How to negotiate debts? 6 tips to help you learn


 

Being able to pay the bills by the end of the month and still have a buck left in the wallet has become a challenge for most people these days. Faced with the financial instability that affects every country, it is natural to face moments of difficulty, starting with the accumulation of accounts. In addition, without proper care, financial problems can be aggravated, leaving defaulters to resort to new ways of getting out of the red, such as negotiating debts.

There are a number of contributing factors to debt, including unemployment and lack of control when buying, but there are also different ways of organizing financial life and getting out of debt through agreements that offer reduced interest, installments, discounts, among other negotiations.

Despite your efforts to keep your accounts up to date, is your name still dirty and your bank balance negative? So to get you back to quiet nights without worrying about your financial situation, check out some tips on negotiating debts!

Analyze Your Financial Situation

Analyze Your Financial Situation

Before seeking bank management, write down the true financial situation of your budget. Remember to calculate your income as well as priority expenses such as health, food, and housing. After making these calculations, you will have the actual value that can be used in the trading portions. This will make it easier to pay off the monthly installments.

Also, rate how much you are paying on interest. If you are wrapped up in expensive credit like overdraft and credit card, it is worth getting a low-interest rate loan like the one offered by Just.

Evaluate contract conditions

Evaluate contract conditions

Signing the negotiating contract may seem like the end of the problem, however, before signing the agreement, you must take care of all the clauses presented. This assessment is important because the document may contain irregularities or information that went unnoticed, such as high-interest rates. In this case, make sure everything that has been talked about is recorded and, in case of additional charges, look for the Consumer Protection Bodies.

See how to negotiate debts in other banks

See how to negotiate debts in other banks

Your bank may not always offer the best payment terms, so doing market research, evaluating proposals from other institutions, can help when deciding the best investment. In general, banks are competing with each other and thus work at differentiated rates that allow even exportation if necessary.

Check the deadline proposed by the bank

Check the deadline proposed by the bank

Most of the time, lenders offer negotiation through a larger installment. However, although the value of the installments is lower, depending on the amount stipulated, interest can greatly increase the total amount of debt. It is important to calculate this value, keeping in mind that with fewer installments debt can be paid off faster. Also, make sure the interest rate is compatible with the market average.

Attention when contacting the bank

Attention when contacting the bank

It is currently possible to negotiate debt through the internet itself. However, despite the ease, online solutions are standardized and do not offer the best proposal according to the need of the debtor. In other cases, telephone negotiation also requires greater care, especially when retaining the answering protocol number.

Therefore, negotiation in person has been the best alternative. By talking directly with your manager, you can expose the financial reality through documents such as statements, proof of income, etc., ensuring more chances of getting a proportionate discount.

If an agreement is denied, seek help

If an agreement is denied, seek help

If, despite your efforts to negotiate your debts, you could not reach an agreement, go to Procon or the Cream bank. These organs serve many indebted or delinquent people and can help you find a solution for you.

Did you write down any tips on negotiating debts? So if you have any questions, just leave your comment so we can keep helping you keep your finances up to date!