How Does Debt Management Work

How does Debt Management Work?

Debt Management is based on your current situation. A Debt Solution is investigated implementing one of the many options we have that best suits your current situation, where you want to be in the next 5 years and also what fits into your budget. An extensive assessment is conducted to determine this.

 
Debt Management is done by assessing and selecting a solution to fit your pocket

Debt Management is dealt with on a case by case scenario, but you can expect the following steps:

 

  1. A Debt Management  Assessment is conducted to determine the best debt repayment plan for your individual needs.

  2. Your Credit Providers are notified of your situation.

  3. A payment proposal is generated detailing how the debt will be settled and in what length of time.

  4. A dedicated consultant will work with you and the Credit Providers.

  5. You Credit Providers will either accept the new proposal or counter offer with a different proposal.

  6. Once finalised you are expected to stick to the payment plan until the debt is settled.

  7. You will be left with only one payment to make, rather than several, which will simply things making it easier to manage you debt .

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Debt Management is a process whereby a qualified third party negotiates lower monthly payments to your Credit Providers. 

Your payments are proposed based on what you can reasonably afford. 

 
Only pay what you can afford with Debt Management

Your re-negotiated payment under Debt Management is worked out through a breakdown of your monthly budget and the payments are usually paid over a longer period.

These solutions are flexible and so If your circumstances change the instalment can increase so that debt is paid off sooner. However, you cannot pay less than the minimum installment negotiated.

Debt Management is good for those who are struggling to keep up with their debt repayments, but who can afford to consistently pay smaller amounts over a longer period of time.

It’s also good for those whose circumstances are likely to improve over time and who have a steady and relatively stable income.

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What does Debt Management Cost?

There are several Debt Management programs that are tailored to a client’s specific needs. The cost is based on the Debt Management Solution that bests suits your current needs.

 
The Cost of Debt Management is dependent on the Debt Solution you choose

We offer the following Debt Management Solutions and the costs for each of these is detailed in the Debt Assessment we conduct with you.

  • Debt Consolidation

  • Debt Settlement

  • Bond Consolidation

  • Debt Review

  • Sequestration

  • Voluntary Surrender

 

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Benefits of Debt Management?

One of the biggest benefits of a Debt Management Plan is that your debt is settled at a pace you can manage, which in turn increases your cash flow.  The other benefit is making one manageable payment each month instead of multiple payments. Multiple payment can be especially hard to keep control of  when you are experiencing financial difficulties.

 
Lower Installment, One Consolidated Payment

Debt Management also benefits your Credit Providers. There is no need to hand the debt over to collection agencies and they are assured that the debt will be repaid, even though the repayments have been stretched over a longer term.

Let's have a more detailed look at the benefits of Debt Management.

  1. One consolidated monthly repayment for all of your debt.

  2. Lower monthly instalment which means better cash flow.

  3. Lower interest rate charges.

  4. Multiple Credit Providers Admin fees are removed. You only pay one fee for the one instalment.

  5. Dealing with one dedicated consultant, who will manage all of your debt on your behalf.

  6. Early settlement discounts with solutions like bond consolidation, debt consolidation and debt settlement.

 

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What is Debt Management
What does Debt Management Cost
Benefits of Debt Management
Debt Management Assessment

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