Debtfree Magazine September 2019
The September 2019 issue of Debtfree Magazine. SA's Free debt counselling and debt review magazine. We discuss a court case that changes it all as well as possible changes to the NCA & Regulations.
The September 2019 issue of Debtfree Magazine. SA's Free debt counselling and debt review magazine. We discuss a court case that changes it all as well as possible changes to the NCA & Regulations.
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ARE YOU TRAPPED IN DEBT REVIEW?<br />
CAN YOU LEAVE<br />
DEBT REVIEW?<br />
If you have started the debt review process and find that your financial<br />
situation has changed for the better then you may wonder if you can<br />
leave the process and begin paying all your debts as before.<br />
At present, the Act makes provision for consumers in debt review to pay up<br />
all their smaller debts and vehicles then leave the process with only a bond<br />
left. If this is your situation then speak to your Debt Counsellor about how<br />
to do this safely.<br />
If you still have lots of debt, then ask yourself why you want to lose all the<br />
benefits of debt review. No more reduced interest rates, no more reduced<br />
monthly repayment amounts. Account fees and charges would be added<br />
again meaning that you will pay so much more for your debts. It is a bad<br />
financial decision that will cost you a lot.<br />
For most consumers the debt review flag showing at the credit bureaus<br />
means they cannot get access to more debt. They may have failed to learn<br />
from their past mistakes of taking on more and more debt over time until<br />
they couldn’t cope. They may want to start down that dark path again. The<br />
debt review status at the credit bureau stops them from doing so. They<br />
become desperate to take on more debt again.
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