Bankruptcy is not my option.
I have zero cash right now due to business failure and what's the best alternatives to repay this awesome loan?
Repayment period has yet decided with the bank.
Any advisements will be helpful and appreciated.
2007-03-02 03:24:38 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I'm not sure why bankruptcy isn't an option for you. If you have no ability to pay a loan, I truly don't see where you have too many options. It's not like someone else is going to lend you the money to pay back your bank loan.
Anyway, at this point, you'll need to start liquidating any assets that you have. If there are any salable assets left in your business, sell them and put the money aside until you get the repayment schedule from your bank. Also, you need to go get a job ASAP. Once you establish that you have some sort of income stream, the bank will be better able to set up terms with you.
Good luck!
2007-03-02 03:29:57 · answer #1 · answered by SuzeY 5 · 1⤊ 0⤋
I'm confused where there is no firm repayment terms. When you borrowed from the bank, you should have signed something that spelled out the terms of repayment. You are bound by those terms.
OK, but that's not your question.
You should contact the bank (i.e., make an appointment to talk to an officer) and let them know that you are currently unable to repay the loan. Ask what arrangements can be made.
They want their money, so they'd rather give you extra time to pay than take more drastic measures like having your thrown in jail.
However, they don't have to act rationally and can demand payment according to the original terms. (I still don't understand why any bank would have set the terms of repayment). If they won't work with you, then bankruptcy may be your only option if you cannot get someone else to give you the money.
Was this a secured loan? Collateral? They'll take it, if you don't pay.
2007-03-02 11:31:41 · answer #2 · answered by Jay 7 · 1⤊ 0⤋
File a petition that YOU are the father of Anna Nicole Smith's baby.
You should be able to get enough fees from interviews to cover the debt.
Or, in the alternative:
Tell the bank you are really really really a good person, and you really really really want to pay this back, and that you can pay them $50 a month to start. The bank will have sympathy on you and let you pay it back, and they will probably only make yuo pay $25 a month, because you really can't afford it and all.
Start a new business.
How did you get a $1M loan from the bank in the first place?
2007-03-02 11:35:21 · answer #3 · answered by Anonymous · 1⤊ 0⤋
Without knowing to whom you own this huge sum, I say that people I know who have racked up that kind of bill with a hospital because of a cataclysmic illness, have made a settlement of a certain amount per month for life. Say $200 just as an example. This would be based on your ability to pay and may change as your financial situation increases or decreases.
2007-03-02 11:34:51 · answer #4 · answered by sweet1also 2 · 0⤊ 0⤋
Since i don't know your skills etc, my advice is very broad.
why don't you try developing web sites? The start up costs are so low, any revenue can go towards developing more sites and paying back the loan.
If you want to talk about this further then go to:
www.creamofkarachi.com and speak to moh
2007-03-02 11:31:49 · answer #5 · answered by Night_nurse 2 · 0⤊ 0⤋
win the lotto
2007-03-02 11:28:20 · answer #6 · answered by Dr Universe 7 · 0⤊ 0⤋
get a job!!
2007-03-02 11:28:18 · answer #7 · answered by tire chick 4 · 0⤊ 0⤋