How to negotiate my debt with the bank?

Being over-indebted or having past due debts brings many problems in our day to day. One of them is the constant calls from the banks, who will seek to contact you so that you can send them the corresponding payment. If you have debts with a financial institution and you want to negotiate them, this is possible! And you can even do it before it affects your credit reputation.

How to negotiate a debt?

negotiate a debt in Peru

Before negotiating your debt, you should know exactly who you have it with, since it may still be in the bank or it has already fallen into the hands of external offices (in case the bank does not have its own collection department). The latter usually happens if you are more than 90 days late in your payments.

The negotiation with your bank will depend on the collection stage you are in. If you are 1 to 90 days late, it is an administrative charge; After this time, up to 120 days, it is an extrajudicial collection, where you will be notified that, if you do not pay, the matter could go to legal areas. Finally, if the delay is more than 120 days, it is likely that you already have a lawsuit for debt in Peru.

Negotiate or just stop paying?

negotiate or just stop paying

The first mistake you should avoid if you want to negotiate with your bank and obtain greater benefits is not paying your debt. The best thing you can do, as soon as you realize that your finances are not enough to meet the monthly fee, is to approach the bank so that the entity offers you a realistic solution, according to your current situation. The bank could propose a new payment plan in which, for example, the number of installments is increased and the monthly payment is decreased. In this case, it depends on each financial institution if interest increases, increases or decreases.

Financial rescheduling is it right for you?

debt rescheduling

One of the options that the bank will offer you to deal with your problem to pay your debt is to reschedule it. Rescheduling allows you to extend the payment term of your debt by a certain number of fixed installments that will allow you to meet your obligations. In addition, it usually has a preferential interest rate. Debt rescheduling is usually applied when you are not more than thirty days late in your payments and your credit history is good.

Debt consolidation

Another alternative, if you have debts in different banks is to consolidate them so that all payments are made to a single entity, on the same date. Like financial rescheduling, the purchase of debt does not affect your credit history, it also allows you to reduce costs, commissions and interest because all debts are unified.

Refinance your debt, if you are late in payment

In the event that there is already a delay in the payment of the debt, the solution is refinancing; However, this affects the credit history, since the financial institution has to report you to the credit bureaus, so your credit rating will go down. Another problem with debt refinancing is that they generate new interest, generally higher than the previous ones.

Compared to the previous options, in the case of problems paying your debts, there is the alternative offered by alDía: Pool. A program that allows people to pay off their past due debts, with a single payment.

This alternative makes it possible to pay off the debt, and facilitates reintegration into the financial system; However, to qualify for that, you must have the total balance that is owed so that alDía can negotiate collectively, with the bank, better conditions and discounts that favor you. If you are interested in being part of Pool, contact us! Our advisors will guide you in this regard!

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