If you are drowning in debt and it feels like it is taking over your life, it may be time to seek
assistance. Taking responsibility for the debt problem and acknowledging that there is in
fact a problem is the first step you need to take. You can also consider debt review. Some
feel wary of applying for debt review, believing that there is a stigma attached to the
application. Debt review can be the solution to your needs, and by applying for debt review,
you can begin the journey to becoming debt free.
What is it actually?
In a nutshell, debt review is the process where a debt counsellor will assess your
outstanding debt and implement a restructured debt repayment plan. If you are wondering
whether it is worth applying for, the answer is undoubtedly that debt review is a very good
thing for over-indebted consumers. It has changed thousands of lives for the better. First
introduced by the National Credit Act in 2007, debt review is an opportunity for guidance
and assistance for over-indebted consumers. An over-indebted consumer is someone who
cannot make their monthly payments. It can assist you by providing protection against your
credit providers taking legal action and by providing more affordable debt repayments.
So how does it work?
If you find yourself to be over-indebted and cannot make your monthly repayments,
schedule an appointment to see a debt counsellor. He or she will assess the full extent of
your debt situation. A debt remedy, or repayment plan will be planned. This will ensure that
you can have an acceptable standard of living while repaying your debts according to your
affordability. After this, your debt counsellor will negotiate a restructured payment plan and
obtain a court order confirming the new repayment plan. The new repayment plan will be
within your means, in other words, you will be able to afford the new payments. He will
negotiate with your creditors to have your instalments and interest rates reduced. The main
benefit of debt review is that it can protect your assets from being repossessed by the credit
provider. Debt review and counselling is an opportunity for you to take charge of your life
and regain control of your finances.
Contact One Debt today for more information on why debt review is worth considering.