How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Phillips Esq. Your Own Question
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Legal
Satisfied Customers: 19285
Experience:  B.A.; M.B.A.; J.D.
16551887
Type Your Legal Question Here...
Phillips Esq. is online now
A new question is answered every 9 seconds

My business is struggling to keep up with an Ondeck Loan.

Customer Question

My business is struggling to keep up with an Ondeck Loan. Actually a day or two away from defaulting (2 missed daily payments). So far they are unwilling to help me restructure the repayments as I am not in default. I have been trying to research what they typically do with defaults and find they File a UCC against the business. I have tried to read exactly what that means and what I can expect, but find the answers vague. Are they able to immediately take inventory, computers, etc after filing the UCC? Or is this just a first step to moving further into collections?
Submitted: 7 months ago.
Category: Legal
Expert:  Phillips Esq. replied 7 months ago.

Hello: This isCustomer Welcome to JustAnswer! I am reviewing your post, and I will post my response very shortly. Thank you for your patience.

Expert:  Phillips Esq. replied 7 months ago.

I am sorry to read about your difficulties.

The UCC should have been filed at the time the loan was given to secure the lender's interest in your property so that at the time of default, the lender can move in to seize the inventory and other secured business property based on the terms of the loan and the UCC filings.