Can I Negotiate With My Creditors?

If you are struggling to keep up with your personal or company’s regular payments, you can try to negotiate a reduction of your payments over a longer period to make things more manageable.
This can be done on a temporary basis if your income is reduced for a short-time due to something such as illness, or this can be done to achieve a more long-term solution to help you organise your debt repayments.

Our team of dedicated experts can represent you and negotiate on your behalf, working to reach a mutually acceptable agreement with your creditors. We understand the complexities of creditor negotiations and we can help you protect your interests and find the best solution for everyone. Each case is unique with your own circumstances, so we will always endeavour to find the best course of action for you, rather than adopting a ‘one size fits all’ approach.

A Debt Management Plan can be a good option to deal with your personal debt before having to enter into bankruptcy. This plan is a way for you to informally agree with your creditors how to pay what is owed over a prolonged period of time. They are usually put in place either when debts can only be paid off in small regular amounts, or when the debtor needs some additional time in order to make payments. This system allows creditors to trust that they will receive the funds they are owed, even if it will take longer than first thought, and also takes the stress of managing the debt away from you.

We will work with you to put together a payment proposal and negotiate with your creditors to reach an agreement that satisfies all parties. Creditors may be willing to accept a lower repayment amount per month over a longer period, or agree to some other form of restructuring plan that reduces the debt. We will then oversee the repayment process to ensure that it is suitable and to ensure that the terms of the agreement are being properly met.

If you are struggling with your current debt repayments, we would strongly recommend looking into a Debt Management Plan before considering personal insolvency. It can have a less damaging effect on your credit score and can ensure that both parties are taken care of, helping you to maintain credit options in the future. To learn more about Debt Management Plans and how Exodus Insolvency can help you, get in touch with our team today. Call us now at 028 9344 0096, or request a callback for a free initial consultation to discuss your case and to give you a clear understanding of the fees and processes involved with a creditor negotiation. We can help to support you through financial difficulties, so reach out to us today for comprehensive advice and guidance.