Highly trained individuals called debt counsellors help you deal with your financial downfall. These trained individuals mediate on your behalf with your creditors, trying to reach an agreement that allows you to cover your expenses and cover your creditors at the same time.
Debt counsellors independently conduct enquiries into your financial circumstances. They do this not only for the benefit of the consumer, but also to bring forth an alternative to the courts and credit providers about restructuring your financial life line.
What are the Pro’s of debt counselling?
- Once a consumer has made an application for debt review, credit providers can no longer attach any assets or take any further legal action.
- There’s no permanent record of being under debt review, meaning that unlike other avenues there is no black and white that could ‘tarnish’ your name.
- Repayment of your debt obligations are done through one monthly payment.
- A debt counsellor will set aside monies for your necessary necessities and whatever monies are left, will be used to cover your debt.
- Debt counsellors will never let you pay more than you could reasonably afford.
- A debt counsellor is most likely to get a positive response from creditors than you would in your personal capacity.
- A debt counsellor will be able to advise you on ways to cut your monthly costs.
- The most important point of all is the relief of stress, knowing your financial sinkhole is being taken care of by professionals.
Need To Know Tips When Receiving Debt Review
- While under debt review one cannot get any access to new credit (You first have to take care of your bad credit, clear your name and get on track before you’ll be considered to get new credit).
- Different debt counsellors may charge slightly different amounts.