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Do You Qualify For Debt Review

July 06, 2012 | Comments: 0 | Views: 158

If you are deep in debt and need help to get out of your financial crisis, you can consider applying for debt review. But before you do, you need to understand that your dire necessity of funds is not the only qualification to get your case approved. There are a few criteria that you need to fulfill in order to be eligible for the review process.

Who Qualifies For Debt Review? In order to qualify, you first of all need to be over-indebted. This is a financial term used to describe a condition wherein people are so deep in debt that the income they receive is not sufficient to pay their creditors after they take care of their monthly living expenses. In fact, many people around the world who are in debt end up with little or no money in their hands to pay their creditors once they finish paying all their monthly bills. If you find yourself in such a position, you would be considered as over-indebted.

Another criterion used to determine whether or not you are eligible for review is the amount of income that you get in relation to the outstanding loan amount. The income that you receive should be substantial enough to have a little bit left over which can be used to pay back the loan. If you do not have an income or if your income is too little that you have virtually nothing left after you pay all your bills, then you may not qualify for debt help. On the other hand, if your income leaves you with a small sum that is left over, you could be eligible for the debt review process.

Finally, you should be willing to abide by the conditions that are laid down by the debt counseling service. This might involve changes to your spending habits and your tendency to periodically acquire new loans to tide over current financial crises. If you fulfill all these conditions, then you might be able to take advantage of this professional assistance.

Once the process begins, you would be required to pay a predetermined monthly installment from the amount of money that is left over after meeting all your living costs. You might have to curtail your spending in order to save some money. But if you faithfully pay up all your dues systematically, you would find yourself free from the bondage of debt within a relatively short period of time.

To find out more about the debt review process, please visit http://www.debtreviewers.co.za/

Source: EzineArticles
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