Debtfree Magazine October 2016

en you are able to get help from a Debt
udgeting advice and some negotiating with
tter goes to court and you receive a debt
er.
Before you entered debt review you may have found that to
make ends meet each month you may have had to skip paying
one creditor one month and pay another instead or maybe
take on more debt to repay your existing debts. Eventually, like
half of all credit active South Africans, you may have started to
just not pay for a month, two month, three months or more.
You probably had to prioritise other important things like food,
medical care or unexpected costs over your debt obligations.
Of course, when that happens then the credit providers collections process kicks
in hard. Phone calls, emails, letters, sms’, visits from collections people and even
summonses and court judgements normally follow. This is incredibly stressful.
It is a real relief then when you are able to get help from a Debt Counsellor. After
some budgeting advice and some negotiating with credit providers your matter
goes to court and you receive a debt restructuring court order. Suddenly the stress
of the collection process is gone and the repayment amount is far more reasonable.
You can finally breath again.
Many consumers find that December and January (as well as April) are some of
the hardest months to keep up their restructured court ordered debt repayments.
Why does this happen and what happens if you do miss a payment?