Thanks for the info sir. This is going to blow up for sure. Nobody knows what's going on. Different story for every loan. I know businesses that haven't paid a dime, no contact at all from anyone. It's a mess.
It’s a complete cluster Fk! I finally got mine from charged off to current after months of phone calls and emails and money paid. I finally found possibly the one person at the SBA that helped me out. It’s pathetic too think us regular business owners have gone through all this. The stress of thinking they could possibly take away my business from these loans was seriously stressful. This should have been forgiven in my opinion. God Bless you all that have to go through this. Thanks for the video
I'm in touch with a reporter from a major US publication who's interested in people's stories about SBA's poor servicing. If the SBA gave you the runaround, please reach out through my website and I'll put you in touch with the reporter.
I worked with my senator. I have it in writing my amount to get current. Working with my lender to get it pulled back. The thing we are still trying to get is the $10k that the Treasury took from me while I was charged off.
I have a reporter from a major US publication who wants to talk to borrowers who have experienced stuff like this. If you're interested in being interviewed, please reach out through my website.
This exactly happened to me. I made the payment in December 23 they asked me to pay then emailed them like I was told. A week later they said I was still past due and when I make a payment it’ll go back to regular servicing. So I made another payment and emailed them. They emailed me back and said I was past due again. I made another payment again (total 1 lump sum payment + 4 regular payments in 3 months. I now called them again and again and emailed them quite a few times and they tell me I need to call the treasury which is not answering calls.
Pretty sure I'm screwed. Borrowed 24k sole proprietor. If I start trying to pay, they'll forgive everyone else... If I don't pay they'll come after me. I will 100% make the wrong decision and come out the loser.
I follow your videos, they are very helpful but still I'm very confused as to what to do. Our loan is over $250,000. I got the letter from the Treasury and now I'm getting emails and voicemails from TSI. The email signature is Collection Specialist/Dept of Treasury/Transworld Systems Inc. I'm afraid to call them back. I can't pay now since the business never recovered and is only making about 1/4 of what it used to make. Is this company calling to help or just collect? Do you know anything about them? Thank you for your time.
Any idea on if it’s gone to treasury if you are getting phone calls to make current or apply for hardship accommodation by a certain date……but then on the portal it says charged off (once I finally was able to log back in as they had deactivated my account). How can it be charged off and still getting SBA calls to make loan current or apply for hardship plan?? So confused and frustrated. Thank you!!
There is some unknowns at this point, but without knowing any details about your situation it's hard to give you any useful information. Feel free to schedule some time if that's of interest to you: www.jasontees.com/services/
We had to close our restaurant over a year ago and all our equipment is in storage costing us $300 a month. Will the SBA accept the equipment as part of the payoff of the loan or should we just sell the equipment out right. I know it is supposed to be collateral if we can’t pay the loan back. Not sure what to do.
You can probably still access it via the portal. A few people have told me you can even still make payments despite the fact it was referred to Treasury (although personally I wouldn't). It might just be a matter of time until the treasury has your loan on file.
This is not anything official. I'm just simply stating that If it were me, I would want there to be a paper trail. In other words don't just take their word for it over the phone because they could deny what they told you at a later date.
i have paid all my interest, and it's just going to get started on principle and if I can send in a final payment on the grand total at some point, is it safe to say that's it? paid in full status and off my back? It goes through electronic bank payments, and I assume it should show paid in full status once paid. Also, I paid my interest first, and I assume now the payments go directly to the principle?
Does treasury pull Money out of your bank account or is it only if you’re working and they can take money out of your checks? I have a 99k loan that’s gone to the treasury and I’m currently not working. I have dissolved my llc and informed them I can not pay it back
Not necessarily....loans without personal guarantees are a different situation. Feel free to schedule some time and I can explain: www.jasontees.com/services/
Thanks for the info sir. This is going to blow up for sure. Nobody knows what's going on. Different story for every loan. I know businesses that haven't paid a dime, no contact at all from anyone. It's a mess.
It's definitely a big ole mess
This is horrifying to hear! Talk about the government causing so much anxiety because of incompetence and negligence
It's truly upsetting to hear for sure.
Wow this is so shocking! Thank you for the valuable information!!!
You are so welcome
This is exactly what happened and is still happening to me. Almost verbatim. Have no options and scrapped the money to bring current as advised
Sorry to hear this. It's truly unacceptable that SBA has no idea what their own protocols are.
