What are the telltale signs that you are falling further and further into debt. What are the signs to watch out for that signals you need to re-look your finances and remedy your lifestyle before its to late. In this video, we explain the four most critical signs that you are falling further into debt.

If you have overwhelming debt, then you know the stress it puts on you and those around you. Speaking with a debt counselor can be like debt therapy.

You didn’t get into debt overnight, and you won’t get out of that way either. But you can trade the sleeplessness nights and anxiety over your debt for the comfort that you are getting help. But like therapy, you need to make the call.

A certified debt counselor from Clearpoint Credit Counseling Solutions can work with you to understand your debt issues, and help work out a plan to get you out of debt. To learn more about their free debt counseling services, please visit the Clearpoint Credit Counseling Solutions website:

http://www.clearpointcreditcounselingsolutions.org/credit-debt/

ClearPoint is one of the largest, most-respected credit counseling agencies in the nation – a 501(c)(3) nonprofit organization whose mission is to promote consumer health through financial education.

Clearpoint Credit Counseling Solutions
8000 Franklin Farms Drive
Richmond, VA 23229
(800) 750-2227

Updated video:

DISCLAIMER:
I am NOT a financial expert, accountant, or anything of the sort. I am in no way qualified or certified to give financial advice. However, I am here to share my love of planning and also share what my family is doing to get out of debt and be better with money. If you are looking for financial advice, I would recommend seeking advice from an expert.

#SnowballMethod #DaveRamsey #PayingOffDebt

How to exit debt review

A consumer can apply for debt review if they are unable to meet their debt commitments. However, in some cases, a consumer’s finances may improve and they wish to exit. Whether or not you are able to exit will be determined by where you are in the process.

When you apply for debt review, a debt counsellor issues form 17.1(b) which protects you from further legal action by your creditors. Creditors must provide a certificate of balance and the debt counsellor then assesses whether you are overindebted.

Once this assessment is completed, the debt counsellor issues form 17.2 (b). This includes a repayment plan which could include interest rate concessions from your creditors. Although this agreement still requires court approval, the consumer can start the new repayment schedule. All credit bureaus are notified, and you are effectively under debt review.

The next step is to apply to the Magistrates Court and the magistrate declares the consumer overindebted.

If you have applied for debt review and the debt counsellor has issued form 17.1(b), you can still cancel the process. Be aware that creditors can immediately act against you, if you are in arrears with repayments, as you are no longer protected.

Once form 17.2(b) has been issued, you are under debt review, but a magistrate has not yet issued a court order. If your financial circumstances have changed, then you can provide this information in the court application. If the magistrate agrees that you are no longer over-indebted, this terminates the debt review.

Once a magistrate has issued a court order placing you under debt review, you cannot exit until all your debts, apart from your mortgage, are settled as per the court order. This means even if your financial circumstances change you will not be able to exit debt review.

The only way to exit in this case is to accelerate all your debt repayments and settle as quickly as possible. If you received an interest-rate concession in the debt review agreement as you would settle your debts sooner than if you were not under debt review.

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The Debt Counsellor · Whackhead Simpson

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Released on: 2012-11-01

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Are you struggling in debt?
Allow us to assist you by reducing your monthly installments by up to 60%
Call us today to book an appointment with the experts in the field boasting a 100% application success rate.
www.tpalegal.co.za

Request a Free Assessment Today – Restructure all your Debt into One Low and Affordable Instalment.
Call :087 135 5025
Email:info@registereddebtcounsellors.co.za
Visit our website for more information and to apply for debt counselling.
https://registereddebtcounsellors.co.za/

Global Debt Solutions (Registered Debt Counsellors ) was formed with one goal in mind – to assist over-indebted consumers who need to get out of debt. Debt Counselling was introduced in 2007 and is governed and regulated by the National Credit Act 34 of 2005. Under section 86 and 87 of the national credit act, a consumer may approach a debt counsellor to be placed under debt review if he/she is unable to pay his debts in a timeous fashion.

We immediately set up a new payment plan and begin negotiating with creditors. They will no longer be allowed to call you or harass you. Your salary cannot be garnished either as the debt counselling program will protect you.

What sets us apart from our competition is that we have an in-house legal team which ensures our client’s rights remain protected at all times. Our team of Debt Counsellors and Attorneys work together throughout the process. Combined with our years of experience in the industry, we have become a formidable opponent to credit providers. Our PDA software automatically links to our payment distribution agent which ensures that accurate and timeous payments are made on behalf of our clients to their credit providers.

After an assessment is conducted with you, we will be able to determine the best solution to your debt problem.

https://registereddebtcounsellors.co.za/
Cal : 087 135 5025 or email: info@registereddebtcounsellors.co.za

RESTRUCTURE ALL YOUR DEBT INTO ONE AFFORDABLE INSTALMENT.

WHAT IS DEBT REVIEW?

South Africa currently has over 12 million over-indebted consumers out of 20 million credit active consumers.  Drastic action was needed to help  and In 2007 government passed the National Credit Act 34 of 2005(hereinafter referred to as “The Act”. The Act came into full force along with guided regulations which helped with the procedure and implementation of the Act..   The National Credit Regulator overseas enforcement of the Act and all Debt Counsellors must be registered with it. Debt Counsellors are given a registration number which can be verified on the National Credit Regulator’s website.
S86 and 87 of the Act deals with Debt Review applications. A person is over-indebted if they cannot pay for some or all of their monthly debt obligations after living expenses are deducted from their nett salary.
 
HOW DEBT REVIEW WORKS?

Many countries have adopted debt counselling to assist their citizens who are struggling financially.  Debt Review in South Africa works similar to other countries. Debt Review is a process that allows an over-indebted consumer to have their debt restructured so that they have more disposable income available.  This is achieved by reducing their monthly debt repayments to each creditor pro rata.  As Debt Counsellors we have industry leading software which helps us achieve this.  We are able to calculate a consumer’s estimated debt repayment over an established period.  Debt Counselling has rules often referred to as Task team Agreements.  It serves as a guideline and is followed by Debt Counsellors and Creditors so that there is general uniformity.   Credit agreements must solve within a specific period, meaning the terms are only allowed to be extended to certain period dependent on the credit agreement concerned.

Many of our clients who have applied for Debt Counselling are happier and more at peace. They no longer have to worry about debt and are able to sleep peacefully. Debt can be a burden on your health and wellbeing.  As Debt Counsellors we are very compassionate to our clients.  After you apply for Debt Counselling, you can forget about your debt repayments and focus on the more important things in life that matter.
 
Contact us for a free assessment.