Debt Review Johannesburg from the web:
Aggressive lending by the banks coupled with the
economic downturn has left scores of individuals in
the hole for money and unable to repay the banks and
so now they do a debt review
Johannesburg. To put it straight they
want their money and they are going to go after it
with as much fire power as they can and we call this
debt review Johannesburg.
And if you are the one in debt, you may be left to
face overwhelming legal action. However, it doesn’t
have to be that way. Thanks to the June 2007
National Credit Act, you now have an achievable
alternative to getting your way out of debt through
what is called debt review
Debt counsellors are professionals who get in
between you and aggressive creditors to negotiate on
your behalf. Many times there involvement will
actually stop any legal action from ever taking
place. Why? Because in you seeking a debt counsellor
it shows the creditors that you as the borrower are
not trying to skip out on paying back what you owe.
The bank benefits with a monthly monetary commitment
from you and you benefit with a more manageable
monthly payment and possibly a reduction in the
total amount you owe.
Applying for the debt review
process will usually take up to 5 days to complete.
All creditors must be informs with a form 17.1
Notice that you have applied for debt review
Johannesburg. We then
have 60 working days to negotiate with each creditor
and apply for a court date. During this time,
however, you can consider yourself covered, because
as soon as the process is started the debt
counsellor starts going to work in negotiating with
the creditors on your behalf.