If you miss a payment, you run the risk of legal action that gives creditors the opportunity to take legal action or harass you. She did her best to stay up to date on her bond, which is great as you always want to protect your assets. My question is what steps should I follow to remove my name from the debt check as my debt advisors have canceled my contract. My question is what steps should I follow to remove my name from the debt check as my debt advisors have canceled my contract.
It is a pity that you were unable to keep up with the debt check and it is unfortunate that nothing was agreed at this stage.
Can you skip a payment when checking the debt?
If you’re unable to pay an invoice, it may be better to submit a installment payment than sending nothing at all. Creditors don’t have to go back to original interest rates and repayment amounts, but they can if they choose to do so. If debts are not settled beyond the payment period, it is really up to each creditor to decide what to do. Keep your debt advisor informed throughout the process and remember why you initiated the process in the first place.
However, when it comes to missing out on your structured payments, it can lead to some hiccups and headaches.
For how long can you undergo a debt check?
Another note: Lenders don’t always support customers who have come straight out of the debt check. This prevents you from taking out any more loans as the primary purpose of the debt check is to help you pay off existing debts. Debt advice is a legal and regulated process and can therefore only be officially concluded through legal proceedings, just like any other legal proceedings. You must therefore ensure that you must continuously work on a personal debt management plan to ensure that you meet all of your obligations so that you can improve your score or balance sheet.
References:
- https://debtfreedigi.co.za/cant-keep-debt-review-payments/
- https://www.debtbusters.co.za/faqs/what-happens-if-i-miss-my-monthly-repayments-when-i-am-under-debt-counselling/
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.