Do you have a list of the top 2 or 3 most reputable (and successful) MCA settlement companies? There are many out there, and some of them don’t seem to have enough experience to make me comfortable.
That’s a good question but it’s a bit like asking how long a piece of string is. There are so many variables that go into dealing with business debts and then negotiating a settlement.
It would be wrong to assume that the approach to dealing with business debt is the same as dealing with unsecured consumer debt. Simply defaulting and then hoping a better settlement is ahead is a leap of faith and if the Merchant Cash Advance (MCA) settlement company you have selected is just expanding their consumer unsecured debt business, then they may lack the experience.
Ultimately the best company is going to be one that has a successful track record with the specific lender in question. If you have multiple lenders then it might not be the same business settlement company for all.
It would be impossible for me to give you a list of three business debt settlement companies because there is no public information regarding company performance. What I have seen is a tremendous difference between companies. Some approach it as the common default and negotiate approach while others have complex predictive computer modeling based on past results and optimum time to enter into discussions while avoiding legal complications.
Finding the right company for your needs is going to require active communication and inquiry on your part. I would ask the company what their track record is with your particular creditor and how they approach dealing with the creditor. If they tell you they want you to default and then they will send the creditor a letter letting them know they are representing you, they are probably not the right company for you.
Some of these MCA companies are not playing around. They’ve sued both debt settlement companies and the client. I’ve written about those suits before.
But this guest post “What to Do When You Can’t Afford to Pay Your Business Debt” contains some very good points to consider when selecting the right company for you.