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What is debt counselling and debt review?
What is debt counselling and debt review?
Debt counselling is designed to provide
over-indebted consumers with an alternative to the traditional remedies
for defaulting on your debt: administration and sequestration
Debt counselling is designed to provide
over-indebted consumers with an alternative to the traditional remedies
for defaulting on your debt: administration and sequestration
Sondag 26 Junie 2016
Saterdag 25 Junie 2016
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Donderdag 23 Junie 2016
Dinsdag 07 Junie 2016
Making your debt review work
Making
Your Debt Review Work
Your Debt Review Work
Once you have signed up with a DebtCounselor and have found out who your attorneys will be and who will be
handling your money each month it is time to look at making a success of your
debt review at home. How so?
handling your money each month it is time to look at making a success of your
debt review at home. How so?
When a consumer signed up with a
Debt Counselor one of the first things your Debt Counselor will ask is for your
monthly household spending habits. This is not your payments toward your debts
but rather the money you spend each month on things like food, transport,
phones and insurance. For many consumers their total monthly spend is a bit of
a mystery. Many are not sure. Few make allowance for the smaller or unplanned
expenses that come along. This is one of the reasons why the Debt Counselor
will ask. They need to figure out if you are spending too much on one thing and
not enough on another.
Debt Counselor one of the first things your Debt Counselor will ask is for your
monthly household spending habits. This is not your payments toward your debts
but rather the money you spend each month on things like food, transport,
phones and insurance. For many consumers their total monthly spend is a bit of
a mystery. Many are not sure. Few make allowance for the smaller or unplanned
expenses that come along. This is one of the reasons why the Debt Counselor
will ask. They need to figure out if you are spending too much on one thing and
not enough on another.
For example, you may be paying a large amount for digital TV
subscriptions but have no insurance on your car (which is actually required for
vehicle finance). Consumers also often are so busy trying to pay their debt
that they never have the chance to set funds aside for annual expenses like car
and TV licenses or school clothes and books in Jan.
subscriptions but have no insurance on your car (which is actually required for
vehicle finance). Consumers also often are so busy trying to pay their debt
that they never have the chance to set funds aside for annual expenses like car
and TV licenses or school clothes and books in Jan.
Changing
Mindsets
Mindsets
When starting debt review consumers
go through the challenging switch from a credit lifestyle where unplanned
expenses are simply added to the credit card to having to save up in advance
for things (including the unexpected).
go through the challenging switch from a credit lifestyle where unplanned
expenses are simply added to the credit card to having to save up in advance
for things (including the unexpected).
After looking over the consumers
monthly spending habits (even looking through your bank statements etc) the
Debt Counselor will talk you through suggested changes that you need to make.
They will remind you to save for particular things and what you need to cut
back on. They will then set you a monthly budget figure and show you how they
suggest you spend your money each month. They will also then work on the funds
left over from your salary and how those can be allocated to your creditors in
a fair way.
monthly spending habits (even looking through your bank statements etc) the
Debt Counselor will talk you through suggested changes that you need to make.
They will remind you to save for particular things and what you need to cut
back on. They will then set you a monthly budget figure and show you how they
suggest you spend your money each month. They will also then work on the funds
left over from your salary and how those can be allocated to your creditors in
a fair way.
Consumers who want to make a success
of their debt review need to stick to the budget. This doesn’t mean that
you have to spend every cent exactly as your Debt Counselor has suggested. You
may find ways to better the target they have given you but you should
definitely take notice of any figures they mentioned that you should be saving
towards. If you fail to save towards those figures (like school books) you will
not have funds to cover those costs when they come and you don’t want to ever
miss a payment or steal some funds from your monthly debt repayment amount.
Consumers should also be aware that over time things cost more due to
inflation. This means that if you are not able to earn more to cover these
increases then you need to spend less on things and cut back even more than
before to keep within your budget.
of their debt review need to stick to the budget. This doesn’t mean that
you have to spend every cent exactly as your Debt Counselor has suggested. You
may find ways to better the target they have given you but you should
definitely take notice of any figures they mentioned that you should be saving
towards. If you fail to save towards those figures (like school books) you will
not have funds to cover those costs when they come and you don’t want to ever
miss a payment or steal some funds from your monthly debt repayment amount.
Consumers should also be aware that over time things cost more due to
inflation. This means that if you are not able to earn more to cover these
increases then you need to spend less on things and cut back even more than
before to keep within your budget.
Another wise step is to track your
spending habits very closely for a month or two. Keep each till slip and write
down every cent you spend as a family. Add all the figures up and actually
track where the money is going.
spending habits very closely for a month or two. Keep each till slip and write
down every cent you spend as a family. Add all the figures up and actually
track where the money is going.
Some families use the envelope
method in setting out funds for their various expenses each month. Putting cash
into labeled envelopes allows for a quick visual budgeting exercise. You
spend out of the envelope for the thing it is labeled. When the envelope runs
dry you stop buying that thing (eg. airtime for your phone). If you need to
spend more you have to steal from another envelope and it helps you track what
you are spending and where you are spending more than you thought. Just keep
that cash safe!
method in setting out funds for their various expenses each month. Putting cash
into labeled envelopes allows for a quick visual budgeting exercise. You
spend out of the envelope for the thing it is labeled. When the envelope runs
dry you stop buying that thing (eg. airtime for your phone). If you need to
spend more you have to steal from another envelope and it helps you track what
you are spending and where you are spending more than you thought. Just keep
that cash safe!
Step
4
4
Stick
To Your Monthly Budget.
To Your Monthly Budget.
Making your budget work is all about
knowing exactly what you’ve got coming in and going out each month. If your
income is relatively the same from paycheck to paycheck your primary focus
needs to be on what you’re spending. You can utilize budgeting tools by taking
note of your bill due dates on a calendar, setting up automatic payments or
entering them into a budgeting software program. This is a good start but you
also need to keep up with your everyday expenses.
knowing exactly what you’ve got coming in and going out each month. If your
income is relatively the same from paycheck to paycheck your primary focus
needs to be on what you’re spending. You can utilize budgeting tools by taking
note of your bill due dates on a calendar, setting up automatic payments or
entering them into a budgeting software program. This is a good start but you
also need to keep up with your everyday expenses.
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