Falling into the debt trap is easier than you know! A small purchase here or an emergency there and you’re out there looking for ways to get access to money that you don’t really have. Some of these situations are avoidable and others are not – the crux of the matter is that there’s not much you can do in a debt-ridden situation other than slowly pay it off.
However, there are times when you cannot pay off your debt because your income just isn’t enough to support you and pay off your debts at the same time. In such moments, the one thing that stands by your side is a debt review and the benefits that come with it.
What Happens in a Debt Review?
In a debt review, a debt counsellor sits down with you and all your financial details. They go through your entire debt plans, your daily expenses and all other financial transactions to see whether you can pay off your debt with your current income. If you cannot, the counsellor comes up with a new repayment plan – maybe a new interest rate or monthly payment rate – and then places that proposal in front of the organisations that you are indebted to.
In other words, the debt review is designed to make life easier for you by simplifying your debt payment plans or making it easier for you to pay them by changing the terms and conditions.
The Primary Benefits of a Debt Review
A debt review is not designed to remove your debts but is a way to make your life easier while you pay them off. The key benefits of a debt review include:
• Lower Financial Pressure: If it appears that you will be unable to pay off your current debts in time with your current income, the debt review can restructure your debt and make it simpler for you to pay things off, within the means of your income, with one single payment to cover everything
• No Legal Action: If you have debt that you are struggling to pay off, legal action can be taken against you. A debt review, essentially, protects you from these legal actions as organisations cannot take legal action against people who are undergoing counselling for debt repayment
• No Blacklisting: If you are struggling with debt payments, your credit-rating keeps going down until you reach the point where you end up being blacklisted. However, if you are undergoing a debt review and, subsequently, counselling, you won’t have to worry about getting blacklisted
What more reason could you need to go to a debt counsellor today? Call One Debt today and let us take care of all your debt problems forever!