency ward surgeon. We stop the flow of blood and prevent death; when the patient wakes up he is better, ready to heal and start up again.

Trust us, jump, we will catch you, we always do, we know what we are doing.