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I have a couple of merchant cash advances that I am having…

I have a couple...

I have a couple of merchant cash advances that I am having trouble paying if the lender moves forward with collections, what are my options, I did not sign a coj and this advances do not have collateral tied to them?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

I am in Tennesee The lender is in Connecticut

Lawyer's Assistant: What steps have you taken so far?

Nothing as of yet just trying to get this paid but that is very hard to do

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No just the basics

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Answered in 7 minutes by:
5/16/2018
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,207
Experience: Licensed to practice before state and federal court
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Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today. Because I want to provide you with the most accurate answer possible, do you mind if I take a moment to review your question?

Please keep in mind that our conversation does not include an attorney-client relationship and this is for general information purposes only.

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Customer reply replied 3 months ago
Ok thank you I understand

Thanks for your patience. I'm sorry to hear about your situation. If they decide t move forward with collections, it is probable they will hire an outside collections agency to help. Your credit report will reflect this as well. They could also decide to sue, but not every company does that.

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Sometimes, just settling the debt is the easiest thing to do. It doesn't always appear as if it's the easiest thing to do, but every single day lawyers across the country are explaining to their clients that if they just work on settling their debts in a way that makes sense for them and they are going to be in a better position in the long-term. In my experience, creditors will usually settle balances between 50-65% of the total balance. To facilitate your situation, there’s a site that I’ve used in the past where you can find a good template for debt settlement (click here). It's a bit easier (and cheaper) than going through litigation and I have seen it be effective in the past. If you send this letter and they do not respond, then try sending it again to remind them that settling is really what resolving disputes is all about.

Because I value your input, I would like to know whether you have any other questions for me today that I could help you with?

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Customer reply replied 3 months ago
Thank you for the answer that really makes sense, my concern is that can the Merchant Cash advance company try to seize assets to pay the debt this was an non collateral loan?
Customer reply replied 3 months ago
or not a loan an advance

I see what you mean. So, if this was a non-collateral advance, then they can't seize any assets because the loan wasn't backed up by anything. In the worst case scenario, they could sue, win, and if you don't pay, get a lien on some of your property, but they can't "seize" anything at all.

Did you have any other questions for me today? If not, were you satisfied with my service today:-)?

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Customer reply replied 3 months ago
Ok actually I have one more, so they can not seize any assets, there is two entities here the one with the advance is an LLC. the one that owns the property is an Incorporation, so they can only sue the legal entity that is named on the contract correct?
Customer reply replied 3 months ago
I did sign a personal guarantee, so if they do sue and win they can come after my personal assets correct?

That's correct. So, they can only go after anyone that guaranteed payment. So, if it is your LLC and with you as a personal guarantor, they could get a lien (potentially) on your personal assets if couldn't settle the case, if they sued, if they won, and you didn't pay, and the court granted them the lien.

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Customer reply replied 3 months ago
if they sue, I imagine I could counter sue for specific reasons and I guess have a court battle that could drag on for a long time correct?

Yes. Usually, cases like this would take at least a year before it even got to trial, and that's if there are no continuances or delays.

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Customer reply replied 3 months ago
That is kind of what I thought, Final question, The plantiff can only sue the company named on the contracts and the person named as the personal guarantor correct?

That's correct. No one else would be liable.

Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 14,207
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Customer reply replied 3 months ago
That was my biggest concern I really appreciate your help and I really like this service. I will give you a great rating.
Thank you

You're too kind. Thank you!

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