Debt counsellor answers Debt Review questions
The debt counsellor answer debt review questions for consumers in Mosselbay in below article. Debt Review is available to consumers in Mosselbay. It is an effective solution to help over-indebted individuals meet their financial commitments. This way suit both creditors and the individual’s pocket. It provides the consumers in Mosselbay with Debt problems a way to repay their debts. This whilst ensuring that they still have the ability to meet their daily living expenses.
Question 1: How long will you as a consumer be on Debt Review?
Consumer term calculates by the amount of debt, the interest charged & available funds to pay a debt in accordance with the Debt Counselling Guidelines. The maximum term of 60 months. An application works out so that the consumer term is anything from 18 months to 60 months.
Question 2: Can you apply for credit after or during the process?
Yes, you can apply for credit AFTER a clearance certificate has been issued when all debt is paid. It is however in the institutions right to denied your credit if not accordance with their assessment. No, you will not be granted new credit while on debt review.
Question 3: Can you withdraw from Debt Review ones the process has started?
No. Ones the form 17.2 has been sent out to your creditors you will remain in Debt counselling status until the debt is paid & clearance certificate has been issued.
Question 4: What happens when you miss a payment?
If you miss a payment during the payment terms, the creditors are in full right to terminate all agreements. Debt review is a legal process. Monthly payments must be made on time of agreed payment date to ensure creditors receive the amount negotiated. The debt counsellor will inform you of your new payment plan.
If you are struggling with debt and have questions on the process contact a registered debt counsellor.
Are you over-indebted? Do a free assessment and contact us to help you. https://controldebt.co.za/enquire/
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