What is the process of debt control management?

The process of debt control management can be prolonged over a period of time considering the amount of debt the consumer is facing. It is not an easy process to deal with, however it is a vital step and actually makes the situation simpler and clarifies what needs to be done in order to fix the debt problems in a personís life.

Debt control management starts with a meeting. The consumer should contact a reputable and accredited debt counsellor and arrange a sit down with them. Before meeting them and in order to speed up the process, the consumer should compile all the relevant documentation such as bank statements, bills, and ID documents. However before showing any of these documents to the debt control management expert, make sure to verify that they are in fact accredited and registered with the NCR.

Once the debt control management expert has reviewed the documentation, they will recommend whether or not the consumer needs to apply for debt control management. If this is the case, they will begin filling out the relevant forms and help the consumer apply for debt review. After that they will send a proposal to the consumerís creditors informing them of the application and the proposed terms of repayment.

If these terms are accepted by the creditor, the consumer will officially be under debt review and the new payment terms will begin. Payment is not done directly by the consumer, but instead their income is sent to a registered payment distribution agency that will allocate and disperse the funds in accordance with the budget drawn up by the debt control management firm. Therefore the consumer need not worry, as all their finances are being handled by experts who have their best interest at heart. It is important to note that debt control management handles all finances and will allocate the consumer an amount of money for living expenses whilst the rest are channeled into debt repayment.

This process is lengthy and the consumer should have the patience to see it through because once they are done, the debt control management expert will issue them with a debt clearance certificate and a brand new clean financial slate.

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DEBT CONTROL MANAGEMENT | Process of debt control management?