2015 was marked by instability in the economy. According to data from the National Confederation of Trade in Goods, Services, and Tourism (CNC), the number of defaulters in Brazil rose during this period, reaching 20.4% of the population. In other words, more than one million families closed the year with arrears.
But, contrary to what many think, this is not the end of the world. In a scenario like this, banks and stores are more likely to renegotiate debts and resolve the situation of defaulters. Thinking about it, we elaborated below a step by step on how to negotiate debts and help you get out of the red instead !
Identify the best time to request a negotiation
The timing of requesting a negotiation will depend on the type of debt. For longer debts, such as car loans, with a rate of 1.2% per month, institutions generally start to charge, in addition to the normal rate, interest on arrears as of the third month of delay. It is at this moment that the negotiation must be requested, before the debt increases.
For credit card debts, where interest amounts to around 10.5% per month, the request must be made when the consumer sees that they will not be able to pay the card bill, eliminating the risk of charging interest future and preventing it from becoming a snowball.
Calculate the total amount of debt and how much you can pay
Before negotiating a debt, it is important to calculate two things: the amount of income we have monthly to pay it off and the total amount we owe.
For this, a careful assessment of expenses must be made, seeking to see those superfluous costs that can be totally cut and which can be reduced. One way to make this easier is to use financial planning software.
With the amount, we have available monthly to pay the debt in mind and the total amount due, we can calculate in how many months we will be able to get rid of it and arrive at the bank with a definite proposal.
Research conditions and negotiate
Debts can be carried from one bank to another; therefore, research interests, terms and benefits from other institutions first, to have an argument with your creditor if the rates offered by him are higher than the average in the market.
When the time comes for negotiation, make sure that the conditions offered are really attractive and do not sign any contracts before analyzing the terms described to check that there are no irregularities, such as charging extra fees prohibited by law. If so, you must report the creditor to the responsible bodies, such as the Cream Bank.
Actively participate in the agreement
Suggest solutions during the conversation and don’t be intimidated. The ideal is to not accept any proposal right away, in the heat of the moment. Ask for time to think and take the conditions home, where you can evaluate everything more calmly and carefully.
Some banks offer the option of negotiating debt online, however, it is recommended that the negotiation be done in person. Also, avoid the help of intermediaries, who may charge a consulting fee. By following the steps above, it is possible to get out of the red without getting in trouble and guarantee financial stability! Then, remember, to continue using a financial control program that will help you avoid falling into the hole again.