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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 Augustine Mbam - - 5 Mins Read
Image by Sam Williams from Pixabay |
Worrying about debt - Image by Sam Williams from Pixabay

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 may feel parasitic as these companies you owe collect fees and monthly payments for a long time.

Since it may be challenging 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 settlement program.

But should I negotiate my debt myself?

Well, this is a dramatization of Mr. Sean Darwin and how he chose to negotiate debt settlements with his creditors. 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 debt, 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 DIY your debt negotiations alone has many potential setbacks. It can take a lot to convince your creditors to reduce what you owe them, which is what they won’t usually like.

The need for more 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 with them. Also, since you are emotionally connected to your financial situation, you might make blind decisions out of frustration or agree to deals that may trap you.

How Did Sean Find The Right Solution?

Luckily for Sean, he found a way out through a program that TurboDebt presented. TurboDebt frequently introduces struggling consumers to a debt settlement program that principally concentrates on helping consumers out of debt.  

“I wish I had heard of TurboDebt sooner. My friends' stories about how bad some debt settlement companies are shaped my opinions about TurboDebt without speaking with them myself. The consultation helped me gain a lot of insight into my debts and financial situation”.

How Did TurboDebt Help?

TurboDebt understands the entire debt settlement process. They have an extensive team of representatives committed to helping people enrol in outside debt relief programs. 

To help Sean and thousands of others struggling consumers in their effort to resolve their debts, TurboDebt presents a private program geared toward negotiating and settling debts.

Starting with a free consultation with TurboDebt, you will be able to gain top-notch advice on how best to tackle your debt problems. The company would also help you build a solid strategy after examining your situation and refer you to a program to resolve your debt as quickly as possible.

It is best to do your debt negotiations with professionals. TurboDebt presents programs that are focused on helping settle debts.


*This website receives compensation from companies mentioned in our advertorials. The stories told are dramatized for added interest. Perform your own research and due diligence before signing up for any programs.