It is not uncommon to hear the phrase “debt review” mentioned in hushed voices among colleagues, friends and sometimes even our closest loved ones – although this can come as a surprise to us, almost everyone struggles with money management at some point and it can take just a few bad decisions, hasty purchases and impromptu financial commitments to lead us down a destructive path.
Making debt is a lot easier than getting out of it and usually this lesson is learned the hard way. By losing track and finding yourself living well beyond your means, with so much debt that you can no longer afford to pay it off. This is where many consider the relief of debt review/debt counselling.
Debt review is the first step to bettering a financial situation that is leaving your stomach in knots and your phone unanswered. By allowing a knowledgeable debt counsellor to assist with budget advice, you can start to make the necessary changes to your lifestyle and spending habits.
The official act of Debt Counselling was introduced by the National Credit Act in aid of consumers who find themselves unable to make their minimum monthly instalments, essentially over-indebted consumers. There are many benefits to seeking out help through debt counselling, otherwise referred to as debt review. Debt review offers you a second chance, rescuing you from the dire consequences of being financially over extended and removing the burden and uncertainty that can quickly become too much.
By enlisting the services of debt counselling professionals such as Less Debt, individuals are able to avoid some of the serious repercussions of being unable to pay their debt. These repercussions could include the repossessing of your valuable assets (car, house, etc) or could cause you to become blacklisted.
While undergoing the debt review process with Less Debt, you are also lawfully protected from having your assets repossessed. Through the process of debt review, a debt counsellor will determine that you are unable to make your monthly payments on time and will negotiate with your credit providers to reduce your monthly payment amount, reduce your interest and extend payment periods.
By restructuring your debt; not only can you make your monthly payments on time, you can also sleep soundly knowing that you are on the path to financial stability.