Benefits of Debt Review
A debt review is not a magic wand, which makes your financial worries disappear forever with a single swish. It is a pragmatic strategy that helps you get out of an unfavorable debt situation quickly and with minimum injuries.
Things can go out of hand sometimes. However, always remember there’re no shortcuts to getting out of a financial mess. There’s only one viable option: to pay the money owed in full. With a debt review, it becomes easier to do so, and that’s where its biggest advantage lies.
Here’s all that you wanted, but didn’t, know about debt review.
What is a debt review?
A financial consultant reviews your debt as well as your present financial situation in debt review. By studying both these things, the debt counselor can judge if you are in situation to pay your debt or not.
In case the debt counselor thinks that you cannot pay your debt in its present terms, he or she may, with your permission, devise a new repayment plan. This will then ease your financial burden and at the same time will be acceptable to your lender. After drafting the repayment plan, your financial counselor will present it to your creditor for approval.
- You develop a better understanding of your financial situation
Many a time, the debtor doesn’t understand his or her repayment capacity. A review by a professional will bring to your notice how much you can really pay each month.
- Allows you to get come out of a difficult financial situation
Reconstruction of your debt, which can involve a reduction in the amount owe. Or it can be an increase in the repayment period or both. This will help you pay off your loan quickly and with minimum inconvenience to you.
- Makes you immune from a legal action
Lenders can take a legal action against debtors who are not paying their loans. However, if you are taking debt counseling, your lender cannot initiate a legal proceeding against you. Lenders cannot take a legal action against creditors who presently undergoing debt counseling.
- Ensures your name doesn’t come in the blacklisted debtors list
Poor debt repayment history causes your credit score to plummet. Lenders may even blacklist you, which will make it impossible to get a loan in future. When you are taking debt counseling, creditors cannot blacklist you.
- You don’t have to directly communicate with your lenders
When you undergo debt counseling, your financial counselor talks with the lenders, obviating the need of your spending time and energy corresponding with your debtors. Of course, the financial counselor will keep you in the loop all the time.
Do you have a lot of debts right now and require help? Are you scratching your head as to where to find this so called help? Look no further! We are the best moneylender you will be able to find in Singapore. Our staff have undergo many hours of training and will know exactly what you need! In addition, we have fast approval times with very low interest rates.