Are you in debt and desperately need help? Please feel free to contact us and we will explain the debt review process and how debt review will be able to assist you. So you may ask, what is debt review? This question has been asked quite a bit and with more and more people looking debt review, we decided to give an explanation regarding this question.
Debt Review is basically the process where anyone who is in debt, can be placed under debt review in order to protect them from the creditors and not be blacklisted. The Debt Counsellor basically negotiates with your creditors about your outstanding amounts and then gets an agreement that you will repay the debts at the stated amounts owed. The creditor can then not take legal steps, unless they have already started with legal steps before you are placed under debt review.
There are fees involved as well that you have to pay, but we will discuss this in more detail with you, so be sure to contact us and we will contact you with more detailed information.
How to Reduce your Debt?
In the current economy, with South Africa downgraded to junk status, it is wise to reduce your debt as far as possible. It might be easier said than done.
The question is, how do I reduce my debt?
- Take control of your finances and know your budget
Firstly, I would suggest one take control of your budget. Compile a simple income and expense forecast of what a typical month will look like. Keep your expenses aligned with your budget as planned or forecasted as far as possible.
- Limit the amount of borrowing to the bear minimum
Do not open clothing, furniture or other similar accounts. Rather save for something you really need, than do purchases on credit. In most cases you will find that the item want today, will not necessarily be appealing to you in 3 – 4 months.
- Pay more than you need to
If you have some funds available in your budget, do an additional payment on your bond or hire purchase monthly. The accumulative effect on the interest saved will speed up the time of repayment of the item quicker.
- Get help from a debt counsellor
Call in the help of a professional debt counsellor when your debt gets out of hand and BEFORE any of your creditors start pursuing a legal action against you. For more information about this you can contact our debt counsellor for more information and assistance about this. The debt counsellor will assist you with a repayment plan to your creditors, on your behalf.
We hope that the above article assisted you. Contact one of our consultants below for assistance.
Benefits of Debt Review
So what are the benefits of debt review and why should you apply to be placed under debt review?
Well there are quite a few benefits and we only listed a few below, in order for you to show you why you need to contact us today to assist you:
- One fixed monthly payment
- No more calls from Creditors asking for their money
- Longer repayment terms
- No Blacklisting
To find out more about Debt Review, be sure to contact us and will get in touch with you to discuss this option in greater detail.
More and more people are applying for debt review due to the fact that with the current economic climate, people are starting to go into debt without them even realising it. With the current petrol price hike as well as food prices going up and interest rates set to climb this year, people are struggling to pay all their monthly bills and causing them to slip into debt.
If you do feel that you are currently in debt and need to look at debt review, just contact us on WhatsApp or visit our main website below.
Contact us below:
Via our Main Website: www.debtreview-sa.co.za