There is a shortfall in the monthly payment but that is the minimum amount I can afford at the moment but the banks insist more payment or legal actions taken against me. How do I negotiate with them before I approach the debt consolidation consultants?
2006-09-05 19:18:21 · 7 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You have the whip hand, so write to them and tell them your terms:
1) To wipe off 1/3 of what you owe. Then
2) To increase the term of the loan so that you can afford the repayments (tell them the amount). and
3) Unless they agree, you will declare bankruptcy.
They will rush to accept it believe me, because the alternative will give them nothing. Another good thing for you is that because it will be done by agreement, your credit record will be unblemished.
2006-09-06 11:46:50 · answer #1 · answered by Anonymous · 1⤊ 0⤋
First you need to know what legal action they can take. Such as SD, Writ of Seizure, Bankruptcy petition (if the amount is more than S$10,000) and etc. However, legal action is very costly. As far as possible, most Banks will try not to take legal action, as they may end up unable to recover anything including the legal fee. Try to explain to the Banks your situation, can shown them any document to prove your situation, such as all bills. They will normally very nasty at first few negotiations, but slowly they will accept your proposal so long as you are paying. You don't need a debt consolidation consultants, it's make not much different.
2006-09-05 19:41:49 · answer #2 · answered by Tan D 7 · 0⤊ 0⤋
There are many missing bits in your question. However as a general rule, the banks have a lot of resources compared to you. They are on stronger grounds: at least in the legal sense. On the other hand they are not monsters either. I suggest that you explore your options including enlisting assistance from parties set up for the specific circumstance e.g. legal aid, problem gambling etc. You are not alone in this world: just do not think that you are a big hero by taking on all and sundries.
2006-09-05 21:44:16 · answer #3 · answered by Tom Cat 4 · 0⤊ 0⤋
Well, you can go to them and tell them that you would really love to pay and negotiate for a longer repayment preiod so that your monthly is decreased..
You see.. your paying them over a longer period of time is actually more beneficial to them than your being bankrupt and them ending up with NOTHING.
If you are serious about negotiations, do not avoid their calls and do not refuse to see them when they require to meet you.
Don't worry.. legal action takes quite a few months to get settled.
Your best bet is to find a LUMP SUM of money and pay back or you will forever be paying interest...
Tat's advice from my fren who was a quarter million in debt..
Good luck!
2006-09-06 16:42:01 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Why can we want a petition? severe costs are already unlawful, don't be afraid of those human beings in simple terms through fact they are banks and fiscal institutions, take them to courtroom, cope with them as they cope with you. The regulation is ALREADY on your area, all you may desire to do is locate it! I take your element nevertheless and have signed petition.
2016-11-24 23:57:43 · answer #5 · answered by Anonymous · 0⤊ 0⤋
With a lawyer
2006-09-05 19:19:33 · answer #6 · answered by Anonymous · 1⤊ 0⤋
tell the bastard you will file chapter 13 and to quit asseling you
2006-09-05 19:26:02 · answer #7 · answered by aldo 6 · 0⤊ 1⤋