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Commercial Debt Counseling is Debt Settlement in Disguise
By David Pilley on April 8, 2011

running-(1).jpgCommercial Debt Counseling is the name of a website I recently looked into for business debt negotiation. The site offers opportunities to learn how to restructure business debts, protect your company’s assets, and avoid bankruptcy while the company focuses on your creditors. The website is a service of CuraDebt, the San Diego-based company that is also a member of TASC, the longest-running association of debt settlement companies.
The number one reason for seeking debt negotiation assistance is because there is simply too much debt to handle. Commercial Debt Counseling offers services to your business if your sales exceed $150,000 a year and you have over $15,000 of debt. The company can help your business avoid bankruptcy by “restructuring your business debts with corporate credit cards, vendors, creditors, suppliers, business lenders, collection agencies, or attorneys.”

The company itself has been around since 1996, and the directors of negotiation have been involved with debt settlement for the past 25 years. The company is a member of the San Diego Chamber of Commerce, and it boasts over $75 million in business debts being restructured. It also states it has experience negotiating debt in a multitude of industries, including advertising agencies, automobile repair shops, dentistry, and even interior decoration.

The website also has a page called “Results,” with sample settlement letters of previous successful negotiations. In one case, the outstanding balance on a business MasterCard from First Bank USA was reduced from $9,994.45 to $1,499.00. Others include business loans and equipment leases with thousands of dollars reduced from the original amounts. There was even a dentist who was $1.2 million in equipment and credit card debt, and the company negotiated the debt down to $375,000. The clients’ information was removed for privacy reasons, and the company states that similar results are not guaranteed. Factors such as age of the debt, recent company purchases, and credit history will determine how high or how low the settlement will be, but again there is no official guaranteed amount for specific circumstances.

With that said, you should tread carefully here or at any other company dealing with business debt negotiation. In a recent article, I noted that CuraDebt did not have a grade with the Better Business Bureau. At the time of this article, CuraDebt has been given a D- because of three consumer complaints that have not been resolved. Just like your debt, BBB grading is not permanent, and I know the company will do what it can to resolve these issues. If you need help, you can look at this website or at some other website. Either way, you should be able to find someone out there who is willing to help you.
Special note: While federal law prohibits debt settlement companies from charging upfront fees to individuals, there is no such protection for businesses.
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