Filing for bankruptcy is not the best way to get yourself out of financial difficulties. You have a number of other options before you resort to drastic action that will affect your long term. Find out how debt agreements and renegotiating debts can help you veer away from bankruptcy and send you on your way to regaining financial freedom.
What is Renegotiating Debt?
Renegotiating debts is a simple but effective way to reduce and pay your debts. Debt renegotiation is a borrower negotiating the payment of their debt over a longer period of time than originally agreed or paying back less than the original debt.
The debt renegotiation process may involve a few changes. Potentially the extension of the maturity date of the debt, changes in interest rates, etc. In the most basic terms it is a negotiation between you and the lender to reach a mutually beneficial agreement to get the debt settled.
This may sound easy enough but the lender having more experience will have more leverage, you will need all the help you can get to make sure that the debt agreement will benefit you. It is in your best interest to employ the services of a debt negotiator or debt consolidator.
How Does Debt Renegotiation Work?
The first requirement of debt renegotiation is for you to get creditors to agree to re-negotiate your debt; this can be difficult, luckily we specialise in negotiating with creditors. The goal here is to reduce the amount you will have to pay, and yes it may sound impossible but it is doable with the help of expert consolidators/negotiators.
An experienced debt negotiator has a full grasp on negotiation tactics that can be used; they can match whatever the lender can put on the table. They know how to deal with lenders and how to get them to agree to what will be a win-win situation. Understand that this is not an overnight thing; a negotiation will take at the very least a few days before a mutually beneficial debt agreement is reached.
Where to Find Debt Help?
If you need debt renegotiation services and are looking for a company with a successful track record, look no further. Just Budget is well versed in negotiation tactics and can help be your strong arm in the process. A debt agreement company that is a registered administrator of Part IX Debt Agreements is your best ally, and we are just that!
The main job of debt agreement companies is to mediate between you and the lender. They negotiate on your behalf and bring to the table a realistic payment plan based solidly on what you can afford; they also propose debt reduction options to the lender with the goal of making the payment plan more achievable.