Talk to your creditors about your situation — FreeImages.com
Speak with creditors
Telling your creditors about the financial situation of your business may be difficult but it will be worthwhile if you do. Ask them if they have any alternate plan that may provide better payment terms and provide some sort of ease for your situation.
If the creditor doesn’t offer one, request a payment plan or a reduced settlement amount. According to expert, Jerry Silberman, let your creditors know that “the less they’re willing to accept or the more they’re willing to reduce your debt, the faster you will pay them.” Make sure you do not default on the repayment plan, he adds.
