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What Are The Benefits Of A Debt Review - Would I Qualify For The Process?

July 03, 2012 | Comments: 0 | Views: 282

If you are struggling under a heavy burden of debt, you already know how difficult life could be. The debt review process can free you from all your financial woes and help you live a life of freedom from debt. Here are some of the benefits of a debt review.

One of the greatest fears that could be haunting you day and night is the thought of creditors repossessing your assets. This can cause endless hours of worry and could also lead to possible health complications and straining of relations in the family. The debt review process can come to the rescue by preventing any kind of legal action being taken against you by creditors. Once the process is under way, creditors would be prevented from trying to repossess your assets.

Secondly, a debt counselor would study your particular case and devise a revised repayment plan based on your ability to pay monthly installments consistently. You might have been defaulting on payments previously as the funds at your disposal may not have been sufficient to make your monthly payments. But with a revised payment plan, you would be able to make payments that are within your means. This will help you move forward towards the goal of eventually paying off all your debts.

Finally, the education that you receive during the review process will help prevent you from going into debt in the future. It will inculcate a sense of financial discipline that will enable you to make better decisions in life concerning money. You will learn to live within your means, save for the future, and resist the temptation to splurge on things that you do not really need.

Who qualifies for a Debt Review?

In order to qualify, you need to be over-indebted. The amount of money that you are left with after meeting all your living expenses should not be sufficient to pay your monthly installments. You need to have a consistent income to be able to pay your installments periodically. Your income should also be substantial enough to have something left over to pay back your debts.

If you are over-indebted and qualify for professional assistance, you should probably take advantage of this option immediately. Since the fee for the debt review process would be included in the monthly installments, you would not find it difficult to pay for the service. Moreover, it would be a small price to pay for the tremendous advantage of obtaining complete freedom from the bondage of debt.

To learn more about debt review, please visit www.debtreviewsouthafrica.co.za

Source: EzineArticles
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