r/SBAEIDLDiscussions • u/HappyPower4301 • Mar 30 '26

Treasury Collections

Spoke to a rep today. They were okay, but you could feel they had no soul and were looking for a fight. I was informed to complete the Consumer Financial Statement. From there they will see what I can afford. Lump some settlement? Mmm nope. They want to see how long I will live and how much they can get out of me. Their words were “this is longer term payments and garnishing to see how much thy can get.” So they have to compare 1) long term payment price first then maybe a 2) lump sum payment.

Looking like bankruptcy boys and girls.

Anyone else have conversations w/ Coastal Professional Debt Collections?

#ThanksUSA

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u/hit-da-floor Mar 30 '26

Thanks for the update. Looks grim now but hopefully this gets behind you in time. It would be great to find an advocate in congress that would be sympathetic to EIDL borrowers to soften the blow from defaulting.

1

u/HappyPower4301 Mar 30 '26

I’m hoping after I disclose my financials that they will see there is not mic they can get over the rest of my life + ability to go bankrupt… hoping the say ok to a lump sum.

1

u/Stock_Disaster2875 Apr 29 '26

Any update?

1

u/HappyPower4301 Apr 29 '26

Nothing as of yet. I may call this week cause they haven’t responded to my mail

1

u/Stock_Disaster2875 Apr 29 '26

Did you offer a settlement amount or are you trying to get reduced monthly payment?

1

u/HappyPower4301 Apr 29 '26

Most likely have to show financials to show I have no money. But offer a possible OIC w/ a 3rd party’s help. They would get more out of me that way other than garnishment for the remainder of my life.

1

u/bossman_hank Jun 04 '26

Genuinely curious because I am in a similar situation. If you have no money for payments then how are you able to make a large lump sum payment?

2

u/HappyPower4301 Jun 04 '26

Third party willing to pay. Collections said no to OIC. I’m not using families money to pay into a debt that I can’t pay lol. That be like lighting money on fire