Then we'll work with you to create a workable budget – something you can live with, but one that will help you make significant progress toward your goal of being debt-free.
As a non-profit agency committed to helping consumers who have credit problems and too much debt, we offer free counseling and affordable debt relief programs designed to pay off debts within five years in most cases.
Some investors refuse to use them, while others love them as a quick way of getting a company the capital it needs.
Convertible notes are sometimes viewed as a “best of both worlds” compromise from both a company perspective as well as from an investor’s perspective: on the one hand, a note is a loan, so the investor enjoys more downside protection than would an equity holder in the event the company is forced to wind up or dissolve for whatever reason; on the other hand, if the company eventually raises money by selling shares to later investors in a typical early stage financing round, then rather than pay back the outstanding amount in cash, the principal and interest are “converted” into shares of stock in the company (usually at some sort of discount off the price offered to new investors – I’ll discuss that below).
Before consolidating, you should note that some lenders may charge exit fees or early redemption charges if you repay ahead of schedule.
That's because they'll lose a chunk of the interest you would have paid if you'd stuck to the original terms.