Need to Workout Defaulted Debt with Your Bank? Stop Believing Your Banker

Enough, your banker is your opponent. He/she is committed to collect all you owe. This is not the person you want to seek advice from, no matter how close you have been and how helpful he has been in the past. He is not the one to get advice on what to do when you are either approaching default or in default. He/she works for the bank, not you. His/her job is to collect not support a workout.

We hear what we would expect to hear:
"You must pay, there is no workout available" -- RIDICULOUS!

"Sell your home" -- NO!

"Withdraw your retirement account and pay us" -- NEVER!

"Borrow from your parents" -- NO!

"Do not pay others, pay us. Give us your accounts receivable collections."

This is self liquidation, be careful! This is appropriate at some point but not usually when the bank suggests it. If you are still operational you can and should apply your accounts receivable in the best interest of you, not the bank.

FAR TOO MANY BORROWERS BELIEVE THEIR BANKER IS GIVING THEM GOOD ADVICE AND FOLLOW IT. It is very unlikely.

You must understand that their advice is not in your best interest once you are in default danger or in default. Get outside assistance. Get experienced consulting from experts who concentrate on bank workouts, as they will know what's right and what works.

Do not do it yourself. Do not listen to those who will give you bad advice. Get help.