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UK Debt Settlement Negotiation

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Debt Settlement and Negotiation Help

If there is one thing that not a lot of people look forward to, it is having more debt than what they can actually handle. But in a world which relies mostly on a credit system, you cannot help but acquire debt. If you need a car to get you to and from work, the huge costs of such an investment will force you to take advantage of a car loan. The same thing holds true if you wish to have a home of your own. When you add to this your monthly expenses, utility bills, food allowance and credit card purchases, you might end up having more debt than what you can actually handle.

Debt Settlement Versus Debt Negotiation

Fortunately, you can rely on several solutions if you find yourself in a tight financial bind. In the US, there is such a thing as debt settlement wherein a person’s debt is reduced through an agreement by the creditor and the debtor. Both parties will agree to a reduced balance for the debt, although it will be considered as payment in full. Do not confuse debt settlement with debt consolidation, which involves changing the terms of your repayments in order to make it possible to pay everything back in full.

How about for debtors in the UK? There is no such thing as a debt settlement option if you live in the UK, but there is an even better equivalent known as an IVA, which can be arranged through any UK debt management company. The alternative of course is that you can settle your debts by negotiating with creditors yourself. Read on to find out how you can become your very own debt settler if you wish to regain control of your finances.

Become Your Own Debt Settler: Dealing with Your Creditors

Let us say that you find yourself in a situation wherein you need to deal with more debts than what your monthly salary can handle. The number one rule to follow for this is that you should never run away from your creditors. Avoiding creditor calls and not facing the situation head on will only make matters worse.

If you keep on ignoring the calls from your debtors, they might send you a notice and have your account set to collections status. Instead of knowing about your financial difficulties, your creditors might think that you simply do not want to pay what you owe and they will start taking action against you.

Compare this with dealing with the situation head on, where you can politely inform them what your current financial situation is. By simply informing your creditors in advance that you are unable to make payments on time due to a medical emergency in the family or a job loss, they are more likely to give you plenty of leeway to pay your dues. You might even be given ample consideration by implementing a payment arrangement that’s applicable to your account.

Now, if your account is already in collections status, you can become your very own debt settler. Here are a few tips on how you can negotiate with the creditors yourself:

Assess your current financial situation. If you find yourself knee deep in debt, act as your very own debt settler and assess your current financial situation. Are you allotting more than 20% of your take home pay to debt repayment? Are you not able to make at least the minimum payment towards your credit card bills? If yes, then you do need to look for a suitable solution to get out of the financial bind that you are in.

Recognize which are priority debts and which ones can be settled at a later date. Some debts are considered priority debts and others fall under the non-priority category. With the priority debts, the consequences of not paying them are direr than others, so they should be number one on your list of debts to pay. Mortgage, rent, car loan dues, council taxes; these are some of the priority debts that you need to settle first. The not-so-priority debts include overdrafts, credit card bills, payday loans and other unsecured loans.

Negotiate payment arrangements with creditors from whom you owe non-priority debts. Become your very own debt settler in such a way that after recognizing which debts are priority and which are non-priority, make sure to settle the priority debts first. Afterwards, you can persuade your other creditors to accept a payment arrangement so that you can slowly but surely pay back the amount that you owe them.

Taking Advice From A Debt Management Company

In case you are hesitant to act as your very own debt settler, know that you do have another option aside from negotiating with creditors on your own. What you can do is hire a reputable debt management company. Through them, a debt advisor will be coming to your aid and act as a debt settler. After assessing your financial situation, debt settlers can negotiate with your creditors on your behalf so that a viable solution can be created for you to pay off the debts that you have.

Whether you end up hiring the services of a debt management company or negotiating with creditors yourself, what’s important is to face the situation head on. After all, it is your finances which are at risk here so the minute that you recognize the signs of your being deep in debt, do something about it the soonest time possible.

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Repaying debt over a longer period may increase the total amount to be repaid.