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Debt negotiation is the process of partially reducing or in some cases, entirely wiping your current debt. Sounds good doesn’t it, and it is! So how does debt negotiation work?
It’s easy for debts to spiral out of control. It can happen to anyone. From losing your job, to an unexpected car breakdown, to unplanned dental bills, through to divorce. Debt fills up fast until you feel like you’re drowning, but the Australian Lending Centre are here to pull you out of the water with debt negotiation.
Negotiating your debt takes a lot of compromise from your creditors. Some creditors will be unwilling to budge on your debt and will not be open for any negotiation, whereas others might be willing to settle for a lower repayment amount for the sake of receiving money and clearing your name from their books. Others might only be willing to change the terms of your debt, effectively a refinance agreement.
Essentially, the entire debt negotiation process is aimed at giving the borrower a lower amount to pay back on their loan. This can make the debt far more manageable. It is quite common to go through several different stages of negotiations before finally settling on an agreement. If you are looking for a quick fix to reduce debt, this isn’t it.
It takes time and experience to get the results you need and there is a degree of commitment required for the negotiation process. Fortunately, you have the Australian Lending Centre by your side the entire way. Our main aim is always to support our clients so that they end up in a better financial position than they were in before. With over 30 years of financial expertise, our team is experienced at successfully negotiating debts on a client’s behalf.
Here at Australian Lending Centre we engage in debt negotiation on your behalf. You will need to gather the following information and then we can assist with the debt negotiation with your creditors.
If you are in a position where your debts are out of control to the point of seeking for debt negotiation, then it is likely that you have also not been keeping on top of your repayments. If you can’t afford to pay off your debts and miss or make late repayments then your creditors will not hesitate to stamp a default onto your credit file.
Defaults are a way of alerting future lenders that you have not kept up with repayments in the past and consequently, act as a red flag against your name. Having bad credit can make getting loan, and even mobile phone contract approval almost impossible. You can still apply for bad credit loans, but these come with higher interest rates. So, what other solutions are out there?
You can hire credit repair experts to remove negative credit listings such as defaults, black marks, credit enquiries and court judgments in order to clean your credit rating.
With a reduced debt, you can look forwards to a more positive future with time stressing about money and more time living life the way you want to. Whether you use the extra money to make sure you keep on top of your new debt agreement, or perhaps you have enough spare to treat yourself to some of the finer things in life too. Whether that be holidays, new clothes or days out, you will have more freedom after successful debt negotiation.
Whatever you decide to do with your finances, it is important not to fall into the same trap as before and fall behind on repayments otherwise you could face some very severe consequences. We recommend putting together a clear & thorough budget. You can use our simple, interactive online budget planning tool here.
Taking a loan isn’t proof that you aren’t administrating your finances well or that you aren’t earning enough money to support your family. A loan is a great method that offers you a way out of a problem! we look at the benefits of short term loans.
When you need cold cash now, fast loans can be your best bet. Fast loans are quick and easy to obtain. Lenders can process loan applications within 24 hours meaning you can have your funds in your account overnight.
Many people think it is all too hard, but everything you do will help, even small changes can make a huge difference. We can all employ a range of measures that will prevent budget blowouts without sacrificing all the things you like doing.
Banks often reject applications of those with unstable income and negative credit entries on their credit report, unless they have sufficient security for the loan. Good thing there are available debt consolidation loans for people with bad credit.
Learn about the things to keep in mind before signing a contract that can make or break your finances.
When you have a lot of debts with different interest rates, the first thing you will think of is debt consolidation. However, there are certain situations when debt consolidation doesn’t make the cut and other options seem more feasible. Is bankruptcy one of them?
For 25 years the Australian Lending Centre has been offering Australians a financial relationship with access to the latest financial products and services. Our highly trained, specialist consultants are here to help you get on track financially. With a wide range of debt management and loan products to offer, Australian Lending Centre strives to make a long-term commitment with each customer we partner with. We are one-stop-specialist for debt consolidation, bad credit loans, business loans, refinance and debt management strategies Australia wide. When you need bank-alternative finance assistance, we are here to help. Our goals to help every customer get the most suitable financial product for their situation!
Ⓒ 2021 Australian Lending Centre | Australian Credit License: 389119 | ACN 113 466 550 | ABN 86 113 466 550
