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Debt Review vs Debt Management Plan

DEBT REVIEW VS DEBT MANAGEMENT PLAN 

Just Because Something Is Legislated Does Not Mean It Is The Best Option

 

Debt Review

 

 

These are the most important features that apply once a consumer has been registered under Debt review:-

1. Debt Review cannot be cancelled until

   i) all the debt has been paid or

  ii) a court issues an order declaring the consumer no longer over-indebted. The consumer will have to apply to the court to have himself/herself declared no longer over-indebted.

2. A court order or consent order is granted against the consumer which in effect locks him/her even further in debt review.

3. The consumer is recorded on the credit bureaus as being under debt review and that listing remains there until all the consumer's debt has been repaid - don't fall for internet scams of people who tell you they can remove your debt review listing.

4. Consumers who are registered under debt review are not allowed any more credit.

 

Besides the above it can affect you in the following ways:

a) It can make it difficult for you to rent a property in the future. When trying to rent a property, your credit profile is mostly checked and the debt review listing can count against you.

b) The same applies when applying for a job or even a promotion. The debt review listing on the credit bureau can count against you.

c) Refer to www.hellopeter.com to read the experience (good and bad) of others who were subjected to debt review. 

 

Question: Can you switch to our Debt Management Plan if already under debt review?

Answer:  Yes it is possible, but we would have to review each individual case to determine whether it is in your interest to switch or not.

 

Do your research first, before making a decision that could affect your life for years. 

 

Debt Management Plan

 

 

The main aim of our Debt Management Plan is:

a) to provide consumers with an alternative to Debt Review and secondly,

b) to give you breathing space if you are struggling to pay your accounts each month.

 

The most important features:

1. You will not be locked into any fixed contract or programme. Which means that you may cancel any time that you feel you are financially strong again.

2. There is no court order and no consent order. Therefore, there is no need to apply to the courts to rescind any court order against you. However, if required, you will be provided with full legal support in the event of any litigation (legal action) against you.

3. We do not list you on credit bureau at all. Your creditors are the ones who can list you if you do not pay your accounts, but we do not.

4. There is nothing preventing you from applying for additional credit whilst under out Debt Management Plan, except of course your credit record. Although, if you are already struggling, why would you want more debt? To struggle more?