You may have heard the term ‘debt review’, but are uncertain as to what it entails. Many
consumers find themselves over- indebted. That is, they find themselves struggling to cope
with the amount of debt they have. A large number of people are unable to meet their
monthly financial obligations.
Being in debt is stressful, particularly if you aren’t certain how to find the money to pay your
next month’s bills. There is a way that can help. Debt review is a debt solution that can help
you, as an over-indebted consumer, to take control of your finances.
How can it help?
When you apply for debt counselling through a registered debt counsellor, you are taking
the first important step to control your finances.
The process is as follows:
- Once you have approached a debt counsellor, you’ll fill in a form 16 which contains
all your details including your financial situation.
- The debt counsellor will inform all your credit providers, including the credit bureau
that you have put in an application for debt review.
- After receipt of certificate of balances from your creditors, the debt counsellor will
draft a repayment proposal, which is then sent to your creditors.
- Upon acceptance of this proposal, an agreement will be in place that is then made
an order of the court.
- You will then begin making the new monthly payment directly to a payment
distribution agency. They ensure your creditors receive their payment.
- Once all the debt is repaid, the debt counsellor will issue a clearance certificate
confirming that all payments under the agreement are paid.
Debt review is a debt relief option for those who are committed to becoming free of debt. It
can be a lengthy process, depending on the amount of debt that needs to be paid. However,
with the goal of becoming debt free in sight, it is a process definitely worth considering.
Speak to One Debt today for further details regarding debt review.