Credit Debt Consolidation

Credit Debt Consolidation

Credit Debt Consolidation and the Debt Review Process

You don’t have to go through the lengthy and tedious process of credit debt consolidation to have access to all the benefits. The debt review process will offer you all the advantages while minimising any risk to you. The process involves a debt counsellor who will make contact with all your creditors and negotiate lower interest rates as well as monthly repayments. These new amounts will be added together into a new repayment schedule which will fit your budget. The new repayment schedule is then submitted to the National Credit Agency to whom you will pay one monthly instalment. This instalment will then be divided amongst your creditors ensuring that each receives some money towards clearing your debt every month.

Although this is not the traditional means of credit debt consolidation it does make the repayment process more convenient for the debtor. In addition, you will have the advantage of the many other benefits on offer from a debt counsellor. You will receive assistance in drawing up a monthly budget eliminating any unnecessary expenditure. Debt protection will mean that you no longer have to be in contact with your creditors and that they may no longer harass you by sending letters or making endless phone calls. Your creditors will also not be able to take legal action against you during the period of debt review.

It is important to note that every payment must be made to the National Credit Agency on time every month. Should a payment be made late you will not receive debt protection or any other benefits until the payment is made. Continuously failing to pay will mean that you will forfeit all these benefits and may even be refused credit counselling.

To get assistance in weighing up the pros and cons of traditional credit debt consolidation vs. debt review, please contact us.

By | 2018-05-22T10:01:10+02:00 May 18th, 2018|Uncategorized|0 Comments

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