Understanding The Process Of Bad Debt Management

 

There is a large number of South African’s struggling to survive in the current economic climate. Many are losing their jobs and more and more people are battling just to get by each month. If you are experiencing tough times you are probably receiving calls from banks and creditors and still stressing about providing for your family. What do you do in a situation like this? Obtain bad debt management advice from a professional team of debt counsellors and managers.  

Bad debt management is the process whereby one’s financial situation is analysed and assessed. All the outstanding debts will be considered and the relevant creditors contacted on your behalf in order to negotiate a reasonable and affordable repayment rate. Debt counsellors are usually able to arrange a discounted rate from creditors. You can expect you debt manager to draw up a proposed repayment schedule for you. This is provided to all your creditors and a binding agreement set in place by means of court order, should they all be in acceptance.

The whole point of bad debt management is to consolidate all your debts, great and small, into one account. This account is then paid off by means of a fixed monthly fee at a reduced interest rate. This involves a total restructuring of one’s debt obligations in order to make them more affordable and convenient to pay off.

DebtCor is a company that can assist you with all your bad debt management needs. Their dedicated and highly experienced team will also ensure that all the administration work involved is handled for you. This means that they will take on the stress of informing all your creditors that you have applied for debt management or review. Get your financial affairs in order – contact DebtCor for more information and advice today. 

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