Do you need to lower daily mca merchant cash advance payments immediately? Is your account overdrawn because the mca companies keep debiting the daily payment? What can you do? Apply for one of several options below that do not involve settlements, closing your bank account, being declared in default, nor having a cash advance company file a coj certificate of judgement against you.
How to lower daily mca merchant cash advance payments
Can I get a monthly payment loan to pay these off?
Yes. One of the ways to lower your daily mca merchant cash advance payments is to get an alternative loan to pay off the mca cash advances. By doing so, you will be lowering the payment because your monthly payment on the loan to pay off the mca’s will be much lower than the monthly amount you were paying on the daily cash advances.
Usually, you will be paying 50% to 75% less if you are successful in securing a monthly loan to pay the mca’s off.
What if the cash advance companies do not want to lower the payments?
You may have to push hard to get a concession. If your business had a true hardship, such as a hurricane or another type of hardship, make that known.
If that fails, read the mca merchant cash advance contract in detail.
Make sure you know exactly what can happen if you do not pay. It may be advisable to seek legal advice through an attorney if you know you cannot repay the advances.
If you know in advance your business will not be able to repay the advances, you can use the time in advance to:
– Determine what your options are
– Know what actions you can legally take
I cannot pay my advance. What can I do?
Check your state laws to find out if your state has special protections and laws. Some laws vary by state. Negotiate with the cash advance company either directly final options may include bankruptcy.
Should I get my Attorney to contact the mca merchant cash advance companies?
Whether you should get an Attorney involved in talking with the cash advance companies varies on a case by case basis. In some cases, having your Attorney contact and negotiate with the cash advance companies is a good idea.
If you are offering to work with the merchant cash advance companies and they are not working with you, this may be a good situation in which your attorney contacts them.
Some mca merchant cash advance companies are more willing to work with customers than others.
If you do not feel comfortable negotiating or discussing your past due debt with mca merchant advance companies, this may be another reason to involve an Attorney.