Can I make additional/extra payments towards my credit providers while under Debt Review?
Although you are given the chance to repay your debt more affordably through Debt Review, your budget might look different in a few years than it does now. If you’re in a position to pay more towards your monthly debts, we encourage you to do so. This is a great way to get through your debt repayments more quickly, settling those with the highest interest rates first.
It is not feasible to struggle with unmanageable debts long-term. At Debtco Group, we specialise in a Debt Review service that helps over-indebted South Africans overcome their financial struggles. In order to offer you a solution that aligns with your affordability, we negotiate with each of your creditors to bring down your monthly repayment amounts, as well as the associated interest rates. Your affordability can change over time, or you might find yourself extra cash at your disposal. By putting this towards your debts, you can work through the Debt Review process more quickly.
If you want to add additional funds towards your monthly debt repayment, you will first need to contact us for the arrangements. We work with a reputable Payment Distribution Agency that is responsible for receiving your payment and distributing it to all your creditors. Our team of Debt Counsellors will know the best way to allocate your additional funds, in order to benefit you and help you pay off your debts more quickly. While under Debt Review, we take care of all communications between you and your creditors, so all changes to your payments will also be shared with them.
The purpose of Debt Review is to help you get out of debt for good, and the repayment you need to make is arranged to make sense for your budget. The timeline for Debt Review is usually 3 years but can sometimes go up to five years, depending on your finances. Making extra payments or adding additional funds towards your Debt Review can help accelerate the process so that you can reach your financial goals more quickly. Our Debt Review service has made a positive impact on the lives of many consumers, and we always impart valuable insight and advice. Our Debt Counsellors are all registered with the National Credit Regulator.
Debt Review fits each individual differently, and you can make additional payments if you’re budget allows for it. Let Debtco Group help you take control of your debts, with instant financial relief and the chance to pay what you can afford. Contact us today for a custom Debt Review approach.