This is a process in which a customer and a credit provider negotiate the decrease of the consumer's monthly instalments and renegotiate interest rates charged.
Is it necessary to appoint a Debt Mediation Specialist to assist you in this process?
Appointing a representative, specialising in Debt Mediation will always be a choice and is not necessity. However, it will be beneficial to the consumer should he / she appoints a Debt Mediation Specialist dealing with creditors daily.
What the Debt Mediator will do?
He / She will negotiate on your behalf and will ensure the best possible outcome in decreasing the interest rates together with monthly repayment plans, and therefore ensuring the lowest possible repayment plan. This will ensure that the debt will be paid in full sooner rather than later.
Explain how does Debt Mediation work?
Once you appoint a Debt Relief Specialist to assist you in this process you will have complete certain documentations to assist the Debt Relief Specialist to do a proper assessment of your financial situation.
Which aspects of my finances will be considered?
1. Monthly income.
2. Monthly expenses.
3. Total debt and current payment arrangements currently in place.
4. Is any of the creditor accounts already in arrears?
5. Is legal action pending on any of these accounts?
6. The disposable income necessary to continue with the process.
Your financial status will be evaluated to determine if you are eligible for the process. Occasionally, the service provider will recommend other remedies to your problem.
Is there any other Debt Relief Remedies available in South African Law, to over-indebted South African Consumers, struggling financially?1.
Sequestration / Insolvency / Bankruptcy 2.
Debt Review Should I decide to follow the mediation process, how binding is it in law?
Take into consideration that mediation is an informal agreement that is being established with the creditor. Therefore, this is not a legal process. The Creditor can still decide to continue with a collection process if the agreement is not honoured.
Will I be blacklisted if I take this route?
Even if an agreement is reached it stays the credit provider’s choice whether they want to blacklist a client or not. Because of this it is impossible for any Debt Mediator to guarantee that you will not be blacklisted.
Why should I consider this process very carefully, especially if a service provider promises the following?1. No Debt Counselling / Review
2. No Judgement
3. Your credit profile will not be adversely affected.
4. You’ll still be able to utilise your credit facilities available on these accounts.
No Guarantees
None of the above can be guaranteed by any service provider, especially since it all depends on the credit provider and is not something that can be controlled by the service provider.
Which remedies are acceptable in South African Law if you’re struggling financially?
1. Debt Review / Debt Counselling
2. Sequestration / Insolvency / Bankruptcy
After reading this, I am very uncertain and don’t know how to choose a service provider, now what?
Choose a service provider that is a Debt Relief Specialist that will be able to furnish you with a FREE evaluation and FREE consultation and that specialise in all forms of Debt Relief not just one. That way you will get a honest answer to which remedy will be the best for your financial situation.
WHY SHOULD YOU TRUST CURE DEBT WITH YOUR FINANCIAL DIFFICULTIES?
We care about you, and how this process will affect you. We know and understand that should you decide to not continue with the process, we will lose money, BUT it is not about the money, it is about helping people getting out of financial distress. To help you START LIVING AGAIN.
WHAT CURE DEBT OFFER?
We took hands with Several Professionals, specialising in their different fields to serve our clients. With a combined experience of more than 120 years. We can proudly state that 'We are the best in the business of helping people and businesses BECOME DEBT FREE'.