(Debt review Mpumalanga) First of all, your Debt Counsellor will assess the amount of money that you have available each month to pay to debt. Therefore a personalized payment plan will be formulated especially for you and the installments in this payment plan will be reduced according to your ability to pay. What you are left with is one easy reduced installment each month.
Furthermore, your Debt Counsellor will carefully works through your financial obligations and attention will be given to the amount of interest that you are paying each account. So, your Debt Counsellor will look at the installment you still have to pay on each account. Your Debt Counsellor will negotiate with your Credit Providers to lower your interest rates for the remaining period. As a result, this will save you a lot of money in the long run. Consequently, it will ensure that you pay off your debt much quicker. Take note that this is only a negotiation process and that Credit Providers are not obligated to accept these proposals.
In addition, the moment a consumer applies for Debt Review, a notification is sent to all parties involved. Thus, right after you have applied for Debt Review none of your Credit Providers can take legal action against you. After your Debt Counsellor has done a detailed assessment, they will declare you over-indebted or not over-indebted. If you are over-indebted, the Debt Review process will continue. An affordable amount will be deducted from the consumers’ bank account each month. Please note that when the consumer defaults for longer than 30 days, legal action may again be taken against the consumer.
Debt Review can be seen as consolidation because all installments are combined into one payment per month. The only thing a person under Debt Review needs to worry about is ensuring that their debit order goes off successfully every month.
When the Debt Counselling process begins. Your Debt Counsellor will assess your financial condition. If your Debt Counsellor finds any reckless credit within your list of debt obligations they will be able to lower the interest rates charged on these accounts.
Make sure your Debt Counsellor is registered with the NCR National Credit Regulator and DCASA Debt Counsellors Association of South Africa.
