As with any other relationship, your debt management relationship with your debt counselor works best when you maintain open lines of communication. As a result of the recent economic downturn, the National Credit Regulator (NCR) has introduced a plan to help consumers who have experienced a dramatic financial crisis during the debt review. The fact that debt verification actually results in a change in behavior as you learn to spend less and pay with cash when buying goods and services. What had happened in the first few days of the introduction of the debt audit in South Africa was that employers did not have a clear understanding of how the debt audit worked.
What are the disadvantages of a debt check?
After the debt review has begun, your debt advisor assumes responsibility for communication with your debt holders. It is a serious mistake to delay the debt review until one of your creditors is already after you, but waiting for more creditors to follow suit is even worse. Since then, countless South Africans have saved their homes, loans, and livelihoods through debt checks. While it requires commitment and determination, you have the guarantee that you’ll achieve your debt-free future as soon as you get the job done.
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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.