Debt Review Companies
There are quite a few debt review companies and they offer the service of debt review. Debt Review is a process in terms of the National Credit Act for over indebted consumers. The purpose of the act is to protect the over indebted consumer against Credit providers. During the debt review process the debt counsellor will draw up an income and expense document and thus determine how to compile a debt repayment plan.
For anyone looking to learn more about debt review, herewith a few questions and answers related to debt review.
1. Do not be ashamed to be under debt review
With the current economy and regular increase of costs of basic needs, people are more and more in debt and in need of help. Most people are too proud to ask for assistance before its too late. If you feel you are in need of help or creditors phoning you frequently … you need to be realistic and apply to be under debt review.
2. Not all debt counsellors are alike
Make sure you debt counsellor works with a reputable company and ask him/her enough questions to be comfortable with your relationship with him/her.
3. You will not be able to apply for further debt
In most cases and with most companies you will not be able to apply for any further credit while under debt review. The whole idea, ultimately, will be to be debt free.
4. Possible reckless lending
The debt counsellor will be able to assist you to determine if some of your credit agreements were done recklessly.
5. You cannot fold your arms and relax
To be able to complete the debt review process successfully, work together with your debt counsellor.
Speedily assist him with the initial application and keep to your repayments to be able to successfully complete the process up to the point where you can be removed from ITC after your last payment has been made. For more information on debt review and how it will be able to assist you, simply compete the contact form below and one of our debt counsellors will contact you. Read posts from our blog.