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  1. #1
    Join Date
    Feb 2006
    Location
    NC
    Posts
    2

    Default Vendor repayment

    I'm a sole proprietor of a small business. I recently got more than 90 days behind on a total of about $20,000. Monthly business with this company averaged anywhere from $3,000 to $10,000 a month. When I could only make a $5,000 payment on the 90 day amount ($8,000 was due), the company cut off my account. I've been in contact with their accounts recievable department to make payment arraingements, but they are making it hard for me to meet their demands.

    I offered to continue doing business with them on a cash basis and pay them a monthly payment of $1000 - $2000 a month until the debt was clear, but they are demanding more. They have demanded that I pay the amount of $10,000 and then they will start accepting a $1000 a month payment.

    What are my options here? Do I need to go beg, borrow or steal to make this lump sum payment of $10,000?

    Thanks for all the help!

    Clueless

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Bad Debt

    What are they saying they will do if you don't pay on their terms?

  3. #3
    Join Date
    Feb 2006
    Location
    NC
    Posts
    2

    Default Re: Bad Debt

    Quote Quoting Mr. Knowitall
    What are they saying they will do if you don't pay on their terms?

    Thanks for the quick reply!

    They didn't mention this yesterday when I last spoke with them, but they did say last week they would take out a judgement against me. I'm trying my absolute best to repay this debt, but $10,000 is something I don't have right now and doubt I could borrow it from the bank.

    Thanks again!

  4. #4
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Lawsuit

    They can sue you over the debt, which would normally result in their getting a judgment if they prove the debt. If that happens, you may be able to convince the court to permit installment payments toward the judgment balance.

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