- Emma Parker
- June 23, 2023
Being debt-free is just a matter of time, isn’t it? However, it is a matter of skill too. Yes, it is extremely difficult to showcase one’s skills at the time of suffering from debt. You may still try. Trying does push you forward, and it, on many occasions, reveals a new way to consolidate debt. Negotiation is one of them.
You might ask why negotiate when you are trying to come to different instalment methods. A debtor might try to analyse his or her finances and come up with strategic repayment amounts for instalments that the creditors have dictated. Although that’s useful, you may as well try to just talk to your lenders. A little conversation can help you find alternative routes to repayment. Thus, consolidating debt can get easier for you.
In this post, we will briefly discuss a few points about debt negotiation. Being one of the worthy and tactical debt consolidation methods, it can give you the upper hand in repaying your debt.
- Use the Best Balance Transfer
Cardholders use this tactic to get out of debt, of course. However, they might not get this opportunity with every credit card issuer. It is because not all credit cards offer flexible perks that help a debtor use a balance transfer to repay debt.
The way to use a balance transfer is actually to use a balance transfer credit card. As mentioned earlier, you may not get this facility with all credit card issuers because they do not provide these special credit cards. You can use these cards with 0% balance transfer facilities for up to a year. You can transfer your balance to this new credit card. However, you cannot use this card or the old one. It gives you a chance to save money to consolidate your debt.
- Call Your Credit Card Issuer
Credit Card issuers are companies that offer you a line of credit through a credit card. Almost all credit card companies will lower their rates if you get in touch with them and tell them about your current financial issues. Why would they allow you, though? It is because no company wants to lose a valuable customer.
Keep in mind that it is not about convincing them. Be frank with your own finances. Tell them where you are facing issues. Ask them generously for reduced rates so that you can help yourself with repayment. You can use the following tactics:
- Call your credit card company or visit the organisation in person.
- Tell them that you have balance transfer options received. However, inform them that you may be willing to take it elsewhere, provided you find a better rate.
- Don’t stop at once if your efforts bear no fruit. They will. Keep on asking a few days later and then repeat the process.
- Make an appeal to speak to the supervisor.
As mentioned earlier, these tactics work even well if you don’t have many pending payments in the last year. Even if you do, persuading the credit card issuer for better rates is always better. It might work if you are patient enough.
- Use a Debt Consolidation Loan
You might think that it sounds absurd. Why would you want to repay previous loans with another loan? The answer to that is sometimes, you need to fight older debt with new debt. As a matter of fact, debt consolidation loans can solve the debt problem even better than the previously mentioned strategies.
It has got its reasons, though. By making advanced calculations and using methodical ways to consolidate your debts, you will come to the point of comfort regarding a debt consolidation loan. Let us explain.
Let’s suppose you are suffering from a bad credit score. It can be a normal matter when you’re suffering from debt. If you take out a 5000 or 1000 pound loan for bad credit, then these benefits will follow:
- You can immediately pay off your previous debt in full amounts.
- Debt consolidation loans can help you repay multiple debts at once.
- You can save yourself from a variety of alternative repayment amounts and interest rates. It is because you get only one rate and repayment term with a debt consolidation loan. Most debtors find it extremely comfortable.
- You can save money for a single interest rate and repayment amount.
- Since debt consolidation loans are unsecured, you can use them without collateral, making them even more flexible.
- Most lenders can approve a debt consolidation loan in minutes. Using them, you might resolve your debt issues quickly. It may save you, thus, from the risks of increased interest rates.
We are a private lender. We do have effective debt consolidation loans for you. It is a wrong idea that these loans come as secured or they need a hard credit check. We understand what a debtor is going through. That is why we don’t bring a number of features and measures to help you repay the debt. We just want to see if you can repay us the loan with your income. You may leave the rest of the job to us. We will help you consolidate your debts.
Speaking of income, we have short-term loan offers that might come in quick assistance. These products are helpful when consolidating debt as an emergency or in an emergency. You can choose the payday loans with no credit check we provide. As you have already guessed, payday loans are the kind of loans you take out today and repay on your next payday (the day you get your salary). This loan then helps you solve your previous debts and their own repayment faster.
One pro tip we like to add here is to ensure you are repaying your creditors in time. Whether it is us or others, missing out on payments can result in penalty charges and increased interest. It’s quite painful. You may use automation to solve this problem. There are other ways too.
We would love to have a word with you on debt consolidation. Get in touch with us by phone or in writing. We will definitely respond the quickest.
Emma Parker is a financial counsellor at LondonLoansBank and has been serving for over 5 years. She is a psychology graduate from the University of Glasgow. Since she has keen interest in the finance field, she pursued a diploma course in banking and finance that led her to opt for her current career. She assists people choose the best loan based on their current financial situation and credit score. As Emma understands how people react to money problems, she gives them a helping hand to solve their financial complications.