If paying off monthly debt seems impossible, debt counselling can bring relief.
Debt counselling comes with its own costs and implications, and sticking with it requires commitment.
When to consider debt counselling
“If you’re under severe debt stress, the services of a debt counsellor can be valuable,” explains Paul Slot, president of the Debt Counsellors Association of South Africa (DCASA).
A debt counsellor assesses the full extent of your debt versus your capacity to repay. Working with you and your creditors, the counsellor sets up a debt review. This provides you with an agreed and realistic monthly budget, while affording your creditors a repayment scheme that is acceptable to them.
Overall, this process has benefits – a debt counsellor can protect you from legal proceedings for 60 days while putting your debt review in place. They will also take over negotiations with your creditors on your behalf. Should you choose this route, you’ll only have to make one monthly repayment – to the payment distribution agency – that in turn pays your creditors.
But, before opting for debt counselling, you need to know what you’re getting into.
Don’t get stuck in debt prison
هذه القصة مأخوذة من طبعة September 2016 من Bona.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
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هذه القصة مأخوذة من طبعة September 2016 من Bona.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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