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Debt. No one else sees it, but it’s always hanging around weighing you down.
Get debt off your back. The Credit Counselling Society is a non-profit service that’s helped thousands of Canadians solve their debt problems. Call them today at 1-888-527-8999. Their help is free, confidential, and it works.
In this episode, we are talking about debt review. What debt Review really means and the right tools you need before you can sign up for it or if you know someone who might need it.
To check the registration of a Debt Counselor please click here:
https://ncr.org.za/register_of_registrants/registered_dc.php
Learn about different options, including debt management programs or DMPs, Chapter 13 bankruptcy, credit card debt consolidation loans, or other personal loans to help resolve your debt issues.
Debt review, debit counselling, how to reduce your debts, debt reduction,
Is the weight of debt holding you down? Worried about making credit card payments?
Kia Murray shares 3 practical tips to help you address it.
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When should you consider debt counselling?
Even before lockdown, many people were finding it difficult to meet their debt repayments and facing the prospect of defaulting. Once you are in default the collection and legal fees mount and debt that you were already struggling to repay could easily double. You could even risk losing your car or home.
One of the options available is debt counselling where you select to go under debt review and are protected against legal action by creditors.
A debt counsellor provides a court-issued agreement stipulating the repayment plan. Consumers make one affordable, payment each month, to an independent Payment Distribution Agency (PDA). This in turn is distributed to the creditors as per the agreement.
Once under debt review you may not apply for any credit until all the debts, as per the court order, are settled. Once settled, the debt counsellor will issue a clearance certificate confirming that all the accounts listed under the agreement are paid up. Home loans are the exception and do not need to be fully paid up, but must be up to date. The debt counsellor must ensure that the credit bureaus receive the certificate.
While there are many satisfied customers in debt counselling, there are just as many who have had a negative experience. Make sure you are working with an ethical provider who is a member of the Debt Counsellor Association of South Africa or the National Debt Counsellors Association.
When working with a debt counsellor make sure they create a repayment plan that can be settled within five years. This can be done if the debt counsellor negotiates lower interest rates with the creditors.
According to the National Debt Counsellors Association reputable debt counsellors use an industry standard called the Debt Counselling Rule Set or DCRS that allows them to negotiate significant interest rate reductions on consumers’ debt.?
For unsecured lending such as personal loans and credit cards, DCRS allows for renegotiation of the interest rate as close to zero percent as possible. This is a significant saving on credit agreements that can have interest rates as high as 23%.
Debt counselling can be a great solution, but do your homework before you enter any agreement as once the agreement is in place, you are legally bound to it.
Debt consolidation can be super tempting when you’re under the unrelenting pressure that being in debt brings. Debt consolidation can appear to be “the answer”.
But the truth is that debt consolidation is wrought with very complex pitfalls that can be so cleverly hidden by the debt consolidation “industrial complex” that it really takes 1) high proactive financial acument OR 2) an unfortunate learning experience to learn how it actually works.
Debt consolidation companies DO NOT have your best interest at heart and today I want to talk about 5 ways that doing a debt consolidation deal and what I think you should do instead.
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Best Debt Relief Companies: https://tryascend.com/debt-relief/company/3-top-debt-relief-companies
Debt consolidation is also known as a debt relief or debt settlement, and finding the best debt consolidation company can be the difference between a great experience getting out of debt, and staying in debt longer if the company is deceptive and charges upfront fees.
When looking for a debt consolidation company, I like to look for companies that:
1. I can trust.
2. Offer reasonable fees.
The link above can show different options for best debt settlement companies that serve your area, but in this video, we also share some questions that you can ask to potentially see if you are working with a company that you can trust and offers reasonable fees.
We are available if you’d like to chat or have any questions at 833-272-3631.
Here’s the chapters that we cover in this video:
00:00 Introduction
02:30 Total Cost
03:54 Risk of Lawsuit
05:01 Setting You Up For Success
05:57 Denied Loan, Now What?
Music by: Bensound
License code: 9NTY3C2Q31QCQD9V
Our Head Consuotant Nangamso Makalima explaines debt counselling / debt review.
