Have you ever heard of debt review? Well, if you are struggling with your monthly payments and debt is slowly choking you, it is probably what you will need. And you are not alone in it!
Countless people are considering debt counselling to get some relief from crushing debts as well as prevent any legal action while trying to sort the finances.
What Is Debt Review?
This is a process through which debt experts talk to the creditors on your behalf to allow you to consolidate the debts. Once the debts are consolidated, you make affordable monthly payments that allow you to pay the creditors as you cover your own living expenses. You need not be over-indebted to qualify for debt counselling. You can simply seek these services any time you need a better debt repayment plan.
How Does It Work?
Well, debt review has a simple process.
1. Get a qualified and licensed debt counsellor, like those at One Debt.
2. Submit your identification documents and a record of all monthly expenses to the counsellor for review.
3. The reviewer then determines whether you are over-indebted or not. Being over-indebted simply means that your required monthly repayments exceed your income.
4. Have a sit-down with the counsellor to work out the numbers, after which you can make a formal application. The debt counsellor will take you through the application process and costs.
5. The debt consolidation experts then contact your creditors with the new repayment plans, as well as alerts the credit bureau of the debt counseling process (NOTE: this is not a blacklist!)
6. Once the creditors are onboard, you’ll get an official repayment plan, which will also be submitted to the payment distribution agency. The agency will be taking the repayment lump sum ad splitting it between the creditors.
But Can Debt Counselling Really Help?
Well, if you are way over your head in debts with no escape, debt review is probably your best bet out of crippling financial crisis and legal battles. Here are the benefits of debt consolidation.
When under debt counselling, credit providers are prohibited from touching any of your assets in legal action. This protection is valid until the debt is fully settled.
Debt reviewing process is never recorded under the Consumer Credit Bureau. This means that you can safely get out of debt without leaving a black mark on your financial record!
You make one single repayment for all your debts, which makes it easy to pay the debts as well as manage your living expenses.
Asking for assistance can be a tough call. However, staring at crippling debts and possible loss of assets and eventual bankruptcy is even harder. Therefore, if you feel overwhelmed, you should rather consider debt review. Contact OneDebt today for a consultation!