Professional Help for your Financial Affairs

When you are trapped in a debt cycle, the situation seems hopeless. You find yourself accumulating more debt with late fees, compounding interest, fines and penalties and your income falls well short of covering the mounting debts. Your letterbox fills with late notices and constant phone calls from creditors adds to your stress levels.

There are a few options to free yourself of the cycle. At times the easiest option seems to file for bankruptcy however this brings with it consequences and should be used as a last resort. Another option is to try consolidating your debts into one loan but that may not be suitable due to the size of the debt and finally the lesser known option which is debt negotiation.

What is Debt Negotiation?

Debt negotiation is the process of contacting all creditors to advise them of the difficult financial situation you are in and to request that they consider reducing the balance of the debt.

Creditors are often willing to negotiate the size and terms of debts to recover some of the funds rather than lose it all through bankruptcy. However, speaking to your creditors can be daunting and the negotiation process is often drawn out and complicated. Using a professional firm to handle the negotiations on your behalf can sometimes result in a greater reduction in the size of the debt and immediately relieves some of the stress. Professional firms can handle both personal and business debt negotiations.

Who we Negotiate With

WA Insolvency has negotiated with a range of creditors on behalf of individual and business clients, but the following are the most common organisations and individuals we negotiate with:

• The Australian Taxation Office
• The Office of State Revenue
• Creditors/suppliers
• Banks/financial institutions
• Business partners
• Company directors
• Shareholders
• Customers

Why Creditors are Willing to Negotiate

Creditors will always prefer that their debts be paid in full but when it looks like a client will not be able to pay and they are at risk of having to write off the entire debt, they are willing to negotiate a reduced balance. The benefits of a negotiated debt to creditors include:

• A faster lump sum repayment may be on offer
• Staff time chasing up the debt is reduced
• Receiving some payment is better than no payment
• Debt is cleared from their doubtful or overdue accounts 

How the Debt Negotiation Process Works

Make an appointment to meet with an experienced WA Insolvency consultant in person. Let us know the details of your debts and if we think debt negotiation is the most suitable solution for your situation, we’ll request a copy of a statement with the account or loan number. We’ll make contact with each creditor advising that we are working on your behalf to negotiate the debt. We’ll keep in touch to let you know the progress and then let you know the terms of the proposed agreement.

Dealing with financial affairs pertaining to your company can be daunting. It's advisable to seek out experts or agencies that can assist you with details for professional help in matters of financial affairs. http://www.wais.com.au/