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Why you need a lawyer for your MCA dispute

On Behalf of | May 16, 2024 | Merchant Cash Advances

If you’re a small business owner in New York City and you’re entangled in the clutches of a Merchant Cash Advance (MCA) that’s draining your finances, it’s time to call in the big guns. You need a lawyer, and here’s why.

Debt settlement companies often promise what they cannot deliver

You might have been tempted by ads from debt settlement companies promising easy relief from your MCA woes. The truth is, these outfits are not your saviors. They’re not lawyers, and they’re not equipped to go toe-to-toe with the heavyweight legal teams that MCA funders have at their beck and call. Many unscrupulous debt settlement agencies promise to negotiate a deal for you and then do little or nothing about your case. You’re throwing your hard-earned cash into a black hole, and when you come to your senses, it’s your business on the line, not theirs. Your debt remains unsettled, your wallet is lighter, and you’re left holding the bag.

The truth is, these debt settlement companies are playing a dangerous game with your livelihood. They’re not legally permitted to give legal advice, yet they masquerade as your champions. They’re out of their depth and dragging you down with them. They leave you uninformed about the tax hellfire that can rain down from the IRS on forgiven debt. Because they do not owe you the same duty of care that an attorney does, they may advise you to do things like stop making payments or switch to a different financial institution — “tactics” that can be a breach of your MCA contract and lead to a lawsuit from the MCA company.

Lawyers bring the firepower you need

Only a qualified attorney who understands the relevant law and civil law proceedings can effectively fight for your interests. They speak the language of the courts and the nuances of an MCA loan, and they can stand their ground against the funder’s legal counsel. When it’s your life’s work on the line, do you want an amateur or a seasoned warrior? The answer is clear.

Fight back with a legal titan

If you’re tired of being the prey in this MCA hunt, it’s time to turn the tables. Reach out to a seasoned attorney today to learn more about your options for dealing with a destructive MCA.