Debt is something that just about everyone has to deal with at some point in their life. For the most part, people are able to pay off their debts; however, in some cases, they just can’t seem to pay it off. This is typically due to conditions that are beyond a person’s control. Most often, people accrue debt for homes, schooling, or automobiles. Then something unexpected such as a car accident, a job loss, or a medical expense occurs. This usually negatively affects your ability to pay back your loan. Since you can’t pay back your loan because you lost your job or are experiencing some new economic hardship, the loan starts accruing interest and late fees. The late penalties make it even harder to pay back the loan and you slip further into debt. This is the kind of cycle that is so hard to break out of. A debt agreement can help you get out of the spiral of debt.
A debt agreement is an agreement between you, the government, and your creditors. Your debt interest rates are frozen and your debts are bundled. You can then negotiate to pay what you are capable of. Even though you are in debt, it’s important to keep in mind that you’re not powerless. You have some power because the creditors want their money back. They want to work with you, but they also want to get you to pay as much as possible. Debt Negotiators are professionals who work for you to help renegotiate your debt in your best interests. They are professionals who are well-versed in the legal ramifications and the complicated legislation governing debt agreements.
It might be tempting to go it alone in an attempt to save money, but you probably won’t end up saving any money. If you are even able to secure an agreement by yourself, you’ll probably end up paying a lot more than you would have paid with a good negotiator. A negotiator is an advocate for you and is committed to keeping your payments as manageable as possible.
What Is a Debt Agreement?
Simply put, a debt agreement is an agreement to bundle your debt and pay it off in total. To qualify for a debt agreement, you have to have not been in bankruptcy for the past ten years. You will need to have an income that is below the threshold. Your debt obligations also have to be below the threshold. Lastly, you have to be able to prove that you are financially insolvent. It’s not always so simple to prove all of these things, which is something a negotiator can help you do. If you work for yourself or have worked several jobs recently, your tax situation might be somewhat complex. A good negotiator can pull all of that together and help you present it in a way that allows you to restructure your debt.
Your creditors want you to pay them back; you just need a good advocate to make sure that you can strike a deal in your best interests.