Being in debt is hugely stressful. When your debt only seems to increase, living life can become stressful and frustrating, you can’t sleep at night, your relationships are affected and even everyday shopping like buying groceries can seem overwhelming. The impact of the stress can lead to physical health problems, including decreasing our capacity to fight off illnesses – which is the opposite of what we all need right now. To keep yourself from drowning, you could take out more loans or use multiple credit cards, but the harder you try to get out of debt, the deeper you sink, and sometimes if you are only paying off the interest, it can feel like you are trapped. If you are experiencing that familiar sinking feeling of seeing another bill in the inbox or avoiding calls in case they are from aggressive creditors and debt collectors we recommend you consider talking to us about creditor negotiation.
Creditor negotiation involves entering into informal payment arrangements with your creditor(s) to enable you to pay them off over time, potentially deferring payments until you get back on your feet or making your payments more management and affordable. Your consultant conducts a comprehensive analysis of your financial situation to determine repayment arrangements that work for both you and your creditors. Our legal team is then poised to enter into creditor negotiation processes with your creditors on your behalf. Our creditor negotiation process involves negotiating with your creditors to change the terms of your current loans to make your debts more manageable and affordable.
The negotiated new payment plan could include:
- Reduced payments.
- Lower interest rates.
- Less fees.
- Freezing or deferring payments to allow you to get you back on your feet.
- Extend the length of the loan to reduce the size of payments.
- Settling the debt for less than the full amount.
- A payment arrangement so you can pay them off over time rather than as an unaffordable lump sum.
- Allowing you time to explore your options and enabling you to get your finances back on track.
- Enables you to get your finances back on track.