Understanding the Debt Review / Debt Counselling Process.

For more information visit www.lessdebt.co.za or call us on 021 007 3841

Hi! Today’s video is a debt review for June 2020! In this video, I will show you our debt totals for the month and our progress relative to the beginning of the year. ?
Hope you enjoy the video!!

Answers to your burning questions:
What planner do I use for my budget?
• Erin Condren – https://www.erincondren.com/referral/invite/brendacline/1
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• TUL pens & Pilot G-2 07
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• Samsung Galaxy S7 Edge
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• Olive – https://www.olivevideoeditor.org/
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• Canva – https://www.canva.com/join/asking-backdrop-malaga
What color nail polish do I have on?
• Paper Snow by LightsLaquer – https://lightslacquer.com/products/paper-snow
• Who Loves Orange Soda? by LightsLaquer – https://lightslacquer.com/products/who-loves-orange-soda
• Gemini by KL Polish – no longer available
• Aries by KL Polish – no longer available

DISCLAIMER: The links included in this description might be affiliate/referral links. If you purchase a product or service with the links that I provide I may receive a small commission. There is no additional charge to you! Thank you for your support!

We are making progress in the right direction, but it’s slow going and I’m feeling pretty discouraged.

We are all experiencing some sort of financial turmoil due to Covid19 and our interview with Suria certainly showcased that there are companies out there that are able to advise and assist you with all of your enquiries.

Debt Review is a process where the consumer approaches a Debt Counsellor, who in turn negotiates with your creditor providers with the aim of reducing instalments and interest rates. The end result is to assist the consumer to reduce their over-indebtedness. It offers protection against legal action from Credit Providers allowing you to pay a reasonable instalment.

For more information, visit http://www.consolidateddebt.co.za

A brief explanation on Debt Review and how we can help you FIX your debt status.

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.

We were not able to make as much progress this month because of the pandemic hardships, but we still chipped away at it the best we could.

Many people can yield substantial savings when they look at refinancing to pay off debt.

http://real-101.com Watch more episodes
http://www.TraceyBrock.ca Mortgage Broker

In this episode of our mortgage financing series, we look at a refinancing to pay off debt review.

It is extremely easy to amass considerable consumer debt and before too long we need to question the decision to look at refinancing in order to pay off debt.

Technically it has more to do with reducing the interest payments you are making and turning the high interest consumer debt in to a lower interest refinancing product with your mortgage.

This refinancing to pay off debt review makes sense on multiple levels. Firstly, our tendency with consumer debt is to make minimum payments only which leads to a situation where we are constantly burdened by high interest rates and debt.

Without a correction, the situation can compound to the point where we may consider a bankruptcy which can be avoided if we consider refinancing to pay of debt.

We hope you enjoy our mortgage financing series and encourage you to watch the refinancing to pay off debt review video to the end.

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https://youtu.be/IgtcGJ2iLw0,

For more information on mortgage financing or if you need a mortgage broker, contact Tracey Brock.
Visit: http://www.TraceyBrock.ca
Direct: 416.788.6207
Mortgage Broker M09001257
Mortgage Financing Series | Refinancing To Pay Off Debt Review

Find out what protection you have.

For more information check out our blog
https://www.libertineconsultants.co.za/blog.html

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Theasen Pillay ( founder of TPA Debt Management) discusses the relevance of Debt Counseling, especially with the challenges that COVID19 brings to South African Families

Debt Counseling reduces a family’s account payments by 40% – 60%

Pay what you can Afford- Every Family Deserves to live their best lives

Debt Counseling Protects a family’s Assets

For a Free Assessment and a Credit Report contact 072 2828 132

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