Tags: Deal Gone Bad

3 Things To Do When Your Deal Is Threatening To Go Bad

“Is she ever going to pay me back?” When a friend doesn’t pay you back, it’s annoying. When a borrower is struggling financially and can’t pay back a loan, it’s an entirely different matter. Can the deal really be restructured into terms all parties can live with? Here are 3 things to do when your financial deal is threatening to go bad.

First, contact an attorney. She can help you determine whether the deal can be restructured outside of the courtroom.

Second, identify the priorities and positions of other involved creditors because you must negotiate with them as well as the borrower.

Third, be realistic. If you want the restructuring to be successful, you will need to make compromises, such as forgiving interest or allowing the borrower to pay back the loan over a longer period of time.

When a borrower can’t pay you back, it’s a serious matter. Talk to an attorney today to see if the deal can be restructured in a mutually beneficial way.

CONTACT US

Subscribe Our Blog

DISCLAIMER: The information in this blog post (“post”) is provided for general informational purposes only, and may not reflect the current law in your jurisdiction. By visiting this website, blog, or post you understand that there is no attorney client relationship between you and the Goosmann Law Firm attorneys and website publisher. No information contained in this post should be construed as legal advice from Goosmann Law Firm, PLC, or the individual author, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through, this Post without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from a lawyer licensed in the recipient’s state, country or other appropriate licensing jurisdiction.