Debt Negotiation

If you’re in debt, you’re not alone. We’ve helped many of our clients get back on their feet with our debt negotiation services.

What is debt negotiation? It’s one of the simplest and most effective ways to regain control over your finances. With our negotiation specialists on your side, we may be able to reduce your total debt repayment by up to 50%. 

Debt Busters’ debt negotiators deal with hundreds of creditors on an ongoing basis, so we know the approval process required to get negotiations accepted quickly and without hassle. Our team of expert and experienced debt negotiators can help you with a plan and payment solution that’s right for you so you can feel confident about your financial future.


  • What is Debt Negotiation?

    There’s a lot of confusion over debt negotiation and what exactly is it. A debt negotiation is a way to gain back control of your debt if you’re currently struggling to pay in full and on time.

    With debt negotiation, you or a representative contacts your credit providers to reach a mutually agreeable arrangement. Depending on your lender, you might be able to settle the debt for a lump sum amount that’s less than what you currently owe. Alternatively, your lender might agree to different terms or a lower interest rate.

    Here are the most common arrangements proposed to creditors:

    • Additional time to repay your debt (usually for a short period)
    • Reduced payment in a lump sum
    • Ongoing reduced payments
    • Interest waived temporarily
    • Debt forgiveness

     

    However, it’s important to note that not all of these options will be accepted by all creditors. That’s why it’s helpful to work with our knowledgeable debt professionals who can help you determine the best solution for you.

  • Debt negotiation stages

    Debt negotiation happens in three steps. If you choose to work with a Debt Busters representative, these steps will be handled for you.

    After our friendly money experts come to the conclusion that this is the right course of action for your situation, the following will happen:

    1. We’ll inform your creditors that we are now your credit representatives and that they are to speak with us regarding any demands for payment or collection action. We’ll deal directly with all creditors and put together a tailored settlement proposal, taking your individual situation into account.
    2. We’ll negotiate the debt amount and terms to pay back your creditors.
      Whether it’s a single debt settlement payout or a weekly, fortnightly or monthly payment, we’ll help you put together a customised payout plan.
    3. You’ll begin paying the settlement on your terms. Once your creditors have accepted your new payment plan, including the total payment and duration, you’ll begin to make payments and gain control over your financial future.

     

    It’s that simple. You don’t have to worry about creditors contacting you or dealing with the creditors yourself. We take over the hard stuff for you so you can focus on paying back what you can.

  • Debt Negotiation Benefits

    Why choose debt negotiation rather than another debt solution? There are a number of reasons why debt negotiation is a smart solution, but the most common reason is that it helps you avoid bankruptcy. Bankruptcy is a major financial setback, and it can be difficult to recover from.

    With debt negotiation, you can:

    • Settle your debts once and for all
    • Save money
    • Reduce your own financial stress
    • Avoid bankruptcy or more severe consequences
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      With this time of agreement, the debt you owe is most likely still a profit to your lender. In most cases the principal amount borrowed is still repaid, meaning most lenders are willing to negotiate.

  • Know Your Options

    It’s still important to note that debt negotiation isn’t your only option. If you’re struggling to repay your debts on time, there are other factors to consider before jumping to debt negotiation.

    Though not as extreme as bankruptcy, debt negotiation can still have a negative impact on your credit score. That’s why the following options might still be a better fit for you:

    • Debt Consolidation – Consolidate your debts under a single loan, usually with a lower interest rate.
    • Informal Payment Arrangement – Similar to debt negotiation, this type of information arrangement doesn’t usually impact your credit score negatively.
    • Bankruptcy – Finally, there are instances where bankruptcy might be a better way to repair your finances.

     

    Because there are so many factors to consider, it’s vital that you talk to a debt professional before making a decision about the best path to take.

  • Debt Negotiation Tips

    Are you considering debt negotiation for yourself? For many, it’s an effective way to reclaim control over their finances. To make sure everything runs smoothly, follow these tips:

    • Act quickly – Don’t wait until your creditors contact you. If you’re unable to pay your debts on time, talk to a friendly financial expert at Debt Busters today.
    • Credit Hardship Variation – Most credit providers are regulated by credit laws that protect consumers. You might be eligible for a formal credit hardship variation which gives you access to more suitable loan terms.
    • Create a Plan – You need to make a new budget that you’re comfortable with. Even when your debt negotiation is approved, ensure you have a plan in place to move forward with confidence.
    • Don’t Work Alone – Finally, you’re not in this alone. Dealing with creditors can be intimidating and stressful. Using a professional debt negotiator can help this process run smoothly.

     

    Are you struggling to make your repayments on time? This doesn’t have to be your reality. Debt negotiation might be the solution you’ve been searching for.

    Regain your financial freedom today with our debt negotiation services. For more information, please get in touch with a member of our friendly team now on 1300 368 322. The faster you act, the sooner we can resolve your finances for good.

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Debt Busters is an Australian owned business which was founded in 2005 - since then we have been able to help thousands regain financial control.

Debt Busters prides itself on providing a dedicated Client Service Manager to work closer with you and provide a higher level of customised service about your situation.