Debts in bank loans are a problem that affects both users and financial institutions. In recent years the percentages of this type of debt have been reduced comparatively with previous years, although they are still there. In 2016, the National Banking and Securities Commission (CNBV) and the Securities Commission reported the following delinquency rates:
- Credit cards: 4.93%.
- Payroll financing: 3.40%
- Personal credits: 5.23%.
If you are part of the group of users who have stopped making their payments on time, you will soon begin to have contact with the collection departments. If your debt is in a situation where the last payments have not been made and the interest starts to become unpayable, you will be forced to negotiate your debt. The following tips will help you achieve a better result when agreeing on the payment terms of your debt.
8 tips to negotiate a debt with your bank
Address everything you are told
The contact with the advisors includes a lot of information, if any question appears. If you listen carefully you will avoid misunderstandings and the negotiation will be more agile.
Analyze the options
During the negotiation different possibilities appear, some will adjust to your needs and others will not. Do not take the first option just to finish fast, there may be another that fits your case better.
Look for different solutions
The options presented to you have as many points in your favor as against you. The only possibility that you should not consider is to keep the debt, in the long run it will bring you more problems.
Consider that you should be realistic with your situation. Do not promise to do something you are not sure to do. The fulfillment of the agreements that you make will facilitate the process to solve your debt.
Report your situation
Whoever looks after you already considers that you have problems to continue with your payments. Everything you say during the negotiation will define the terms in which you will pay, if you are sincere you will avoid many problems in the future.
Maintain a cordial communication
The advisor, like you, wants to come up with a solution. If the whole process takes place in a friendly atmosphere, both parties can propose and reach agreements more easily.
You have already reached the debt, if you really want to solve it, do everything possible to comply with the agreements reached. Occasionally you can make some adjustments in extreme cases, however, it is not the most appropriate option.
Organize your finances
Reaching a moratorium with your payments indicates that something is wrong with your income and expenses management. Restructure the way you manage money so that it never happens again.
When should I start negotiating my debt?
The bank will contact you when your situation becomes complicated. By that time you will already have a considerable burden of interest and it will be difficult to reach an agreement. As soon as you notice that you have problems to continue with your payments, come to your bank, there are options to avoid reaching limit situations, although they are not usually mentioned publicly.
First of all, the best solution is to avoid spending more than you can afford. Once you have settled your debt with the bank, it is a good time to reorganize your finances. The negotiation and compliance with this will help change your way of consuming.