Loan Consolidation is a process by which you take all your existing credit agreements and roll them into one loan.
Do you need a sample debt management company business plan template? Do you want to make money helping businesses consolidate their debts or loans? Then I advice you read on. It is a known fact that the state of the economy has led a lot people into serious debts and it has become a source of embarrassment to many.
Not a few people are neck-deep in debt from outstanding bills and loans such as Business loans, Mortgage, Car loans and Credit card debts. Such debts end up becoming a source of frustration to the owners, who end up running from pillar to post, looking for ways to eliminate or reduce the debts. If you have a good knowledge of financial management, then you can start assisting people who are in a serious financial dilemma by helping them manage their debts and subsequently, eliminating such debts.
Debt management companies debt consolidation business plan their clients to negotiate and get better interest rates from lenders. Debt managers also offer credit counseling and advice to their clients.
What is Business Debt Consolidation and Management?
Business debt consolidation is the act of putting together several business related debts from different lenders, payable under different terms, conditions as well as periods. These debts are paid by taking out a single loan that provides for a simpler and often times, more manageable payment scheme.
A has a real estate mortgage on his principal place of business, an employee car loan, a student loan and few company credit card debts.
All these debts are payable to different lenders under different terms, interest rates and period. In the above mentioned example, it is necessary for an individual to negotiate for better terms as well as accurately collate and compute all the outstanding loans.
This article will discuss how an individual can put up a business debt consolidation enterprise which does not only provide enterprising individuals with an income generating enterprise but is a way to help struggling businesses keep afloat.
Though some debt management companies choose to parade themselves as a not-for-profit business but the truth is that debt management companies make money from charging their clients monthly fees however, such fees are usually small.
It might be a flat rate or a certain percentage of the sum paid to lenders monthly. However, the fact remains that debt management is one of the fastest growing businesses in the world today and to start your own debt management business; these are the steps you have to take: Do your research The first thing to do is research extensively from different sources.
You can go to the public library, the internet or business debt consolidation seminars in order to increase your knowledge base. Always remember that it is best to get information from several sources, that way your knowledge base is wider and less prejudiced.
Ask Questions Listen carefully and take notes if you happen to attend a seminar and do not forget to ask questions. Also, when written materials are given, be sure to read them before and after the seminar. Business debt consolidation knowledge is best reinforced through reading, hearing and writing but one cannot do all three at the same time because he or she might miss out on some very crucial points.
A very important tip is to listen to the speaker, highlight important points and write notes sparingly. Then when you are alone refer to your notes and highlights; and then write down your own guide from your own understanding using the notes and highlights as benchmark.
Acquire Financial Management Knowledge As a debt manager, you would have to be very smart and know how to make smart financial decisions.
In fact, you must be financial savvy and sound. Basic knowledge of Accounting, Book-Keeping, Taxation, and a general knowledge of laws governing borrowing and lending is required.Are you struggling with debt?
We can help! Consumers Alliance Processing Corporation provides free credit counseling sessions for anyone looking for debt relief. Call and talk to our debt specialist for a free quote. The third section of the business plan will further describe the services offered by Debt Consolidation Company, Inc.
The Financing Mr. Doe is seeking to raise $, from as a bank loan. Debt Relief Solutions: Nonprofit Credit Counseling, Debt Management and Debt Consolidation. Helping Millions Become Debt Free Since Debt consolidation is the combination of several unsecured debts—payday loans, credit cards, medical bills—into one monthly bill with the illusion of a lower interest rate, lower monthly payment and simplified debt relief plan.
When you consolidate your debt with SunTrust Bank you can save money on interest, enjoy a flexible loan amount, choose your own pay-back terms, and more. What Is The Best Way to Consolidate Debt? How much money you owe and your available resources dictate the best option for consolidating debt.
If your credit card debt is over $5,, a debt management plan or debt consolidation .