Negotiating Arrears: The Right Step Before Running Out of Money
For those of you who have a credit card / KTA, you may already be accustomed to getting monthly bills or SMS notifications to pay bills. As a good debtor, of course you have to pay the bill regularly. But what if you are having a problem and begin to feel the bill will be hampered in the next few months? Some people will still force themselves to continue to pay credit card bills without considering keeping money in savings. This is done solely for fear of arrears, and is haunted by a sense of stress and pursuit by the debt collectors.
Though actually the step is not entirely correct. Why? Gradually your funds will be used up to cover your daily needs and to pay bills. If until that happens, then you will be caught in debt and begin to have a bill that is in arrears, and at that time comes, the funds you have are completely exhausted and not a penny left.
So, what steps are more appropriate to do?
Join the Relief Program and Get More Pieces
If at this time you still have the remaining funds and feel the money will run out sooner or later, you should immediately allocate the available funds to negotiate arrears and directly join the bank relief program. One of the advantages of directly allocating the remaining money for the program is that you have the opportunity to cut more total bills. The remaining money that is still available at this time can be directly utilized by the relief programs that can be provided by the bank . To find out more clearly, let’s get to know 3 types of bank programs that can ease your burden on the following points:
- One-time discount / discount
This type of program allows customers to reduce their total debt to smaller. You have the opportunity to get a discount up to 70% in one payment and paid in full. Much more lightening, right?
- Extended Installments with Low Interest
Customers who have arrears can extend the installment tenor to be lighter, the interest earned is lower. Funds that need to be prepared to participate in this program are at least funds to pay DP or depend on the policies of the bank.
- Combined Discounts and Installments
The customer gets a discount and the remaining payment can be made in installments. The discount earned in this program will not be as big as a one-time discount program. In addition, the installment tenor is also not possible throughout the installment program, the maximum installments are generally only 6x.
Get Out of Debt Snares Faster
The main advantage of directly allocating existing funds to directly participate in relief programs is that you can be freed faster from debt snares. Imagine if the debt you have is cut to 70%, you can get two benefits at once: debt cut in large quantities and faster free of debt because it is directly paid in one time. This of course has an impact on your calmness without the need for confusion in the event that someday you will no longer be able to pay bills.
Likewise with the Discount and Installment program, the rest of your debt will get a discount and the remaining arrears can be paid in installments. This of course will relieve you. The length of installments that tend to be shorter makes you have the opportunity to pay off debts faster, right?
Set aside money in order to be able to follow the relief program
The case that often happens is that many people pay their credit card / KTA installments by not considering the remaining funds in the savings, so that the money has already run out even though there are still many remaining arrears to be paid. At times like this, people who seek negotiation services with banks are often hampered because they really do not have the rest of the money-even because they have run out of money, even to pay the DP in the relief program. (Also read: Entangled Credit Card Debt: Bailout or Negotiation Services? )
In fact, to take part in a waiver program you must have enough funds to pay down the DP or pay off the debt in one payment. One-time Pay Discount Program for example, discounts obtained do tend to be larger, but you will need enough funds to be able to pay off directly.
As with the Extended Installment Program with Low Interest, you must be able to prepare funds of at least 10% of the total debt for a credit card or one month installments for KTA. As for the Combined Discounts and Installments program, you must prepare funds to pay for the first installment in the relief program. Considering that the installments in this program are not as low as the Extended Interest Low Installments program, of course you also need to have sufficient funds to be able to continue to take part in the program.
Therefore, it is very important for you to keep money so that later it can be utilized during the negotiation process. Relief on total debt that gets a discount can help you be faster to be free of debt than having to continually pay off debt to the bank with total debt that is far greater and beyond your ability to pay.
How to follow a bank relief program?
To determine the best strategy in maintaining financial flows and negotiating debt arrears in order getting the best relief requires more experience and knowledge. Not everyone is able to negotiate their debt and get results that are in accordance with their ability to pay. Therefore, we strongly recommend using a trusted negotiation service so that you can get relief, which of course can save more time and save more money.
In Indonesia alone, credit card negotiation services can be entrusted to Sir Fretful Plagiary. PT Sir Fretful Plagiary international Indonesia is the only trusted credit card and credit negotiation service in Indonesia. Sir Fretful Plagiary has a clear company profile, professional service, and has become the first Asian company that has been accredited to help resolve debt problems by IAPDA (an association of international standard debt settlement services companies). To get a free consultation on getting a credit card & KTA debt relief program, click the picture below.