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Should I Negotiate My Debt? A Look Into the Pros and Cons of Independent Debt Negotiation

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By adminpushub - - 5 Mins Read

Independent debt negotiation may not be the best solution to finding debt relief — we have suggested a couple of ways that may be better.

Owing someone can be extremely stressful and unpleasant, especially if you are yet to get a hold of the amount to offset your entire debt. When you have debts but can’t pay them back early enough, the effects are often parasitic as these companies you owe leach on your fees and monthly payments for as long as possible.

Since it may not be easy to come by the entire sum you owe your creditors, you should find a way to negotiate how you will pay back less than you owe. This is called a debt settlement negotiation, and you can do it yourself or alongside a reputable debt negotiation agency.

But should you DIY for debt settlement negotiations?

Well, this is the route Mr. Sean Darwin chose to negotiate debt settlements with his creditors, but apparently, it wasn’t a well-thought-out idea.

Sean earned about $30k per annum but was neck deep with over $75k in debt. With a family to feed, a huge mortgage to pay off, and many other creditors to settle, Sean thought it best to approach his creditors to negotiate his debt.

“Owing this much debt scared me, and I didn’t want to add to it by working with a third party because of the expensive fees”, Sean had said.

Without a concrete plan, Sean proceeded to negotiate with his creditors. He sought huge cuts in his dept, but the significant lowballing irked his creditors.

After 6 months of trials, Sean could not get a fair agreement with his creditors. One of his creditors who offered him an agreement put in a very limited period and several other elements that would likely trap him.

“I had no idea it would be this bad”, said Sean.

“I was too focused on sorting out a negotiation that I paid little attention to reasonable money-making opportunities. I slacked at work and became depressed as I felt I couldn’t find a solution”.

Like Sean, deciding to negotiate your debt all by yourself comes with many setbacks. It takes a lot to convince your creditors to reduce what you owe them, which is what they won’t like.

The lack of time to negotiate is another reason your negotiation process may be more tedious. If you have many creditors, you might spend several months following up on them — there’s still no guarantee that it’d be a success. Also, since you are too emotionally connected to your financial situation, you might make blind decisions out of frustration or agree to deals that might be a snare.

But What Happened to Sean?

Luckily for Sean, he found a way out through one of TurboDebt’s programs through the recommendation of a colleague. TurboDebt is a debt settlement company that principally concentrates on helping its partners out of debt. Not only are they specialized in debt settlement, but they also offered Sean expert financial consultation for free.

“I felt naive for not knowing about TurboDebt for this long. I guess the stories my friends tell about how bad some debt settlement companies are shaped my opinions about TurboDebt without trying it out myself. The consultation really helped me to gain a lot of insight on how to maximize my money and build my cash flow; I can’t believe it was all offered for free”.

How Did TurboDebt Help?

TurboDebt understands the entire debt management process. They have an extensive team of financial experts committed to helping people close their debt pages in as little time as possible. 

To help Sean and thousands of other partners become debt-free, TurboDebt uses several approaches to determine how best to handle the situation.

Starting with a free consultation with experts, you will be able to gain top-notch advice on how best to tackle your debt problems. These experts would also help you build a solid strategy after examining your situation and refer you to the best program to get you out of debt as quickly as possible.

It is best to do your debt negotiations with professionals. TurboDebt provides several features and programs that can quickly help reduce a partner’s deficits, reduce monthly payments, extend repayment terms, or lower interest rates.

Also, suppose a partner has a good credit score. In that case, TurboDebt can help them accumulate a total payment package known as Turbo Debt Consolidation to offset their entire debt without significantly impacting their credit scores.

People like Sean Darwin would have less to worry about when a team of professionals is helping them solve their debt worries and even delivering useful advice. Hence, they never get into debt again.