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Thouchstone Management

Discussion in 'Credit Talk' started by Sue59, Jan 2, 2003.

  1. Jan 2, 2003 #1
    Sue59

    Sue59 Well-Known Member

    Has anyone ever dealt with this company? We farm and they bought our SBA loan. We have been trying to settle on this for about 7 months and they keep saying their invester paid 100% for the loan but from what I have heard, none are sold for over 50% and many much less. Any help would be appreciated.
     
  3. Jan 3, 2003 #2
    lbrown59

    lbrown59 Well-Known Member

    We have been trying to settle on this
    Sue59
    ===================
    What is there to settle on??
    The terms of the loan are the same as the OC are they not ?????
    LB 59
     
  4. Jan 3, 2003 #3
    Sue59

    Sue59 Well-Known Member

    Re: Touchstone Management

    The name is touchtone managementand they bought an SBA loan for no more than 50% of the total amount, I have tried to settle for 80% of the loan. I just hate to pay them a 50% profit for 1 year. We paid SBA over 140,000 over 20 years and the loan was 85,000 to start with. I think this agency is from Ontario. The guy I have been dealing with says Conn. I will just turn it over to an attorney and let him handle it, because I am tired of getting the run-around.
     
  5. Jan 4, 2003 #4
    lbrown59

    lbrown59 Well-Known Member

    Re: Touchstone Management

    IS this a CA or Bank you are dealing with?
    If you were paying monthly payments to SBA why are you expected to pay the balance off now?
    What am i missing about this ?

     
  6. Jan 4, 2003 #5
    Sue59

    Sue59 Well-Known Member

    Re: Touchstone Management

    SBA sold this loan 2 years ago, we made the payment both years of 7650, it matured in March of 2002. We have been trying to settle this since that time. I think this is a CA but don't know for sure. I know we owe the debt but I just don't want to give them a 50% profit for this year. Some SBA loans sell to .10 on the dollar but never more than .50
     
  7. Jan 4, 2003 #6
    Butch

    Butch Well-Known Member

    Re: Touchstone Management

    Hi Sue,

    I think what LB is trying to say is that you'll get better answers if you can explain your situation thoroughly.

    I'm still confused as to why they are trying to collect the full amount.

    Have you fallen behind in pmts.? Has it charged off?

    Etc. etc.

    ???
     
  8. Jan 4, 2003 #7
    lbrown59

    lbrown59 Well-Known Member

    Re: Touchstone Management

    I think what LB is trying to say is that you'll get better answers if you can explain your situation thoroughly.

    I'm still confused as to why they are trying to collect the full amount.
    Butch

    RIGHT

    This is where I'm stuck too.
    With out knowing why it's hard to advise Sue.


    LB 59

     

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