Debt Counselling can consolidate your debt into one easy payment and clear your credit record. For a free assessment, contact us today!
Senate Republicans blocked a bill to keep the U.S. government open and also prevent a federal debt default, but the Senate could bring the funding measure up for another vote later this week without a debt-ceiling extension, which isn’t needed until mid-October. Congressional Democrats are also hoping to pass at least part of President Biden’s domestic agenda, which contains more than $4 trillion in spending over two bills. CBS News’ Laura Podesta reports on the developments in Washington, and CBS News congressional reporter Zak Hudak joined “CBSN AM” to discuss.
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When should you consider debt counselling?
Even before lockdown, many people were finding it difficult to meet their debt repayments and facing the prospect of defaulting. Once you are in default the collection and legal fees mount and debt that you were already struggling to repay could easily double. You could even risk losing your car or home.
One of the options available is debt counselling where you select to go under debt review and are protected against legal action by creditors.
A debt counsellor provides a court-issued agreement stipulating the repayment plan. Consumers make one affordable, payment each month, to an independent Payment Distribution Agency (PDA). This in turn is distributed to the creditors as per the agreement.
Once under debt review you may not apply for any credit until all the debts, as per the court order, are settled. Once settled, the debt counsellor will issue a clearance certificate confirming that all the accounts listed under the agreement are paid up. Home loans are the exception and do not need to be fully paid up, but must be up to date. The debt counsellor must ensure that the credit bureaus receive the certificate.
While there are many satisfied customers in debt counselling, there are just as many who have had a negative experience. Make sure you are working with an ethical provider who is a member of the Debt Counsellor Association of South Africa or the National Debt Counsellors Association.
When working with a debt counsellor make sure they create a repayment plan that can be settled within five years. This can be done if the debt counsellor negotiates lower interest rates with the creditors.
According to the National Debt Counsellors Association reputable debt counsellors use an industry standard called the Debt Counselling Rule Set or DCRS that allows them to negotiate significant interest rate reductions on consumers’ debt.?
For unsecured lending such as personal loans and credit cards, DCRS allows for renegotiation of the interest rate as close to zero percent as possible. This is a significant saving on credit agreements that can have interest rates as high as 23%.
Debt counselling can be a great solution, but do your homework before you enter any agreement as once the agreement is in place, you are legally bound to it.
??? A tutorial on the differences between debt consolidation vs credit card refinancing.
Table of Contents:
0:00 Overview and Introduction
0:19 What is credit card debt consolidation?
3:45 What is credit card refinancing?
7:14 When to consolidate and when to refinance?
8:40 How to research credit cards for balance transfer (credit card refi)
10:05 Secured vs Unsecured Credit Cards
Sep.21 — China Evergrande Group is one step closer to default after a missed interest payment due on Monday. Bloomberg Economics says a systemic meltdown is unlikely. Bloomberg’s John Liu reports on “Bloomberg Daybreak: Asia.”
http://www.creditaid.ca/ When it comes to your finances and working through debt – you need someone that you can completely trust. Call Creditaid, your licensed and bonded credit counselling agency.
Debt Review Awards founder Zak King shares a little about the history of the Awards and the peer review process.
For more info head over to: www.debtreviewawards.co.za
#debtreviewawards2021
The OULS recently had the opportunity to work with barrister and CEDR accredited mediator Suzanne Rab from Serle Court Chambers to help in the making of a short film on mediation. The film was written and produced by Suzanne Rab and was shot on location at Serle Court. It stars OULS members Abigail Scott and Peter Savory who played the lawyers for each of the two parties and was directed and edited by Gwyn Hopkins.
The purpose of the film is to promote mediation as a form of Alternative Dispute Resolution (“ADR”) and it is being shown to legal practitioners and their clients to compliment a series of presentations on the subject.
©2015 Suzanne Rab
www.suzannerab.com
Credits:
Voiceover………….. Gwyn Hopkins
Barbara…………….. Joella Bruckshaw
Enrico……………….. Peter Savory
Kevin………………… Robin Jacob
Nadia……………….. Abigail Scott
Martha……………… Suzanne Rab
Written and Produced by Suzanne Rab
Directed by Gwyn Hopkins
The Annual Debt Review Awards 2021 – Live Stream
WELCOME to the Annual Debt Review Awards Live Stream.
For more info: www.debtreviewawards.co.za
#debtreviewawards2021
Agenda:
Pre-Show: 11am – 2pm
Welcomes & previews
Attorneys Discussion
Webinar Highlights
Product Demos
Awards Show: 2pm – 4pm
Welcomes
Mentalist & Memory Expert Michael Abrahamson
Technology Adoption Award
Significant Contribution Awards
The Debt Review Process
NCR & NDCA Speeches
Annual Peer Review Results (Awards)
Best Photos
Thank You & Farewells
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