The first thing you need to do is contact a debt counselor who will assess your outstanding debts and financial situation. If you’re eligible for a debt check, instead of making multiple payments each month, you make a single monthly deposit to a payment distributor that is responsible for making payments by creditors on your behalf. If you drown under waves of high-interest debt, participating in the NDR debt settlement program can help keep you from a costly bankruptcy.
How do you qualify for a debt audit?
They must also be classified as “over-indebted” and meet certain criteria of the National Credit Act. However, if you’re going down this route, it’s important to have a plan that prevents you from increasing your credit card debt again. You can complete the debt consolidation process via a credit advice center or apply for a debt consolidation loan yourself. An over-indebted person is unable to make all their payments on a monthly basis because their expenses exceed their income.
How do I know if I am going to undergo a debt check?
It’s a short report that shows your debt check status codes and shows any defaults, accounts that are more than three months behind, and even where the lender has only found you’re behind schedule. However, if you have paid off your debts and received a certificate of completion, your loan application should not be rejected as you have undergone a debt check. And if the offices haven’t removed the flag, it’ll appear on the front page of your credit report. Each time a lender does a credit check for you, it will show that you have undergone a debt check but stopped the process before you paid off your debts.
References:
- Do I Qualify For Debt Counselling | Debt-911 Debt Counselling
- National Debt Relief Review: How Their Debt Settlement Program Works
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.