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1) Try to buy time. Debt collectors will work with you. 2) Restructure as aresant said. 3) Set up payment plans with the people. Even if you owe $10,000, tell
by bherms 16y ago
1) Try to buy time. Debt collectors will work with you.
2) Restructure as aresant said.
3) Set up payment plans with the people. Even if you owe $10,000, telling them you're broke and sending $50/month until you find more money usually will get them off your back. It shows you're serious about paying and is a good faith sort of thing.
4) If all else fails, remember, it could be worse. Having bad credit sucks, but isn't the end of the world. Protect it if you can, but your life isn't over if your credit gets screwed. Trust me on this one.
- dangrossman 16y agoIt's not about credit. Any time a merchant account is closed for cause, such as having too high a chargeback rate, the underwriting bank has a contractual obligation to place the merchant in the TMF (Terminated Merchant File) and MATCH list. Both the company AND the names/SSNs of the principals of the company are listed. This is intended to protect other banks -- so that a company with a history of payment fraud or other problems can't simply go bank to bank as each account is closed. Being on TMF/MATCH can prevent you from opening a merchant account for future business the rest of your life. Very few banks, almost none in the US, will open a merchant account if any of the owners of the company are listed.
- bherms 16y agoAhh, I see, I didn't know about that. Thanks for the info! :)