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Question
Posted by: babe | 2012-05-17

debt counceling

Hi
i have applied for debt counceling, i was not able to get a debt consolidation from couple of financial instituition according to my affordability.

i am not so sure if it is worth being under debt review, i have 4 loans currently paying and two accounts. each month when i get paid i am left with a very small amount of money.

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Our expert says:
Expert ImageCyberShrink

As a definitive financial idot, I'm really not qualified to comment usefully on this one.
But Liza sounds very, well, sound !

The information provided does not constitute a diagnosis of your condition. You should consult a medical practitioner or other appropriate health care professional for a physical exmanication, diagnosis and formal advice. Health24 and the expert accept no responsibility or liability for any damage or personal harm you may suffer resulting from making use of this content.

4
Our users say:
Posted by: Jorge | 2012-05-28

Google bond75 for a great solution

Reply to Jorge
Posted by: Well | 2012-05-21

Liza said it all. I work with clients ad most of them call in tears because the counsellor didnt pay.It can be oever a year and when they do start paying some would pay R8.00 R32.00 and client wil tell you she has few accounts and paying so much to counselors only to find they are not pay.They also in a business and before they can make arangements with your creditors they must also generate money from you.So better you arange with your creditors that having to go through this route

Reply to Well
Posted by: Liza | 2012-05-17

There are 2 important things to consider before applying for debt review.

Firstly for debt review to succeed, you need permanent employment with a regular paycheck. If you don''t have that it''s almost impossible to keep to the conditions of the debt review.

Secondly - are you in danger of having your house and/or car repossessed? If you''re not, you usually don''t NEED debt review. You can usually contact your creditors and organise reduced repayments yourself - as long as you have the discipline to keep to any arrangements you make. If you do not have the discipline, debt review can basically force you to keep to repayment arrangements, but it will cost you a lot more.

With unsecured debt like credit cards, personal loans and store accounts, it''s very easy to organise reduced repayments. The only catch is that the reduced repayments should be more than the monthly interest on the account - otherwise the debt will never be repaid. If the credit provider isn''t willing to accept reduced repayments, it''s illegal for then to apply for a judgment against you as long as you always keep to the reduced repayments agreement. They can still put a negative listing on your credit report, but that will not stay there as long as a judgment would.

If you give more info, I can give better advice on what to do and what not to. Every situation is different and requires different solutions.

Good Luck
Liza

Reply to Liza
Posted by: cybershrink | 2012-05-17

As a definitive financial idot, I'm really not qualified to comment usefully on this one.
But Liza sounds very, well, sound !

Reply to cybershrink

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