It’s a complete cluster Fk! I finally got mine from charged off to current after months of phone calls and emails and money paid. I finally found possibly the one person at the SBA that helped me out. It’s pathetic too think us regular business owners have gone through all this. The stress of thinking they could possibly take away my business from these loans was seriously stressful. This should have been forgiven in my opinion. God Bless you all that have to go through this. Thanks for the video
I'm in touch with a reporter from a major US publication who's interested in people's stories about SBA's poor servicing. If the SBA gave you the runaround, please reach out through my website and I'll put you in touch with the reporter.
I worked with my senator. I have it in writing my amount to get current. Working with my lender to get it pulled back. The thing we are still trying to get is the $10k that the Treasury took from me while I was charged off.
I have a reporter from a major US publication who wants to talk to borrowers who have experienced stuff like this. If you're interested in being interviewed, please reach out through my website.
This exactly happened to me. I made the payment in December 23 they asked me to pay then emailed them like I was told. A week later they said I was still past due and when I make a payment it’ll go back to regular servicing. So I made another payment and emailed them. They emailed me back and said I was past due again. I made another payment again (total 1 lump sum payment + 4 regular payments in 3 months. I now called them again and again and emailed them quite a few times and they tell me I need to call the treasury which is not answering calls.
Pretty sure I'm screwed. Borrowed 24k sole proprietor.
If I start trying to pay, they'll forgive everyone else... If I don't pay they'll come after me. I will 100% make the wrong decision and come out the loser.
If you can afford it, I'd say it's worth paying. Don't forget, there are hardship accommodations too.
I follow your videos, they are very helpful but still I'm very confused as to what to do. Our loan is over $250,000. I got the letter from the Treasury and now I'm getting emails and voicemails from TSI. The email signature is Collection Specialist/Dept of Treasury/Transworld Systems Inc. I'm afraid to call them back. I can't pay now since the business never recovered and is only making about 1/4 of what it used to make. Is this company calling to help or just collect? Do you know anything about them?
Thank you for your time.
I offer 30 minute EIDL advisory sessions:
www.jasontees.com/services/
You've to pay actual monthly payment to be a current, and after that, Someone can request for hardship accommodation
Correct. But not after it's already been referred to Treasury
Any idea on if it’s gone to treasury if you are getting phone calls to make current or apply for hardship accommodation by a certain date……but then on the portal it says charged off (once I finally was able to log back in as they had deactivated my account). How can it be charged off and still getting SBA calls to make loan current or apply for hardship plan?? So confused and frustrated. Thank you!!
There is some unknowns at this point, but without knowing any details about your situation it's hard to give you any useful information. Feel free to schedule some time if that's of interest to you:
www.jasontees.com/services/
We had to close our restaurant over a year ago and all our equipment is in storage costing us $300 a month. Will the SBA accept the equipment as part of the payoff of the loan or should we just sell the equipment out right. I know it is supposed to be collateral if we can’t pay the loan back. Not sure what to do.
Feel free to schedule a case evaluation. I'd be happy to discuss your options and what to expect. Schedule it here: www.jasontees.com/services/
Are we able to access it online if it's at US Treasury? It's not at SBA and last time I called treasury they had no record.
You can probably still access it via the portal. A few people have told me you can even still make payments despite the fact it was referred to Treasury (although personally I wouldn't). It might just be a matter of time until the treasury has your loan on file.
Does anyone see where on your loan doc. that when in default/ charge off it will be sent to Treasury and a 30% change will be added ?
thanks. What do you do when you know it’s gone to Treasury?
I did 30 case evaluations this week, and the majority covered this very question. Feel free to schedule some time here: www.jasontees.com/services/
When you say writing does email work? Or do they need to mail you a letter
This is not anything official. I'm just simply stating that If it were me, I would want there to be a paper trail. In other words don't just take their word for it over the phone because they could deny what they told you at a later date.
i have paid all my interest, and it's just going to get started on principle and if I can send in a final payment on the grand total at some point, is it safe to say that's it? paid in full status and off my back? It goes through electronic bank payments, and I assume it should show paid in full status once paid. Also, I paid my interest first, and I assume now the payments go directly to the principle?
My apologies, I'm not really sure what you're asking
Does treasury pull
Money out of your bank account or is it only if you’re working and they can take money out of your checks? I have a 99k loan that’s gone to the treasury and I’m currently not working. I have dissolved my llc and informed them I can not pay it back
Wage garnishment is possible. They can't pull cash from your bank.
Any news for people that went to treasury over 250k?
Not that I'm aware of.
does all of this info apply to under 100k also ?
Not necessarily....loans without personal guarantees are a different situation. Feel free to schedule some time and I can explain: www.jasontees.com/services/
Can you help people get SBA Loans
Unfortunately not
What about bankruptcy?
Certainly an option in some cases.
Yep
Pay the 10k you promised sba then we talk liars
Same happened to me!