If you stop paying, a debt counselor may withdraw or suspend their debt counseling services to the consumer. You may or may not take on any new debts until all of your debts (with the exception of your bond or home loan) have been settled. Once the debt review fees are settled, the PDA will distribute payments to your lenders in accordance with the payment proposal presented to them. Once the debt review fees are settled, the PDA will distribute payments to your lenders in accordance with the payment proposal presented to them.
Debt Review is intended to help you help yourself and ensure that creditors get what they are entitled to.
Is it good to check debts?
Sam is concerned that the debt audit status will be permanently reflected in her credit balance and will have a negative impact on her credit rating. When people start debt-checking, they often jump in without thinking because it’s a fantastic process. Since then, countless South Africans have saved their homes, loans, and livelihoods through debt checks. 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.
How long does the debt review process take?
Neglect managing your debts on an ongoing basis or don’t put in place a plan to keep your finances on track and keep your debt under control. During the debt check, a debt counselor finds out how much money you owe and how much money you can spend on debt each month. Depending on how committed you are to the program, debt assessment can be the perfect way to start off a clean slate. First things first — in theory, you should be able to request a refund within a week of receiving your Clearance Certificate.
References:
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.