Tell him to talk directly to the lenders & creditors - and tell everyone the same story with how much that he owes everyone and when he thinks that he can make full or partial payment. The worst thing that he can do is avoid talking directly to them. Some individuals will work with him and some will say "NO". For the individual that says "NO", go over his head to someone higher up.
When someone was late with a payment I would go talk to them and find out their total financial status. Then it would be my call to recommend to the credit manager that the company continue until the borrower could make payment - or recommend re-possession, or take legal action. If the company waited, there would be a "late payment penalty charge".
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Today's Featured Article - Tuning-Up Your Tractor: Secondary Ignition Wires and Distributor - by Curtis Von Fange. In our last episode we spent the entire day checking out the spark plugs. Is that efficency? Actually, it took more time to explain than it really did to do the inspection. At any rate we decided that a compression test was in order so we could verify the internal engine status. That way we wouldn't buy any tune up parts until we were sure that the engine was in reasonable mechanical condition. Our tests showed a fictional compression reading of 85, 80, 82 and 86 psi. That is well within a
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