Debt Consolidation
Consolidation of Debt
Settle Debts with Debt Counseling
If you are battling with multiple debts, debt counseling can help to reduce your debt burden by restructuring your debt repayment schedule. Debt counselors registered with the National Credit Regulator help to review the debt of an over-indebted person and draw a plan that will help to meet the debt repayment obligations of the borrower.
During the debt counseling process, the debt counselor advises the debtor to reduce wasteful spending to maximize funds for making monthly debt repayments. By restructuring the debts, the debt counselor helps to reduce the cost of monthly debt payment. Moreover, during the debt review process, the debt counselor interacts with the creditors, urging the lenders to accept the loan-restructuring plan. After the debt repayment plan is approved by the creditors and legalized by a ruling of the court, the debt counselor distributes the fund she/he receives from the debtor every month among the creditors. Hence, debt counseling provides an amicable solution to your debt problems.
How Debt Counseling Works
In most of the cases, an over-indebted person directly visits a debt counselor for assistance in settling debt-related problems. In some cases, creditors or a court may direct an indebted individual to apply for debt counseling. As soon as a debt counselor receives an application for debt counseling, she/he notifies the creditors about the debt review application. After receiving the notification from the debt counselor, creditors cannot initiate any legal proceeding against the debtor for non-payment of debt.
However, debt counseling is not applicable for a debt account for which a summons has already been served by a court. After receiving the Certificate of Balance, containing the details about the pending installment amount and prevailing interest rate, from the creditors and after assessing the current financial position of the debtor, the debt counselor will draw a repayment plan. The repayment plan may be adjusted to accommodate certain changes proposed by creditors. The final plan must be approved by the court before the funds are disbursed for settling the debts.
Benefits of Debt Counseling
For over-indebted individuals, debt counseling is the ideal debt rehabilitation solution. Voluntary distribution, although similar to debt counseling, is a voluntary process not supported by an order of the court. Hence, nothing can be done if a creditor rejects the offer.
Administration of estates is only suitable for settling debts that are within a certain limit. Moreover, secured loans cannot be included in it.
Therefore, in most of the circumstance
Debt Lawyers with one lower affordable monthly payment. Debt Counselling in Cape Town. Debt Consolidation will help you get back on track with your Debt. Visit them today.
Read my article at http://www.articlesbase.com/debt-consolidation-articles/consolidation-of-debt-for-repaying-multiple-loans-6592685.html and my bookmark at http://www.stumbleupon.com/stumbler/braulioadonis/likes.
During the debt counseling process, the debt counselor advises the debtor to reduce wasteful spending to maximize funds for making monthly debt repayments. By restructuring the debts, the debt counselor helps to reduce the cost of monthly debt payment. Moreover, during the debt review process, the debt counselor interacts with the creditors, urging the lenders to accept the loan-restructuring plan. After the debt repayment plan is approved by the creditors and legalized by a ruling of the court, the debt counselor distributes the fund she/he receives from the debtor every month among the creditors. Hence, debt counseling provides an amicable solution to your debt problems.
How Debt Counseling Works
In most of the cases, an over-indebted person directly visits a debt counselor for assistance in settling debt-related problems. In some cases, creditors or a court may direct an indebted individual to apply for debt counseling. As soon as a debt counselor receives an application for debt counseling, she/he notifies the creditors about the debt review application. After receiving the notification from the debt counselor, creditors cannot initiate any legal proceeding against the debtor for non-payment of debt.
However, debt counseling is not applicable for a debt account for which a summons has already been served by a court. After receiving the Certificate of Balance, containing the details about the pending installment amount and prevailing interest rate, from the creditors and after assessing the current financial position of the debtor, the debt counselor will draw a repayment plan. The repayment plan may be adjusted to accommodate certain changes proposed by creditors. The final plan must be approved by the court before the funds are disbursed for settling the debts.
Benefits of Debt Counseling
For over-indebted individuals, debt counseling is the ideal debt rehabilitation solution. Voluntary distribution, although similar to debt counseling, is a voluntary process not supported by an order of the court. Hence, nothing can be done if a creditor rejects the offer.
Administration of estates is only suitable for settling debts that are within a certain limit. Moreover, secured loans cannot be included in it.
Therefore, in most of the circumstance
Debt Lawyers with one lower affordable monthly payment. Debt Counselling in Cape Town. Debt Consolidation will help you get back on track with your Debt. Visit them today.
Read my article at http://www.articlesbase.com/debt-consolidation-articles/consolidation-of-debt-for-repaying-multiple-loans-6592685.html and my bookmark at http://www.stumbleupon.com/stumbler/braulioadonis/likes.