Frequently Asked Questions Will my company qualify for Debt Restructuring and Resolution? What type of debts can you handle for me? How much does it cost to resolve my debts? How will this effect my credit? Will I be able to afford the payments? How long will it take to complete this program Will other expenses be incurred later? Why should I use your company? Q: Will my company qualify for Debt Restructuring? A: The executive team at Corporate Renewal, some who were in your exact situation as a business owner, will meet to discuss your specific situation. If we believe, through our skill, expertise, knowledge and experience we can truly make a difference in your business situation, we will accept you as a client. The process of turning around a business requires a lot of extra work and a sincere intense commitment to succeed…we expect nothing less from our clients. Once you are accepted as a client, one of our experienced debt analysts will spend time with you analyzing the type of debt you owe and formulating an effective and realistic PLAN that will be both affordable and realistic. While Business Debt Restructuring is not for every business, for many business owners it is a great fit. If you find yourself past due and overwhelmed on many of your invoices, credit card debts or bank loans and are looking to avoid bankruptcy, Debt restructuring may be the perfect solution. If we  feel your situation does not meet our criteria and we are not able to assist you in a transformative way, we will tell you and hopefully provide you with additional options. back to top Q: What type of debts can you handle for me? A. We can service most types of business debts.  This includes (but is not limited to) debts owed to credit card companies, collection agencies and collection law firms as well as debts due to your business suppliers, contractors, advertisers and vendors.  If you have debts owed to other sources, please speak with your Debt Analyst to see if we are able to assist you with that debt.  We will always do back to top Q: How much does it cost to resolve my debts? A: Every situation is unique and different, however, you should know that we always strive to resolve your debt for less than what you owe or alternatively, stretch out our debt through reduced payments over a longer period of time…whichever may be appropriate for the circumstances. This is why you have retained us. We are professionals and have years of experience in reducing or settling your debt…and of course, our clients always retain the final authority to settle a case.  In fact, apart from the fact that it is our passion to resolve debt for the lowest amount possible,  we have an incentive to do so. Our fee structure is based on how much we save you, so the more we save the more we earn. Many clients find that the mere fact that we deal with your creditors directly (allowing them and you to focus on your business without bothersome distractions) is an invaluable service for which you are not separately charged. It’s really simple, Our guarantee is you will NEVER pay more than how much you owe including our service fees. (see agreement for details)  And if you qualify for our Fast Track Settlement Service, if we can’t reduce your debt or if we can’t favorably restructure your debt, then you owe us nothing. Simply put, we must perform in order to be paid. Our Success depends on your success! back to top Q: How will this effect my credit? A: Any restructuring of debt brings with it the danger of negatively impacting your business credit. In that many business owners personally guarantee most business debt, even your personal credit may be effected depending on the type of accounts you owe and how you run your business. (As a Corporation, Sole Proprietor, Partnership). How debt restructuring will affect credit depends on many factors.  We make every effort to MINIMIZE the negative impact on credit when Restructuring business debt.  The ultimate goal is to get your business out of debt by settling non-vital accounts, and to make your vital short and long term debt manageable…our goal in short is to work our way out of your business. back to top Q: Will I be able to afford the payments? A:  All of our clients tell us what they can afford and we build a plan around our client’s affordability, not what the creditor’s demands are. You (with our expertise and guidance) are in charge of the process and that is the advantage of working with Corporate Renewal. We know and understand the tolerance level of your creditors and we advise you throughout the process…we become the creditors link to payment. So you maintain complete control and our capacity is as involved or as limited as you prefer. back to top Q: How long will it take to complete this program? A:Obviously, it is in all our best interest to resolve your payables as soon as possible. However, we usually are guided by numerous factors like the business climate, the business’ ability to afford the payments, the mix of the business’ debt such as credit card debt vs. vendor and supplier accounts, and the critical nature of certain vendors you may owe, etc. Our goal is to resolve accounts within 24 to 36 months when possible, and rarely over 48 months back to top Q: Will other expenses be incurred later? A:  Usually NO unless you decide that you would like ancillary services. We do not like surprises except on our birthday so there is usually nothing additional due except for our fees that are explained in detail upon the initiation of our services and in the Agreement that you signed. These ancillary services may include, but are not limited to, attorney service, accountants services, loan placement services, business wind down services. These ala carte services are all in house and the client business will be billed separately by the providers. back to top Q: Why should I use your company? A: You should use Corporate Renewal for 3 reasons: 1. EXPERIENCE:  Our team of professionals has more than 20 years experience in the world of debt, debt resolution and debt restructuring. We know and understand the emotional drain and stress that is associated with debt and we become deeply involved in the resolution of these issues. We  pledge our best efforts to assist your business by improving cash management and resolving the business’ problem debt. 2. TALENT: We are very proud of the fact that we have absolutely, positively the best staff in the Debt Restructuring Business. We have a passion for, you the client, and working with you during this stressful time to see your business through to a debt free reality. From our in house attorneys, our debt negotiators, our forensic accountant, our array of traditional and non-traditional lenders…all our resources are committed to you, the client. 3. Our performance COMMITMENT to you, You will never If we fail to perform, you owe us nothing. (for qualified clients) back to top