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These independent debt advisors,

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and they have all different types of names.

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I'm a debt advisor, I'm a debt consultant,

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I'm a debt This, I'm a debt dad.

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I'm a, I'm a, I'm a person that helps you is

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that they call small business owners up

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and they say, we're gonna help you, uh, settle your debts

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for pennies on the dollar.

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Mm-Hmm. And we have relationships

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with all the funders and the lenders.

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We can take care of this for you.

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Oh, you're paying too much.

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You know, we're gonna take care of this for you.

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The first thing you need to do for this

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to work out is you need to stop paying them all.

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If you want to get their attention

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and you wanna start the process, you need

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to stop paying all these people.

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Terrible, terrible advice. Why?

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Because you may, they may be putting

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that merchant in a breach of contract

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if the debt consultant, advisor, whatever they, they are,

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if they do not understand the terms of the contracts

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that the merchants are in, they may be advising them

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to go into a breach of the agreement,

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which now creates all types

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of unintended consequences the merchant

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may not even realize.

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Yeah. Right. They're all spelled

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out in the contracts, of course.

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But if they're being advised

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to intentionally breach the agreements intentionally

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default, they may now suffer unintended consequences

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and they're not going to get the help that they need.

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Yeah. So when the debt advisor says, first thing you need

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to do, don't pay any of these people, you have

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to stop the payments.

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That's how you, that's how you get notice.

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You have to stop the payments.

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Bad advice do not start as that's not your starting point.

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Yeah. First read your contract

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and find out what it means to even do that.

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Don't listen to Joe Schmo who called you on the phone

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and said he is a debt advisor.

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That person doesn't know.

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It is not an expert on your contract.

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No matter what they say

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or who they claim to work with, don't listen to that person.

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Read the contract and then decide what you want to do.

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And probably consult an attorney.

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If someone says they're a debt settlement expert

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and advisor and consultant.

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Okay, fine. Have an attorney determine if they

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know what they're talking about.

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'cause what's happening is they start off with that,

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Hey, don't pay.

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Right. And they're gonna say, Hey, we're gonna negotiate,

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we're gonna negotiate your debts with these funders

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and lenders on your behalf.

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We'll take it from here. We'll negotiate. Guess what?

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A lot of them don't do anything. Yeah.

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They don't negotiate anything.

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'cause they don't have the relationship that they claim.

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Some of 'em are not even calling the funders

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and lenders that they're claiming to call.

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Yeah. They're not doing anything. Yeah.

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So take that off the table. Right.

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As something that you should really,

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that you think is happening.

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If you're, if you're like a merchant

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and you know, it only, it really only gets worse from there.

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Right. And then if the, if the debt advisor's telling you,

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Hey, going forward you need to deposit all your money

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that you would normally pay

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to these companies in a separate bank

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account that we control.

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No, no. That's also bad. Right.

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If they're saying, send them the payments instead,

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Joe Schmo debt consultant on the phone,

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send me the payments.

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That should be a red flag. Right? Right. Yeah.

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A lot of people fall for it. Yeah. Yeah. Send

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Me the payments. So

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these type of people have been a plague

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because they mislead

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and misguide merchants,

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they put them into a breach of contract.

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They send their money to who they're not supposed to.

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They do all the things they're not supposed to do.

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And how, where do they end up?

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They end up in a bad spot where they're being sued,

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they're being pursued Right by the funding companies

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that they thought they were working something out with.