Debt consolidation can help if you are worried about credit card debt. The greatest benefit of using a credit card is also the greatest risk – you can pay now and worry about the balance later. When month-end comes, and you have to settle your credit card balance, it can often be a shock just how much you spent during the month. It’s very easy to lose track or get enthusiastic with credit card spending, and many South Africans find themselves with mounting credit card debt as a result. If you are concerned that your credit card debt is becoming unmanageable, you can apply for debt consolidation.
How does debt consolidation work?
Debt consolidation with One Debt is simple and easy. We have a ten-step program that takes care of every aspect of managing your current debt and setting you back on track with financial responsibility. To begin, you need to apply, either by contacting us directly or using our handy online application form. You will need to supply your personal details, ID, proof of employment, financial statements and a list of your creditors and outstanding debt. Once your application is processed and approved, you can sit back and let us take care of the rest. Our first action is to alert all your credit providers, the NCR and the credit bureaus that you are under debt review. This will prevent any legal action being taken against you regarding outstanding debt. We then confirm with all your creditors the balance of your outstanding debt. with a Payment Distribution Agency, we create a detailed proposal of your budget a repayment plans, outlining the amounts necessary to repay your debt with enough to still cover your living expenses. Once this plan is accepted by your creditors, all you need to do is make the single monthly payment as outlined in your plan, to the Payment Distribution Agency. This payment is then divided and paid out to all your creditors as necessary, until your debt is alleviated.
Ten steps to debt success
Once your plan is completed and all your debt is repaid, we will issue a Clearance Certificate and clear your credit record. Contact One Debt today to find out more about our debt consolidation for credit card debt.