This is the first of four short videos that explain key features of the Farm Debt Mediation Act 1994 (NSW). In NSW a lender has to offer confidential mediation before taking possession or other enforcement action for a farm mortgage. Farmers may ask for mediation at any time. This video explains the main steps in a mediation process, the benefits of mediating, and that farmers can seek help to prepare for mediation from Rural Financial Counsellors, accountants or lawyers. More information is available from the NSW Rural Assistance Authority’s website (https://www.raa.nsw.gov.au/) or a NSW Rural Financial Counsellor.

Hey Guys!

In today’s video, I am setting up my 2019 #DebtSnowball in my 2019 Budget Happy Planner. I’m excited that we have paid off over $25,000 in credit card debt but since then I’ve gotten pretty relaxed. it’s time to get the ball rolling again!

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Many would say the heart of any business , is the business income , but truly the heart of every business is the team leading together as unity to the purpose. We are a debt counselling firm and our purpose is to serve as a team to help the over-indebted, to help unlock financial freedoms where there is financial strain. We have asked each and every employee/ member of CS Debt Counselling the reason they like working for such a small business. Thank you to every team member working at CS. It is a privilege to work with you. This is a dream team to be proud of. This is CS Debt Counselling. www.csdebtcounselling.co.za

Consumer credit counselling is a service that can help you get out of debt. The process starts with a free credit counselling session that helps you identify the best debt solution for your needs, credit, and budget. If you need help getting out of debt, the counsellor can help you enroll in a debt management plan.

To learn more about the process visit: https://www.debt.ca/credit-counselling/how-does-consumer-credit-counselling-work

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.

In the season one finale of The Minimalists’ video-essay series, LET’S TALK ABOUT LESS, Joshua talks about how impulse and instant gratification lead to debt that ruins our lives.

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What happens once you have paid up your debt while being under debt review?

Debt Snowball | Debt Progress Tracker | Debt Free Journey Progress

Today we will be going over my current debt balance for my January 2022 Budget.

?Interested in getting started with the Debt Snowball Method, check out this video: https://www.youtube.com/watch?v=nVFYkKKq1jk

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?Interested in getting started with the Cash Envelope System, check out this video: https://www.youtube.com/watch?v=Ov0sy5AH9PI&t=86s
?Interested in getting started with Budgeting, check out this video: https://www.youtube.com/watch?v=ZXIYpEIOgpo&t=561s

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Thanks for watching and stay tuned for more videos documenting my debt free journey. Don’t forget to hit the subscribe button and click the notification bell so you never miss a video.

Stay Safe Everyone!

#DEBTSNOWBALL??? #DEBTFREEJOURNEY??? #DEBTTRACKER???

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Lets talk about the pros & cons of non profit credit counselling

Every year South African students battle rising debt despite their protests for free education. The Walter Sisulu Council has announced a debt forgiveness programme. It allows students to get their certificates so they can apply for jobs. For more, eNCA speaks to the university’s council chairperson Adv. Tembeka Ngcukaitobi. #DStv403