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-Mississippi Merchant Cash Advance Lawyers Can Provide Much Needed Debt Relief
Getting a merchant cash advance often seems like a quick fix for a business struggling to make ends meet. The funds come in fast, but the consequences come even faster. Before ya know it, you’re stuck making massive daily or weekly payments with crazy high interest rates. For many businesses, it becomes practically impossible to get out from under these predatory loans.That’s why having an experienced Mississippi merchant cash advance attorney on your side can be a total game-changer. You don’t wanna try and go toe-to-toe with these sketchy lenders alone. The legal pros at firms like Grant Phillips Law have helped thousands of merchants fight back against shady lending practices. Keep reading to learn how hiring a merchant cash advance lawyer can help save your business in Mississippi.
What Exactly is a Merchant Cash Advance?
A merchant cash advance works way different than a regular business loan. With a normal loan, you’d get a lump sum upfront and pay it back with interest over a set period of time.But with an MCA, you agree to repay the advance through a percentage of your future sales. Basically, the MCA company buys your future credit card receivables at a discount. So instead of fixed loan payments, what you repay fluctuates based on your daily or weekly revenue.The more you sell, the faster you pay back the advance. At first, this flexibility seems like a sweet deal. But in reality, it often leads runaway payments that totally destroy your cash flow. On top of that, MCAs don’t have any of the consumer protections you’d get with a regular business loan.That’s where working with a merchant cash advance attorney can really save the day. These lawyers can help fight back against sketchy industry practices.
Why Merchant Cash Advances Can Be Predatory
Since the MCA industry is mostly unregulated, lenders can engage in all kinds of shady tactics, like:
- Deceptively high interest rates – MCAs don’t technically have interest rates, but the equivalent can exceed 100% APR.
- Misleading sales tactics – Brokers often misrepresent terms or fail to disclose all fees.
- Aggressive collections – MCA companies can debit business accounts whenever they want or totally freeze funds.
- No flexibility – The structure makes it nearly impossible to renegotiate terms if you hit hard times.
- Stacking – Taking out multiple MCAs at once piles on the repayment burden.
- Confusing contracts – Super long and dense contracts filled with legal jargon.
With tricks like these, MCA lenders can easily take advantage of desperate merchants who need cash ASAP. But the good news is there are legal defenses, with an attorney’s help.
-How a Merchant Cash Advance Lawyer Can Help
A qualified Mississippi MCA lawyer can offer a bunch of valuable services, like:
- Review contracts – Identify shady terms or violations that could invalidate the agreement.
- Negotiate settlements – Work with the MCA lender to reduce repayment burden.
- Defend lawsuits – If sued for breach of contract, assert legal defenses.
- Stop collections – Send cease and desist letters for harassment or sketchy collections practices.
- Recover damages – If defrauded, sue for refunds, damages and legal fees.
- Explore bankruptcy – File bankruptcy as a last resort to discharge MCA debt.
The right attorney understands these crazy complex MCA contracts inside and out. They leverage their expertise to aggressively defend the rights of merchants.
Key Questions a Merchant Cash Advance Lawyer Will Ask You
In an initial consultation, your Mississippi MCA lawyer will likely ask questions to understand your sitch, like:
- What’s the total amount you were advanced?
- What are the repayment terms (daily/weekly rate, fixed payments, term length)?
- Did the broker clearly explain all fees, rates and terms?
- Have you taken out advances from multiple companies?
- Have you missed or defaulted on any payments?
- Has the MCA firm taken any collection action against you?
Be prepared to provide any contracts, emails, or records related to the advance. The attorney will review everything closely to build the strongest possible case for ya.
Watch Out for MCA Debt Relief Scams!
With growing awareness of predatory MCAs, sketchy debt relief scams promising to help merchants have popped up left and right.Keep an eye out for shady companies that:
-- Guarantee they can make 100% of your MCA debt vanish
- Charge big upfront fees before doing anything
- Tell you to stop making payments to the MCA lender
- Refuse to put services in a written contract
Steer clear of obvious red flags like these by working with a legit Mississippi MCA lawyer instead. Debt relief scams will only make an already crappy sitch way worse.
Choose a Merchant Cash Advance Attorney Carefully
Not all attorneys have real experience fighting merchant cash advances cases. When picking legal counsel, look for:
- MCA focus – Their practice should mainly focus on MCA cases.
- Good track record – Peep reviews and case results from previous clients.
- No upfront fees – Avoid firms asking for money before doing jack.
- Transparent pricing – They should clearly explain their rates and fees.
Firms like Grant Phillips Law check all those boxes. Their MCA defense lawyers have a killer record helping merchants across the country.
-Common Legal Defenses Against Predatory Merchant Cash Advances
Skilled Mississippi MCA lawyers utilize creative legal defenses to help protect merchants, like arguing:
- Unconscionability – The contract terms are unfairly one-sided.
- Fraudulent inducement – False statements were made to obtain consent.
- Breach of contract – The MCA company violated agreed-upon terms.
- Usury violations – Interest rates exceed state maximums.
- RICO violations – The lender engaged in racketeering activities.
By asserting defenses like these, lawyers can often get favorable settlements or even convince courts to void MCA contracts altogether.
Questions a Mississippi MCA Lawyer Can Answer
Wondering if an MCA lawyer can help with your specific situation? Experienced attorneys can advise on questions like:
- Should I stop making daily/weekly MCA payments?
- What are the risks of defaulting on an MCA contract?
- Is my personal credit at risk if my business defaults?
- Can they really freeze my business bank accounts or credit cards?
- What legal defenses could help my particular case?
- How can I make these crazy repayments more affordable?
- Is declaring bankruptcy a good option?
- What are my chances of getting the contract voided or debt reduced?
Plus, a qualified lawyer can review your MCA agreement with a fine-tooth comb, identify any sketchy provisions, and explain your options clearly.
Don’t Delay – Take Action Now
Dealing with an predatory merchant cash advance can feel totally hopeless. Many merchants assume there’s no way out from under crushing payments and aggressive collections.But there are real solutions available with help from an experienced Mississippi MCA attorney. The sooner you enlist help from legal pros, the better chances you have of defending your rights.Every day you wait allows the MCA lender to siphon more of your hard-earned revenue. And it becomes harder to fight back against adverse legal actions later on.So don’t despair – take control of the situation now. Contact a reputable merchant cash advance lawyer for a free case review. There are always options, even when it seems darkest. An attorney can help you understand all your rights and craft a tailored game plan.With help from legal experts, many merchants have achieved excellent outcomes, like:
- Getting the MCA contract invalidated and voided
- Reducing principal loan balances by 60-70%
- Lowering payments to affordable levels
- Converting payments from daily to monthly
- Stopping collections activities and account freezes
Don’t let predatory lenders keep bleeding your business dry. Fight back and breathe new life into your company! Get a free consult with a skilled Mississippi MCA lawyer today.
IF YOU’RE LOOKING FOR A BUSINESS DEBT SETTLEMENT COMPANY, VISIT DELANCEY STREET. CLICK HERE NOW.