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How a Debt Counsellor Helps You to Regain Financial Control

 

Are you tired of creditor harassment? Do you wish you could break free from the credit crunch? If you have answered “yes” to any of the questions and are in financial trouble, you will benefit from an objective assessment of your financial situation by a registered debt counsellor.

How to Regain Financial Control

The first step to solving a problem is to determine the extent of it. This is done by listing the debts, whether secured or unsecured, and the total amounts outstanding. Also, note the interest payable on each. List the monthly amounts that must be paid towards each.

The counsellor will help you assess which accounts cannot form part of the debt-review process. Such, for instance, include service agreements and residual finance of a vehicle. Your mobile phone contracts, Internet connectivity contracts, and gym membership are excluded. Next, list your basic monthly expenses, such as groceries, school fees, fuel, vehicle maintenance, insurance, rent, and essential service agreements. If your monthly payments to creditors leave you without sufficient money to cover the basic living costs, then debt review may very well be the solution.

The counsellor will also be able to tell you whether or not you qualify for debt review. If the total outstanding debt is too small or you do not have a monthly income, the counsellor will suggest alternative solutions, such as administration. If the outstanding amount is significantly more than is possible to pay off within five years and you have assets, then voluntary sequestration may be the better option. However, to determine which solution will work for your particular situation, seek help from someone who works with debt management daily.

Where to Find Help

We provide an analysis of your financial state based on the information that you provide. The process is discreet, and you do not have to call us or visit our offices. You can use the self-help app or the online enquiry form to get started. The counsellor will explain the process, advantages, disadvantages, duration, and protection against legal action from creditors.

Benefits of The Process

Although you will not be able to enter any credit agreements during the period, you will benefit from a lower consolidated monthly instalment to pay all the creditors. A debit order is registered on your bank account or you can make the monthly payment via EFT. Your employer is not notified, and your existing service agreements remain in place. Once the amounts owed have been paid in full, you receive a clearance certificate and the credit bureaus remove any notices of your debt review status.

You gain the opportunity to improve your credit record and score because of the monthly payments. Once you have the certificate, you can enter credit agreements. Creditors communicate with the counsellor and may not approach you directly. It is thus also an effective way to stop creditor harassment.

You can break free from the credit crunch with the help of an experienced debt counsellor. Complete the online enquiry form for an assessment or get in touch for fast and friendly help to regain your financial freedom.