The word around town is that there are hundreds of lawyers and insolvency experts just waiting for the government to allow recovery action to be taken in respect of bank debt problems.
What has Covid 19 done to your business loan-servicing ability? The motto “Be Prepared” is more relevant today than ever. When patting a lion it is important not to make it angry. Seek the good solutions and never give up hope!
If a loan problem needs fixing it needs fixing fast. You don’t want to start on that when the bank has appointed an insolvency expert, or receiver or served you with a foreclosure notice.
It is too late then!!
Warning signals
When the bank first signals that it is unhappy with your loan situation, that is the time to start building goodwill with the bank and fixing the situation. Business debt mediation, sometimes called SME debt mediation, is available, but before you go to mediation you need a skilled negotiator on your side. There are SME debt mediation services that can be used.
Banks used skilled lawyers and negotiators to win at mediation. You need an equally good team on your side of the table. The fundamental rule is “Do not trust any bank until they have given you a really good reason for trusting them”.
GBAC has the where-with-all to win
Nobody else in Australia has the strategies and techniques that we have developed over the past 30 years of negotiations. We know exactly what it is like to be under bank pressure as we have run businesses with bank loans ourselves as well as helped hundreds of borrowers cope with theirs.
As soon as banks were deregulated in 1987, Greg Bloomfield converted the GBAC Chartered Accountancy firm into a specialized Bank Debt Negotiator. Since then we have saved our clients millions of dollars through debt write offs of up to 100% and saved their business assets and homes. Borrowers need loan help when they are looking to borrow. They need debt help when things go wrong with the loan. GBAC provides both. See what clients have said.
Identifying the problems and solutions
Bank debt problems usually require more than just a “ restructure”, but sometimes that does the job by changing loan terms or refinance.
Since we started the Bank Debt Negotiator industry in 1987 many self-styled “experts” have jumped on the band wagon with little experience and few or no qualifications. GBAC comprises qualified and experienced accountants with experience at running their own unrelated businesses.
AFCA
It is important to know that AFCA is not an Australian Government body. It is a body owned by and comprised of banks the finance industry. We work for you whereas AFCA is owned and funded by the banks.