The financial difficulties faced by the country have put in question the financial health of Portuguese families. The increase in non-compliance with the contracts forced families to renegotiate loans as a way of saving each month and being able to pay their loans.
There are several mechanisms to renegotiate its credits, being the most popular, the extension of the term, the lack of capital or until the consolidation of credits. What is important is to recognize that the objectives with the renegotiation of credits will always be, or the reduction of the overall cost of the same through a reduction of interest or the monthly impact on the family budget.
Regardless of the purpose that may make sense in your financial life it is critical to check out a few simple steps.
Why It Makes Sense To Renegotiate Credits
Although you can have your credit all up to date it may make sense to analyze the various characteristics of the same as it may be possible to reduce benefits and bring some financial backlash to your family budget.
Imagine having a consumer credit that your weight is not even significant in your monthly budget. However, the interest rate on credit is substantially higher than the market average, it may make sense to consult your bank about a potential downgrade.
Renegotiating Credits Is A Good Solution For Financial Difficulties
Similarly, if you anticipate financial difficulties in your life the renegotiation of credits can make sense if you want to maintain the levels of compliance you have been recording up to then. This anticipation can bring many advantages and one of the most significant is the maintenance of good name in credit.
It is true that the renegotiation of credits for a client that has all its history and positive credit (in compliance) of a client that is in default or incidents in this matter is completely different.
One way to anticipate your financial difficulties is to evaluate your future effort rate . For example if you know that you will experience a decrease in income or that some event in your life has increased your responsibilities in terms of expenses, it is essential to verify that you still have an adequate effort rate.
An effort rate of 30-45% is suggested for mandatory fixed costs and is advisable and any amount above this range reveals potential future non-compliance. Addressing your bank with this indicator may make sense in renegotiating your credit.
Have a Solution to Renegotiate the Credits
Banks like to be them to analyze a possible renegotiation of the credits of a certain customer. However, do not let the bargain only on the bank side. If you present to the bank the solution that you consider most advantageous for you, this solution will certainly influence the proposal that the bank will present to you.
So, submit a letter to your bank stating all the reasons why you need to renegotiate the credits and demonstrate how you will be able to fulfill your responsibilities. A map of your monthly budget identifying expenses and income as well as the credits you have can be a good example of studying the impact of any credit renegotiation.
Ask for “Discounts” in Trading
When the debt is already made and the interests of the parties collide, there is nothing better than to ask for discounts to the proposal presented by the bank or the solution that they indicate to him. Your interest is to fulfill your responsibilities, or if that is not the reason you approach your creditors by proposing the renegotiation of loans and the interest of the banks, you are fulfilling your responsibilities.
So, everything is in your favor, you want to pay and the bank wants to receive, so there is scope for renegotiating the conditions presented. As you can see in a simple way, you can renegotiate your credits with a view to saving interest or reducing the monthly weight of credits.
BBW Finance Negotiates Credits for You
BBW Finance specializes in credit negotiation. It tells us the experience that it is possible to reduce benefits on average by more than 30%. It can be a bureaucratic and time consuming process but not being immediate its impact on your financial life is expressive. Let’s imagine what it will be like to live with more € 200 or € 400 every month … Mark your diagnostic query and see how you can start saving already.