Im asking because my company is so in debt and we are in the process of paying off everything but it will tale 6-9 months. Will they wait or pursure other avenues of collection?
2007-10-31 14:30:00 · 2 answers · asked by GG 7 in Business & Finance ➔ Other - Business & Finance
Everyones business is in financial trouble. Trust me on that one.
Write a letter and tell your vendors the truth. Tell them you are doing everything in your power to avoid bankruptcy, keep your doors open and pay your debts. Outline a repayment program and enclose the first check. If one of my customers is at least trying to pay I will not waste 30-50% of my invoice to turn them over to collections.
Some may be pricks, let them, they would never ship you open account again anyway. Just divy up your total debt and make a little payment to everyone, every month.
Good luck dear, and trust that you are not the only company in trouble right now.
2007-10-31 18:01:59 · answer #1 · answered by Gem 7 · 0⤊ 0⤋
They might, but are more likely to pursue other avenues. It would be a good idea to talk to them and let them know you're having problems but will pay them next year.
2007-10-31 22:20:24 · answer #2 · answered by Judy 7 · 0⤊ 0⤋