Debt review has been instrumental in helping responsible customers who wish to repay their debts but are in difficult financial situations. It provides individuals who are overly indebted to restructure their debt repayment plans.
If you are overwhelmed with stress and uncertainty that’s associated with being in debt, here are 3 good things about debt reviews that will highlight to you what the process can do for you:
1. Debt Review helps you Restructure Your Debt
A debt reviewing process gives you the opportunity to properly schedule your debt repayment. A debt counsellor can assist you develop a budget that’s friendly to your financial needs—most debt counsellors will propose a budget to work with after they have taken into account your utility expenses. This will not only allow you to allocate your income to pay the debt seamlessly, but will also enable you to set realistic goals for the debt repayment as per your future earnings.
2. Straightforward Payments
The debt review process can assist in simplifying your payment procedures. Under the debt review process, you will be given a chance to make separate payments to your creditors as installments. Again, since the debt review process is considered a rehabilitation process, you will be given a credit clearance certificate when you’ve cleared everything. What’s more, debt counsellors can help you restructure and reduce the installments that you pay to your creditors on a monthly basis. This will ensure that you don’t become broke and that you have adequate money at the end of the month for other living expenses.
3. A Chance to Discuss Payment with Your Creditors
The debt review process also provides ample opportunity to negotiate repayment terms with your creditor. A debt counsellor, for instance, can help you get repayment terms that are not only friendly, but that are easy to pay as well. Without a debt counsellor on your side, creditors in South Africa might charge you a higher amount.
Additionally, if debt payments are not made to your creditors at the agreed date, you may face negative consequences. A debt review can save you from such consequences and can prevent creditors from taking legal actions against you. During the process, debt counsellors can help you restructure your debt repayments so that you can effectively plan how you are going to repay the creditors.
Remember, the debt review process doesn’t erase your debts or give you a chance to escape your commitments; it is simply a way of restructuring your debts in a simple and affordable manner so that you can get your head above the water and start moving towards a debt-free life.
Contact One Debt for a free and no obligation debt review assessment.