03 May Skipping a Payment While Under Debt Review – What Now?
Undergoing the debt review is a great way to keep you financially safe. Once you are under debt review, you obtain many benefits. This process can be the ideal prospect of having your finances and debt payments structured appropriately and the ability to avoid harassment from creditors -as this will all be liaised through your debt counsellor. However, when it comes to missing out on your structured payments – this can lead to a few hiccups and headaches along the road.
Being under debt review ultimately keeps you safe from creditors taking action against you. If you decide to commit to the debt review process: ENSURE THAT ALL YOUR PAYMENTS ARE ON TIME. Therefore, you can’t afford to miss any of your payments. The moment you fail to make a payment, you neglect your agreement. Once the Debt review is in motion, a court order is issued. In short, make sure your payments are your number-one priority throughout the debt review process.
If you happen to miss a payment, you are at risk of legal action, granting creditors the ability to take legal action or harass you. Another crucial factor to consider would be your assets. Should you violate the agreement, your assets are at risk of being taken by your creditors.
No matter how challenging things can become; always try and chip away at your debt as much as possible. If you continue paying; then it proves you are willing to continue with your debt repayments. This means that you will need to reach out to your debt counsellor, explain the situation and in turn; your debt counsellor will convey this to your creditors. This means that you get to keep up with payments while adapting and scaling down payments if the situation calls for it.
Debtco Group can help you maintain your consistent repayments. We conduct an in-depth analysis of your income as well as your expenses – allowing us to tailor the perfect budget plan for you. We always ensure that you can only pay what you can afford – letting you stick to your budget while chipping away at your debt. Undergoing debt review is a great way to keep your payments structured and punctual. A great way to achieve this would be through the help of a trusted debt company.
We can provide you with a team of experienced debt counsellors, ensuring your debt review process is streamlined, structured, and successful. With over ten years of experience helping South African consumers with all levels of debt-related turmoil, our methods can improve your financial situation. We have helped our clients achieve positive results through their commitment and guidance from us.
If you would like to learn more about how we can help you stay on track or begin your debt recovery journey – contact us today.