4 Benefits of the Debt Review Process
If you are struggling with debt, do not despair. You are certainly not alone! In fact, in these unsettling economic times and with ever-increasing global lockdowns, many people are drowning in debt. In fact, a study by TransUnion highlighted that around 84% of consumers in South Africa were hit with financial troubles during the lockdown period, with many losing their jobs and struggling to pay monthly loans, direct debits, and mortgages. As such, many citizens had to rethink their finances and consider debt review whereby they work alongside a professional debt counsellor to salvage their financial health and pay back any money owed.
When you opt to undergo debt review, the financial expert will review your financial situation (including all income and debt) and create a restructured payment plan. There are many benefits when you choose to embark on the debt review process with a qualified counsellor, and while it might seem overwhelming at first, the advantages are numerous. These include:
- A structured, manageable repayment plan: When you work with the experts, they will create a doable monthly payment plan that considers your monthly expenses and budget. They will closely analyse your earnings, outgoing expenses, and debt to create a manageable plan for your unique needs.
- Negotiations with creditors to reduce monthly interest rates: Thanks to their expert industry knowledge, they can also negotiate with creditors on your behalf. In many cases, they can decrease your monthly interest rates and save you money in the long run.
- Better quality of life thanks to diminished stress levels:There is no denying the devastating toll that stress can have on our bodies and minds. When you choose FreeMi and our debt review process, you alleviate the stress of owing money. We put a concrete action plan in motion, and this takes the pressure off your shoulders. As you begin to feel the benefits of financial health, stress will melt away.
- Enhanced credit score:When you rework your finances and create a plan to pay back the money owed, you will naturally improve your credit score. This means that you have a better chance in the future of accessing loans if needed. With a debt counsellor at your side during the review process, however, you will be better equipped to make smarter decisions around money.
Chat with the Team at FreeMi Today
Suppose you are ready to improve your financial health and want to make smarter decisions on all things related to money. In that case, it is time to speak with our highly qualified team of debt counsellors, financial experts, and lawyers. We have a great deal of financial experience to our name and have helped hundreds of clients kickstart their financial health journey. We also understand the sensitive nature of debt, so you can rest assured that any information you share with us will be completely confidential. Simply send us details about your earnings, financial situation, and what you owe, and we will create a bespoke action plan for you.
Financial freedom is attainable when you trust the experts to assist you with debt review!