First of all, you need to know what your debts and their respective values are. It is common that when a person is going through a difficult time, they become scared or ashamed and stop following their financial situation.
However, to negotiate your debts you need to know all its details: what was purchased, what was the amount, the date of purchase, was it in cash or in installments, what is the interest rate charged, are there fines beyond interest, among others.
Know what your debts are
Before you make your payment proposal to the institutions to which you owe it, do some research to understand if there is a better way to make this payment.
- By paying a debt in installments in cash can you get rid of any fines?
- If you can not pay all the installments at once, but you have a good entry, the interest rate decreases?
- By renegotiating the deadline do you get any advantage?
This is important for you to know what your options are, so that you can argue with the institution to ensure that you get the best option for you and your reality.
Negotiate with institutions
Now is the time to talk to the institutions to which you owe. At this time, keep all the information collected from the previous topics in hand, as this will allow you to respond promptly to questions or proposals.
Remember: For the institution, it is interesting that you pay off the debt – especially if it is of higher value as a loan – so be patient, present your side and try to reach a reasonable agreement.
Often institutions give in at some point and you end up in contact with a smaller debt. Many people end up paying absurd interest rates because they do not talk to the institution and thus only accept what was previously imposed – and in general this amount already has a large margin, much larger than what is actually due.
Count on help
After negotiating your debt with the institution, you need to ensure that you can afford the new deal. It is therefore necessary that if the amount is refinanced, the installments will fit your budget.
But if the institution makes an unmissable offer with a big discount for cash payment, you might consider hiring some cheaper credit modality. Before the institution you owe it to you are performing and this certainly facilitates your search process for the clean name. Considering this scenario, payroll loan is a great option. With one of the lowest rates on the market and quick and easy hiring, it is ideal for this kind of situation, which requires agility and commitment.
By hiring the payroll to repay your debts, you keep paying what you owe, but to the other institution
That is, it is no longer “in the negative” in the eyes of the original creditors. Thus, they derive their name from the credit protection agencies, such as SPC and Serasa, as soon as the negotiation is made and the payment is made (in full or the first installments paid off).
Learned how to negotiate debt? Interested in the payroll solution? So check now how it works and understand why it’s one of the best options!