7 tips for negotiating debt with a bank and paying lower fees
Negotiating debt with the bank is the priority for millions of Brazilians who are in default
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Negotiating debt with a bank is an alternative for those who want to settle all outstanding financial obligations and achieve financial balance again.
In many situations, the problem may seem like a snowball that only gets bigger. However, it is possible to pay off all your debts and regain more control over your money.
Remember that this situation is temporary, however, planning and organization are necessary to pay off all debts.
And if you want to know how to negotiate debt with the bank and, thus, obtain more advantageous payment conditions, continue reading!
How do I know if I have debts to renegotiate?
The first step is to know if you have debts and what they are.
To do this, you can check your CPF on the website or app. Serasa, available on Google Play and App Store.
This way, you can find out if you have any debts and, if so, the main details about the pending debt, such as the date of the negative listing, details of the creditor company, the total amount of the debt, among others.
After entering the Serasa website or app, click on “Check CPF for Free”.
Enter your login or password. If you don’t have one, you can create one now. Then, click on “CPF” and check!
It is important to remember that you do not need to pay anything to check your CPF. Registration is quick and free.
Tips for negotiating debt with a bank
Debt renegotiation is essential to clear your name and regain financial control.
To help you start the process of negotiating your debt with the bank, we have put together a list of tips that can help you. Check it out:
1. Find out if there are any abusive charges
Financial institutions may define the value of their Total Effective Cost (CET) in accordance with internal regulations.
The CET represents the charges and expenses that affect a credit transaction.
This means that the value of a debt often includes other interest rates, in addition to the basic ones we already know.
In any case, consumers can claim that the rates are above the market average and thus negotiate them.
One way to do this is to enter the Central Bank website, because there, you will find information about interest rates on transactions carried out on the market.
If you think you are receiving abusive charges, know that you have your rights. In fact, you can use this argument to try to negotiate the debt.
Furthermore, it is important to remember that the Procon and Justice are means to try to solve such problems.
2. Know the real value of your debt
Before beginning any negotiation process, it is essential that you know exactly how much you owe.
This will help you understand the total debt value, so that you can present a payment proposal that is within your budget.
To do this, you can contact the creditor and ask for the updated debt amount, which includes the charges and fees involved.
3. Prioritize debts with the highest rates
Debts are linked to an interest rate. In other words, the more time passes, the higher the amount to be paid.
Therefore, we can also say that the higher the interest rate, the faster the outstanding balance increases.
Therefore, once you have analyzed all your debts, the ideal is to start ranking them in descending order of interest rate.
The most expensive ones should be a priority when making the payment.
4. Understand the trading conditions
When you begin the negotiation process, it is very likely that the financial agent will present you with a proposal.
At this point, do not accept any conditions. After all, to be sure that you will be able to make the payment, the proposal must be in line with your financial reality.
You can also offer a counteroffer and try to negotiate with the bank to reduce interest and installments.
5. Research and compare rates from other banks
If your attempts to negotiate your debts with the bank are not working, you can transfer your debt to another financial agent.
This process is known as credit portability, which in practice is a debt exchange.
It works like this: you find a new institution to pay the outstanding debt and make a financial commitment, which in most cases offers more advantageous payment terms.
Due to this possibility, it is advisable to look for conditions and modalities that are more suited to your financial reality.
In fact, it is possible to carry out credit simulations completely online, to identify other proposals and, thus, close the negotiation agreement.
6. Renegotiate the full settlement of the debt
The best option is to find ways to eliminate the debt completely, that is, to pay off the debt in full.
In fact, most creditors offer more advantageous discounts for larger balances paid off.
7. Payment in cash
If you can't pay in full or the discounts aren't favorable, paying in installments may be worth it.
However, ideally you should get rid of the debt with just one payment, so that you don't have to worry about it in the coming months.
However, only choose the cash payment option if it doesn't compromise your budget.
After all, paying the full amount of your debt but leaving an outstanding bill can cause you to have another financial problem.
In fact, paying in cash becomes even more advantageous when you get a good discount, as this way, you save a lot of money.
Conclusion
These are our tips for negotiating your debt with the bank and finding more advantageous payment options that are in line with your financial reality.
Try to pay off your debt as soon as possible, so that interest does not accumulate and the debt becomes even larger.
Regardless of the type of financial debt, renegotiating debts is essential to get your accounts up to date.
