You might be looking for some thoughts and experiences with Debt Negotiators based in Bankstown, NSW. Let’s have a look, shall we?
You’re probably having a hard time right now. Am I right? Like you’ve been treading water for quite some time and now someone has come to the rescue.
Do you need Debt Negotiators or can you do this all by yourself? It’s expensive sometimes to use such services, but they can save you too.
What we want to know is: Are they the real deal for people doing it tough?
Let’s have a look.
Debt Negotiators Australia Review
Their website looks very good and the report that they’ve helped over 15,000 Australians get out of debt is remarkable. Compared to notorious payday lenders, that’s literally a saving grace.
(In case you didn’t know, we’re 100% for getting OUT of debt here)
What Debt Negotiators do is help you take control of everything. This way you can reduce the overwhelm and stress and hopefully have some extra money each week.
They can help you in several ways actually:
- Debt consolidation where you bring together a range of difficult debts like credit cards and personal loans under one umbrella
- Debt agreements when you’re in arrears and want to catch up.
- Credit repair services so you can take out a car loan for work without worrying about being rejected.
- Negotiation with your current debt collectors so you can perhaps get a discount on the original debt.
- Help you with budgeting for your weekly pay cycle
- Personal loans (We’re against taking out these actually)
- Dealing with credit card debt and can help you eliminate these over time through their strategy
- They might even get you a better rate on your home loan amongst all the chaos.
We like the amount of information that they provide on their website. It’s very helpful actually.
User reviews and experiences
Debt Negotiators have claimed to have helped thousands of Australians but the reviews are a bit on the low end. That’s a mild red flag in our eyes.
That said, the people who have helped them have been impressed, with 4.5 stars at this time of writing. This credit counselling service clearly knows how to help people out.
It’s often a case with these companies that there is a percentage of people who are just too far gone. Debt negotiation companies just can’t help them when they have 11 payday loans, 17 credit cards and 5 months in arrears on their home loan.
Well, that’s an extreme example, but you get the point. Debt Negotiators can’t help everyone but they do the best that they can.
What does Debt Negotiators actually do?
In Australia, debt negotiators will create a proposal with your existing creditor so the arrears and penalty interest will be stopped.
Sometimes you might be up for several hundred in a fee for this privilege. It can be really worthwhile actually because it saves you talking to nasty and rude debt collectors over the phone. Often worth it in our opinion.
Others charge a part of the savings that they can get for you. We like this approach as they are motivated to get as much of a discount for you that they can.
|Original debt amount
|Negotiated debt amount
|Total saving for the borrower
|Commission for Debt Negotiators
|Final saving result for the borrower
That’s a basic example which shouldn’t be relied upon because everyone has a unique situation. What’s evident is that they have created $2,400 in savings for the borrower which should be applauded!
We can see a true win-win situation here unlike payday lenders who just want to make a profit off your misery. We totally hate them here.
Some people try to tackle this on their own with their own paperwork and ‘legal templates’ which have no substance. And you know what? Most people wind up much worse than when they originally started.
Look – you do need the professional negotiators otherwise you might be up for harassment from debt collectors which is common in Australia. Often you’re not even paying anything out of pocket at all for the services on offer.
We don’t like the alternative options because you’ll have an impaired credit report for the next 5 years. If you need a new car for work, well tough luck there.
The options are:
- Bankruptcy (absolute last resort)
- Debt agreement created by you
- Personal insolvency agreement
We’re not a fan of any of these. They do have their place but you’re probably at a stage where you’ll get a much better deal with a debt negotiation company who can talk to debt collectors on your behalf.
We would recommend you speak with Debt Negotiators first to evaluate your options. You might find that you can get out of this mess without tarnishing your credit report.
While you might have a default listed, it’s much less impact than these 3 options above. Most creditors will still lend to you (albeit at higher interest rates) but at least you’ll have a chance in the off-chance you need a car loan to get by for a while.
So it’s often just a lot better to go with Debt Negotiators and get this sorted. After all, those debt collectors are becoming more aggressive each and every day.
Did you know that debt collectors can come to your house on weekends or after work during the week? Even as late as 9pm.
That can all stop if you use the services of Debt Negotiators or any of the numerous other companies in Australia.
We’ve gone and researched Debt Negotiators on your behalf. We did this because we wanted to give you our unbiased opinion.
In other words, we don’t get paid to write good (or not so good) things about companies. We just give you our raw opinions when we see Australian companies playing in the financial space in Australia.
Here at The Debt-Free Community, we’re impressed by what we’ve seen with very positive reviews for Debt Negotiators. It’s refreshing to see a company who actually cares about people in challenging times.
What would we recommend from here? Get in touch with them on 1300 351 008. They have solutions for people across Sydney, Melbourne, Brisbane, Perth, Adelaide and the Gold Coast.
Should you have any further questions, then let us know in the comments below.