The success of a business can be defined using many different metrics. Ultimately, though, none of the others matter if the company’s finances do not add up.
In fact, 82% of businesses failures can be attributed to poor cash flow management. Once a company enters debt, trying to escape may feel like treading water. With the support of a debt relief partner, however, the road back to black may be a lot smoother.
Delancey Street has emerged as one of the most popular choices for businesses in recent years. But are their services actually able to support your company in its bid to escape debt? Let’s find out.
This post is not financial advice and is intended to be informational only.
Who Are Delancey Street?
Delancey Street are a team of business debt settlement experts working exclusively in the B2B arena. With 14 vetted lawyers, the agency has completed over 1,000 cases over the past eight years to settle over $100m of total debt on behalf of its clients.
The company is located on 40th St in New York and represents businesses of varying sizes across New York City and beyond. As a debt relief partner for businesses, it also works with clients across a wide range of industries and sectors.
Its leadership team is comprised of the following people;
- Vinay Metharamani – Chief Executive Officer & Co-Founder
- Steven M. Raiser, Esq. Founding Partner & Chief Legal Officer
- Colton Schnall. Chief Operating Officer & Co-Founder
- Max Soni. Chief Marketing Officer & Founder
- Lauren Staffieri. Senior Director of Operations
As a trusted voice in this field, the company has been featured in Forbes, Newsday, Open Forum, Oracle, and Entrepreneur.
What Does Delancey Street Actually Do?
Delancey Street is a B2B agency that helps businesses reduce their debts, placing a focus on Merchant Cash Advance debts but extending their support to other debt sources.
Its team of prominent attorneys and former debt industry insiders provides smart, strategic debt resolution rooted in industry experience, legal precision, and unwavering transparency. Its real experts focus on real solutions leading to real results.
Delaney Street taps into accurate and relevant insights for business owners. This is combined with evidence-based strategies and real world results delivered for similar businesses to tackle debt relief in an efficient style.
While the agency offers tailored services, their approach focuses on the following steps;
- Consultation – This covers the client’’s debts, contracts, and legal position before identifying leverage points and potential negotiation opportunities.
- Negotiation – Attorneys deal directly with creditors to secure settlements involving debt reductions and more agreeable repayment terms.
- Recovery – This involves creating and implementing the strategy needed to restore stability, which helps the company rebuild.
The goal is typically to have some debts written off while reducing the payments of others through frozen interest payments. For creditors, it’s a better outcome than facing unpaid debt. For businesses, it offers some much-needed respite.
How Does Debt Relief Support Businesses?
Effective debt relief services can support businesses in several key ways. The most telling benefits include, but are not limited to;
- Protect the company’s cash flow by preventing the threat of daily and weekly automated clearing house (ACH) payments from bleeding you dry.
- Save the company thousands of dollars by reducing overall debt payments and putting an end to spiraling interest costs.
- Safeguard the company’s reputation by avoiding downturns caused as a direct result of debt, such as not being able to fulfill orders.
- Immediately lift a weight of stress from the company owner’s shoulders by finally getting its immediate and long-term finances back on the right path.
- Enable the company and its personnel to focus on their tasks rather than worrying about potential enforced closure.
- Allow the company to make clearer forecasts, which will guide future decisions on expansions and other key issues.
Does Delancey Street Get Results?
When choosing a service for yourself or your business, you need to analyze whether they can generate the desired results for you. This is true for injury lawyers, accountants, and any other contracted service. When looking at B2B debt relief partners, the question is whether they’ll actually reduce your business debts.
The headline stats of over 1,000 cases and $100m in debt settlements tells a story. This is further supported by an average rating of 5.0 from over 70 verified reviews on Google. The company has also had several high profiled cases that have regularly resulted in savings of around 50%.
Delancey Street notably promises to reduce Merchant Cash Advance debt cycles by at least 50%, starting from debts of just $1,000. Moreover, their diverse range of clients has included retailers, medical equipment suppliers, and franchise owners.
So, can Delancey Street help businesses reduce their debts? Absolutely.
The Pros Of Choosing Delancey Street
Working with Delaney Street can deliver the following positive outcomes;
- Its lawyers represent companies of varying backgrounds.
- The firm represents clients with small debts and large debts alike.
- Timelines are typically just six months, which is quicker than most.
- They utilize proven processes rather than cookie-cutter solutions.
- The agency handles most of the work, allowing you to focus on the business.
The Cons Of Choosing Delancey Street
Delaney Street partnerships may have some drawbacks, like;
- The process still takes up to 18 months in some cases.
- Debt settlement has an impact on credit profiles and future borrowing.
- Not all creditors will agree to negotiations, so results can vary.
- The service charges do have an impact on your true savings.
- It doesn’t remove debt entirely and you’ll still need to meet the recovery plan terms.
Conclusion – Does Delancey Street Add Up?
Like any financial solution, partnering with a B2B debt relief specialist needs careful consideration. Not least because there are potential credit implications and possible limitations depending on the creditors involved. Still, debt relief can be the key to getting an SME’s finances back on track. In this instance, Delancey Street is a great option.
The company’s experience, expertise, and hands-on approach are ideal for companies. Meanwhile, its proven track record of securing savings on behalf of businesses in relation to MCA debts allows companies to act with confidence.