Debt Negotiation

Debt negotiation is a perfect solution for the debtors who are unable to meet their debt obligations.  These are the individuals who are not familiar with the ways to handle their finances so as to fulfill their financial obligations.  Before declaring yourself bankrupt, you should at least try debt negotiation with your creditors.

Debt negotiation is a flexible and proven debt solution to resolve your debts in the least possible time. It involves negotiating with the creditors to reduce the monthly payments, interest rates and the balance you owe. However, for the creditors to agree to negotiate, you must have certain evidence proving your inability to repay the debt.

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Debt Amount





What you need to have for debt negotiation?

The type of debts that are available for negotiation are unsecured debts or debts that are not tied to any security. Such debts include credit card debts, personal loans, student loans and medical bills.

Another important element of debt negotiation is the budget plan. This plan will work as an evidence for proving your inability to meet the terms of the contract. It will also help in determining your monthly payments as well as deciding the amount of debt that you don’t have to pay. The budget plan also gives a clear picture of your financial standing. This will help you to curtail your expenditure and maximize your savings.

The next aspect of debt negotiation is deciding your payment goals. Your goals should be realistic and should be able convince your creditors about your sincerity to pay your debts. At the same time, your goals should prove to be beneficial for creditors as well. They must be convinced that even by settling your debts, they will be at a gain.

You must also go through the FDCPA or fair debt collection Practices Act to know your rights against debt collectors.

FAQ'S

What makes me eligible for debt negotiation?
If you are struggling with high levels of unsecured debts and financial hardships or if you are not able to keep up with the minimum payments and the balances on your account are just increasing, then debt negotiation is the right choice for you.
Can I negotiate with my creditors on my own?
Yes, you can negotiate with your creditors on your own and save the costs involved in hiring a debt relief company. However, to succeed you should have good negotiation skills to convince the creditors to lower your debts.
Will debt negotiation affect my credit rating?
Yes, your credit rating may be negatively affected by debt negotiation. However, you can improve your credit rating once you get out of debt.
What makes debt negotiation different from bankruptcy?
Bankruptcy is generally regarded as a last resort when all other options fail. It appears on your credit report for a period of 10 years and may affect your employment, state licenses, insurance and tenancy. You may not be able to avail further credit till the time bankruptcy appears on your credit report. Debt negotiation is an alternative to bankruptcy. It involves negotiating with the creditors to lower the principal balance you owe to them.

What are the advantages of debt negotiation?

Debt negotiation offers a number of benefits for individuals. These are mentioned below:

  1. Reduced monthly payments- Debt negotiations not only offer reduced interest rate but also a reduction in monthly payments. In most situations, you end up resolving your debts and saving money for yourself.
  2. Reduces your overall debt balance- Debt negotiation is a perfect solution that provides you greater savings as compared to debt consolidation program. The overall debt you owe may reduce to a great extent, thus ending your debt stress.
  3. Get you out of debt quickly- Through debt negotiation, you can not only get out of debt quickly, but you can also begin your own recovery as soon as you settle your debts.

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Debt negotiation with Debt Advice

Debt advice takes an aggressive approach when it comes to debt negotiation. Our debt solutions are tailored for the individuals facing financial difficulties and are unable to get out of debt. With our expert debt negotiators, we work to settle your debts as quickly as possible.

Our clients are our utmost priority and we work to provide them the best outcome.  Our negotiation process involves:

Free consultationExplaining the detailsSaving planNegotiating with the creditors
Our expert counselors provide free consultation based on your situation. This will help in checking your eligibility for debt negotiation program.
If the program suits you, our counselors will explain you everything about fee structure, risks and other details. This will give you to get a clear understanding of the benefits.
A special account will be opened where all your monthly deposits will be saved for paying off your debts to the creditors.
Our negotiation team will negotiate with your creditors to settle for an arrangement that will maximize your savings. Once the creditors agree to the settlement, all your debts shall be resolved.