#253 Repayment Sources: Primary, Secondary, Tertiary

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A well-structured loan comes with repayment terms and conditions that satisfy the loan's original lending purpose and based on a specific borrowing cause. And what does that mean during a workout?

• Creditors require there to be well-defined repayment sources to help ensure full repayment
• Primary source of repayment (PSOR)
• Secondary source of repayment (SSOR)
• Tertiary source of repayment (TSOR)

Importance to you - Call it like it is. It's true. The creditor does not want to hear any 'bad News.’ if repayment sources are in jeopardy, why cooperate? Making the best of the 'easy way, or the hard way.' you're the one who signed the promissory note and loan agreement. Seriously, can't you turn the hard approach into the easy approach

Please listen to this podcast episode, and all the others at “Creditor Tools” at: NCARA.org

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