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Need Recommendations On All Aspects Of Debt?

There are so many different ways to get in over your head with debt, and without the right advice you might even lose your most priced assets like your home. Find out more about debt consolidation, debt counselling, debt management, debt review, debt solutions and sequestration.

Debt Consolidation:

Debt consolidation is basically adding all your outstanding debt together into one account, and this makes it easier for anyone to keep track on how much they owe.

The first step to debt consolidation is making an appointment with a financial advisor and taking all your records of outstanding debt along.
If you can with certainty pay off your consolidated debt within the agreed upon time frame then you are already a good candidate for debt consolidation. Remember that consolidation loans are not free of charge, but you are allowed to negotiate your payment schedule, minimum payment amounts and interest rate.

Approved also offer information on different financial institutes’ debt consolidation options:

Debt Counselling:

Debt counselling services can coach people how to manage their debt better and more efficiently. A debt counsellor can assist your with creating budgets to reduce excessive spending.

Services such reduced interest rate negotiation is part of what a debt counsellor can help clients with.

When you are thinking of seeking the advice or services of a debt counsellor it is advised that you first do some background research. This will included the debt counsellor’s certification and experience in this field.

Approved offers guidance on different aspects of debt counselling:

Debt Management

Purchases such as buying a house or car have become unavoidable without incurring some debt. The average person will have to make some sort of loan in order to be able to purchase these things.

Some tips from financial advisors on debt management best practices includes

  • Paying more than the minimum on a loan when it is possible
  • Negotiate with your bank to keep your payments at the same amount, even when interest rates go up.
  • Setup your banking that payments are made to your mortgage the moment you’ve received your salary.

Keep a savings reserve for when interest rate changes take effect, this can minimise the chance of falling into excessive debt.

Approved can give you information on sustainable debt management

Debt Review:

A financial plan set out from debt review can have many significant benefits.

When you consult with a debt review specialist, they will help you create a controllable budget, which will be formulated with help from your most recent financial records. Anyone who is struggling with debt after paying basic monthly living costs can qualify for debt review, but it’s always better to seek help from a debt review specialist sooner than later.

The debt review process consists of different steps, this includes filling out form called ’Form 16’ and submitting it to a debt review counsellor, who in turn notifies all creditors that the person is under debt review.

The debt review process allows both parties to negotiate for a reasonable and beneficial repayment terms.

Approved can help you identify early steps in the right direction with regards to debt review.

Debt Solutions:

Debt solution firms should have knowledgeable staff who can guide you through the debt review process, which includes the preparation of documentation to be submitted to the court.

Debt solutions available includes credit counselling and debt review.

One of the legal aspects involved with debt solutions involves the intervention of the Court of Affidavit. This intervention will take place if a creditor makes several rejections with regards to the payment terms, and who are less than willing to accept a reduced payment.

When seeking debt solutions, it is best to find firms who have been assessed by the National Credit Regulator and firms which have been around for a number of years and are well established.

Approved offers guidance on debt solutions - Lifeline Debt Solutions

Sequestration:

This option is available to individuals who’ve run into substantial financial difficulty. This process will involve an individual being declared insolvent and not being able to repay any outstanding debt.

When an individual has been sequestrated, their salary or income will not be touched by any creditors. All creditors will be notified that the individual is undergoing sequestration and that they will not be receiving any payment.

The advantage of voluntary sequestration can include blocking creditors to seize and selling and of the individuals assets. There are however some disadvantages of sequestration and this includes the debtors declining credit score and that the individual will have to wait several years before being eligible for any more loans.

After the sequestration period has been completed, the individual can apply for rehabilitation and past debt will be removed from their credit history.

For more information on Sequestration and Mortgage Sequestration visit the Approved website.

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