Look for the manager
It is essential to contact the manager to find out the actual status of the current account. Take the opportunity to discuss your current financial situation and request a negotiation suited to your budget. During the conversation, clear all doubts about the deadline, the amount of installments, and any discounts on cash payments.
Opt for smooth installments
If you do not have the total amount to pay the debt, paying it off smoothly is better than opting for high installments. It is not pleasant to extend installments but get out of control in your financial life. It is sometimes necessary to take a little longer to get rid of debt. The best posture is to choose a form of payment that you can pay on time and without generating more debt.
Exchange a larger debt for a smaller one
According to experts, payroll loans are an excellent way to pay off debt overdrafts because the interest rates on this type of loan are meager. Last year, for example, the annual interest rate on payroll loans reached 23.6%, while the interest rate on overdrafts reached 148.6%. Another advantage of using payroll-deductible loans to pay large debts is convenience and security, as the amount is deleted directly from the account holder’s payroll.
Make credit portability
Credit portability involves transferring debt from a bank to another financial institution that offers lower interest rates. In this case, the process is free of charge, and the customer is free to choose a new bank.
Before using bank portability to settle the overdraft, evaluate the pros and cons of the operation. The main advantages of bank portability are the exemption from IOF (Financial Operations Tax) and the reduction in the value of installments.
Use extra funds
With the debt already negotiated, take advantage of all the extra resources to pay off the installments. Understand that to normalize your financial situation. You will need to save more than ever. Therefore, avoid new debts and take advantage of entries such as 13th, allowances, bonuses, vacations, and awards to get out of overdraft as soon as possible.
Review the details of the negotiation proposals
You already know your debt well, and how much monthly you can commit to resolving it, so it is time to contact your credit card company and negotiate.
Do not just get stuck with the value in front of you and want to solve it as quickly as possible; analyze everything carefully. Check the interest and fees that it will add to each possibility, do not take on higher installments than you can afford, and be honest about your situation.
It may happen that the trading option offered is not realistic for your situation. Talk and negotiate calmly so as not to create new debt out of desperation, and if the proposal is not favorable, take time to evaluate before accepting the agreement.
Always follow the basis offered by the Consumer Defense Code
Being a debtor makes us feel like the wrong part of history, and many times, we give up rights and advantages in debt negotiation.
That is why having the Consumer Defense Code as an ally is essential. Some rules apply specifically to debt negotiation. Few people know, but when the negotiation seeks to pay off the total debt, it is not allowed to be charged more than 30% of your monthly budget in the payment, in the case of loans. For payroll-deductible credit, the charge cannot exceed 35%. Another point is that hiring an insurance service when renegotiating debts is not mandatory, which can deduct a good part of the amount to be paid. Thus, you have legal information to help you develop a more advantageous alternative. Remember, any irregularity or doubt about your rights can be brought to Procon, even in the case of debt.
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