Are your bills making you sleepy? It’s time to solve them. With conversation and new deals, you can make your financial life healthy and stable. Understand how to negotiate debt!
When you have a debt, trying to repay it is a priority. Leaving a debt open can lead to several legal problems. CPF blocking, increased interest and even seizure of the debtor’s assets are some examples. But if your debt is already high and you know you can’t pay it back, there is an alternative! Anyone is subject to this situation, after all, unforeseen happen.
Because we will help you see options to get out of this.
Financial institutions offer an alternative: negotiate debt. Trying to come to terms with your lender is a way to pay back what you owe and have a more stable financial life. Here are some tips for successfully negotiating debts and getting your finances ready!
Your accounts were not made overnight, and to negotiate debts and settle them will not happen either. Before making any decisions, it is important to put together a financial spreadsheet. It is essential to know exactly what your income is, your expenses and especially what your debts are.
By putting the values on paper, you will have a more accurate dimension of how much you owe and what options to get out of this situation. After that, it is important to set your priorities. Some possible parameters to determine the urgency of each are:
- Which debts are older;
- Which debts are higher;
- Which debts have the most expensive rates.
An important tip is to choose to pay off the last first. This is because interest may increasingly increase the amount you owe.
As you tidy up your spreadsheet, considering cost savings is essential. Realistically, see what can be cut from your personal and / or family budget. This is not an easy thing to do, but it is important to understand that during this period, wiping out accounts is a necessity. Talk to your family, re-establish priorities and cuts that can be made. It’s time to work together.
How to negotiate debts?
Negotiating debts involves asking the lender for a new form of debt payment. It is to show that under the conditions previously agreed, you will not be able to pay what you owe, but you will not stop paying. It’s just a readjustment in the contract.
Therefore, you need to show that you can afford the new format. Looking at your budget, make sure that the new proposal will not commit more than 30% of your monthly income. Otherwise, you may end up getting into another debt.
Before negotiating debt, create an action plan
Find out exactly how much you will be able to pay under this new agreement, what its terms are, how the interest rate adjustment will work, and what the new payment deadline will be. This proposal may or may not be accepted by the financial institution, and this is where the negotiation part will begin.
A good tip is that this process is all done personally. It is also possible to do online trading, however, it is difficult to be able to change the conditions set out in the text. When you talk directly to a person, you open spaces to ask for discounts, bargain and reach a deal that is good for both parties.
Always be friendly but assertive, and show that you have awareness and autonomy in what you are doing.
You know your finances and you know what is beneficial to you.
If you realize that your debt is much larger than what you earn, you are a super debt. This is the reality of 15% of the Brazilian population, and calls for the same measures that we describe but more aggressively. In this case you can also seek PROCON expert help.
Loan: is it worth it?
In the latter case, this may be an alternative. Focusing on swapping your debts, it may be worthwhile to apply for a loan that has lower interest rates than your previous debt and pay off at once. This will give you more control over the payment to the lender and you will not be surprised by an absurd increase in value thanks to fees, for example.
If you want to know the best alternatives, search here on our site. Our partners have great options with interest from 0.99% per month, depending on the type chosen. It’s easy, fast and totally online. Do not waste time and quite soon your debts to have a lighter and healthier financial life!