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National Debt Mediation Association CEO, Magauta Mphahlele, discusses debt traps.
Withdrawing from Debt Counseling
!!!!It is very important that you think very carefully about going under debt counseling because once you have been declared over indebted and accepted into the process it will be very difficult to withdraw from the process and even more difficult to remove the Debt Counseling flag from your credit bureau record. Below is an extract from the Guideline:
CAN A DEBT COUNSELLOR TERMINATE OR WITHDRAW DEBT REVIEW PROCESS?
A debt counselor does not have statutory powers to terminate or withdraw the debt review process. This means that a debt counselor can no longer issue Form 17.4 and update DHS with status G (Voluntary withdrawal by consumer) or H (Withdrawal by a debt counselor). There is However varied ways in which a consumer can be withdrawn from debt review which will be set out below.
CAN A CONSUMER WITHDRAW FROM DEBT REVIEW PROCESS ONCE A DEBT REVIEW COURT ORDER HAS BEEN OBTAINED?
Once a debt review court order has been obtained a consumer cannot terminate or withdraw the debt review process, they can however approach the court to rescind the order or apply for an order which declares that the consumer is no longer over-indebted. Upon receipt of the order, a debt counselor will notify the credit providers of the withdrawal by means of Form 17.W and update DHS with status G.
CAN A CONSUMER WITHDRAW OR TERMINATE DEBT REVIEW PROCESS PRIOR TO OBTAINING DEBT REVIEW COURT ORDER?
Consumers can only withdraw or terminate the debt review process prior to declaration of over indebtedness as per section 86(7) of the Act and issuance of Form 17.2 subject to payment of debt counseling fees as per NCR Debt Counseling Fee Guidelines. If a determination is made and no court order is in place, the consumer will remain under debt review. A debt counselor will notify the credit providers of the withdrawal by means of Form 17.W and update DHS with status G.
CAN A CONSUMER BE TRANSFERRED TO ANOTHER DEBT COUNSELLOR?
A consumer under debt review may be transferred to another debt counselor subject to payment of all debt counseling fees where it has been established that the previous debt counselor followed the correct process. • Form 17.7 should be used to facilitate this process.
Until debt do us part. The rate rate of people choosing to get married, in western countries, is shrinking while the divorce rate is increasing. Also, people that choose to get married are waiting longer. Men within the MGTOW movement (men going their own way) seem to indicate that the divorce laws, including child custody and asset placement, strongly favor females. Weddings, as well as divorces, can be financially straining for those couples who seek to go the traditional marriage route. Also, more and more woman are choosing to stay single and focus on their career first as well as the woman that do get married are waiting until they are over 35 years old, on average.
While our inflationary, debt-based economy (roughly 1.5 trillion student loan debt in the United States alone) is a big factor, there is a large movement of people that are breaking the traditional mold and choosing to go their own way for reasons other than financial concerns. People are waking-up to the fact that happiness doesn’t always come with a shiny ring and a promise to hang around with each other until the end of their lives.
Links to news sources discussed in the video are posted here: https://bullboom.blogspot.com/
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Thank you to all viewers and subscribers. I apologize that I do not typically have time to answer questions that are posted in comments.
Also, I cannot offer specific investment advice due to the complicated and detailed nature of everyone’s personal, unique financial and life situations. Although I usually include sources, charts, data, and links to the subject matter in my videos, the views expressed in my videos are often “one man’s opinion” and should not be taken as financial advice, in any way. I urge you to seek professional counsel and for everyone to do their own due diligence prior to making any significant decisions regarding financial and investment matters.
National Debt Mediation Association CEO, Magauta Mphahlele, discusses prescribed debt.
This video briefly explains the steps that are taken to apply for debt counselling or debt review. A consumer has to follow these easy 6 steps to be placed under debt counselling. The debt counsellor will ensure that you are able to pay your debts as soon as possible with as little interest that can be negotiated.
If you’ve been harassed by Professional Debt Mediation, we can help. We can turn the tables on debt collectors and make them pay you. Call us today at 844-685-9100 for a free, no obligation case evaluation, or visit http://www.hatecalls.com
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Attorney Advertising – This is Not Legal Advice
Sergei Lemberg, Esq. is the Connecticut Attorney responsible for this advertisement.
Consumers should not assume that they are entitled to any compensation as a result of bringing a claim. Any compensation and any results obtained would depend upon specific factual and legal circumstances of each case.
http://www.incharge.org/debt-management/debt-settlement-trade-offs – What are differences between debt consolidation, debt settlement and debt management. Personal Finance expert Etta Money explains.
HOW CAN YOU RELIEF YOUR DEBT?
https://www.incharge.org/debt-relief/debt-consolidation/
https://www.incharge.org/debt-relief/debt-settlement/debt-settlement-pros-cons/
https://www.incharge.org/debt-relief/debt-management/debt-management-vs-debt-settlement/
To Start Online Nonprofit Consumer Credit Counseling, visit:
Credit Counseling Frequently Asked Questions
https://www.incharge.org/debt-relief/credit-counseling/frequently-asked-questions/
To Speak with a Nonprofit Credit Counselor, call: 1-800-565-8953
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How our Debt Counselling Program can improve your credit score
Paying off debt is important and utilizing a lower interest rate to reach that goal is a good idea, as long as you follow some key rules first. Otherwise it will ruin your get out of debt plan.
