Recently, someone called in my office and expressed interest in offering a contract to my firm for negotiating an SBA Loan settlement. We were half way in the conversation when the prospective client voiced apprehension that although our proposal sounds great but from an attorney’s point of view our services are just a scam. Honestly, that was disgusting to hear!
I did not back up either and gave my best shot in explaining that the SBA does have a prescribed settlement process, and we even sent the to-be client a copy of SBA OIC form. We suggested that the client’s attorney was not aware of the SBA process, and therefore, he was not having the updated information on the clauses of debt settlement.
Having said that I do not blame the client for expressing apprehensions because there are black sheeps out there who fake as expert SBA advisors only to befool the clients. If you ever need the assistance of professional SBA consultant, it becomes your responsibility to check their legitimacy. These useful tips may help you in the process.
- First, you need to determine whether you have to make the majority of the payment before you come to know whether the settlement was successful or not.
- Do you find that the solution in the offering is bit offbeat? Many times, we have come across clients who were advised to sell their business to an associate, as it will make them eligible for a settlement. Later on, the business could be brought back once the settlement has been completed. Another client was told by the advisor to keep the company running by forming a new corporation.
- You should not undermine the potential of the internet. Check the company and people behind it on the Internet. You can learn plenty about them just by typing the words scam or fraud after the names.
- If you find that the claims that being made are too good for a realistic proposition, then you need to become alert. Never deter to mark those advisors as red flags who make false claims of guaranteeing a debt settlement or proclaim a 100 percent success rate.
- Are they using a pressurizing tactic and compelling you to sign up by playing with your fear psychosis. Such advisors care least about the client’s interest, and they are more interested in earning quick bucks from you even before you have the time to think.
It is unfortunate that there are fraudsters out there in the market who are on the prowl to deceive you. However, deceptions are not limited to the SBA market only. It will be wrong to tarnish the image of the whole industry due to the presence of some handful of crooked players. Even the noblest of professions like lawyers, doctors, police, and teachers have illicit professionals. So, why corner out SBA alone? However, it is not an excuse to cover up the fact that people have to keep their fingers crossed in fear of losing their limited financial reserves when they can least afford it.
Manoar Molla is pro blogger who is passionate to write anything that is related to business and marketing. He has written and published many articles on different blog.