Debtfree Magazine October 2016

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Miss A Payment And Ruin Everything! If you have done something for a long time then it is hard to change. It is hard to change from a credit life style to a cash lifestyle. It is hard to budget. It is hard to learn to rely on someone else like your Debt Counsellor for advice rather than try make choices yourself quickly.
If for many years, you sometimes paid and sometimes did not it might seem that this can be done with debt review as well. It cannot. It is a huge mistake and can ruin everything that you have been working so hard to accomplish. In many cases it can leave a consumer in a much worse state than before debt review if they choose to skip a payment. If a court has ordered that you repay a certain amount each month and you do not then the credit providers have the right to go back to their original contract agreements with you and start their collections process again. Debt Counsellors also have the right to prompt credit providers to do so since you are not sticking to the process. Remember that part of the fee structure is that you pay the Debt Counsellor for their services each month. If you don’t pay them is it reasonable to expect them to offer you their services? If your boss didn’t pay you for your work would you keep gong back to work each month? When a consumer stops paying or misses a payment on their court ordered debt restructured repayment plan the credit provider will look at what you have paid since the credit was first granted, see how much you were meant to pay (plus interest etc) and then contact you to demand payment of the full arrears. This is not to be confused with just the missed debt review repayment. No this would be all the money you should have been paying under the original credit agreement for all the months or even years of the debt review and before. They will expect you to immediately catch up. Obviously it is unlikely you could ever do so or you wouldn’t have needed debt review in the first place. When you can’t pay the credit provider will unleash the collections people and their legal teams on you. So, lets say you had a car. You were meant to pay R2000 a month on the original contract. You feel behind by 2 months and then wisely entered debt review. At that point you owed the bank R4000 in arrears. Under debt review you received a fantastic deal and only had to pay R1000 a month. For the next 2 months you regularly pay the R1000. Then comes a bad month. You decide to skip a payment and the debt review falls apart. Now the credit provider call you up and demands not R1000 for the missed month but the original R 4000 arrears plus the additional R1000 x 12 months for all those
Page 1 and 2: South Africa’s debt counselling m
Page 3: henpda.co.za Don’t expect to hear
Page 6 and 7: EDITOR’S NOTE As the last few mon
Page 8 and 9: Missing A Debt Review Repayment It
Page 10 and 11: Reasons Why Some Miss Payments Befo
Page 14 and 15: Credit ProteCtion - debt review SuR
Page 16 and 17: “ It always seems impossible unti
Page 18 and 19: NEWS CONTINUED parliament in runnin
Page 20 and 21: eport that few people are signing u
Page 22 and 23: Jili v FirstRand Bank Ltd the Supre
Page 24 and 25: Do Credit Bureaus Discriminate Agai
Page 26 and 27: credit while still owing them a few
Page 28 and 29: Debt Review A person who is struggl
Page 30 and 31: Debt Restructuring If an over indeb
Page 32 and 33: TIME IS MONEY There is no doubt tha
Page 34 and 35: IN A NUTSHELL Plugging holes or add
Page 36: to attract new business. The proble
Page 39 and 40: OCTOBER NEWSLETTER Amending The Act
Page 41 and 42: Consumers can only be disappointed
Page 43 and 44: DEBT COUNSELLING COMMUNITY SUPPORT
Page 45 and 46: irectory aTEGORY DO YOU WANT TO LIS
Page 47 and 48: Limpopo North West Eastern CapE Mpu
Page 49 and 50: Specialist Debt Management Centre B
Page 51 and 52: National Debt Advisors Fighting For
Page 57 and 58: Don’t work with an out dated vers
Page 59 and 60: CONSUMER & Solution Centre NCRDC245
Page 61 and 62: Telephone: 031 251 4151 Fax: 031 25
Page 63 and 64:
COMING SOON TRAINING COMING SOON FI
Page 65 and 66:
Your Debt Counselling Attorneys Joh
Page 67 and 68:
SOFTWARE PROVIDERS
Page 69 and 70:
Debt Review DepartmentEmail Address
Page 72 and 73:
DC Query Process DC Query Process w
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Debtfree Magazine October 2016

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