The year 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. That is, more than one million families closed the year with arrears.
But, contrary to what many people think, this is not the end of the world. In such a scenario, banks and shops are more likely to renegotiate debts and resolve the situation of defaulters. Thinking about it, we elaborate below a step by step on how to negotiate debts and help you get out of the red !
Identify the best time to ask for a negotiation
The time to request the negotiation will depend on the type of debt. For longer-term debts, such as car financing, with a rate of 1.2% per month, institutions usually charge, in addition to the standard rate, interest for late payment from the third month of arrears. It is at this point that the negotiation must be requested, before the debt increases.
For debts with credit cards, where interest rates reach around 10.5% per month, the request must be made at the moment the consumer sees that he will not be able to pay the invoice of the card, eliminating the risk of collecting interest futures and preventing them from turning a snowball.
Calculate the total amount of debt and how much you can afford
Before negotiating a debt it is important to calculate two things: the amount of income that we have monthly to take it off and the total amount that we owe.
For this, a careful evaluation of the expenses must be made, trying to see those superfluous costs that can be cut totally and which can be reduced. One way to make this easier is to use financial planning software.
With the amount we have monthly to pay the debt in mind and the total amount due, we can calculate how many months we can get rid of it and reach the bank with a definite proposal.
Search conditions and negotiate
Debts can be carried from one bank to another; therefore, research interests, terms and benefits of other institutions before, to have argument with your lender if the rates offered by it are higher than the average in the market.
When the time comes for negotiation, assess whether the conditions offered are really attractive and do not sign any contract before analyzing the terms described to check if there are no irregularities such as the collection of extra charges prohibited by law. If any, you must report the creditor to the responsible agencies, such as the Central Bank.
Actively join the agreement
Suggest solutions during the conversation and do not be intimidated. The ideal is not to accept any proposal right away in the heat of the moment. Take time to think and take the conditions home, where you can evaluate everything more calmly and carefully.
Some banks offer the option to negotiate debt online, however it is recommended that the negotiation be done in person. Also, avoid the help of intermediaries, who may charge you a consulting fee.
By following the steps above, it is possible to get out of the red without getting in more and ensuring financial stability! Then remember to continue using a financial control program that helps you avoid falling into the hole again.
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