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Can’t make your debt review payments this month?

Are you under debt review but not making ends meet? Are you struggling to keep up with your debt restructuring court ordered payment amount? Maybe your situation has changed and you now are struggling to pay the amount required.

What should you do?

We get advice from Anjela da Silva at DCM (one of the Payment Distribution Agencies) about not simply missing payments or stopping payments.

 

Her advice is good. Rather than just missing payments or stop paying you should talk to your Debt Counsellor. So many consumers don’t do this because they feel shy. Don’t! the Debt Counsellor want’s your situation to improve and will try to assist you further.

They (the Debt Counsellor) can contact your creditors and warn them of the difficulties and then make plans for you to go back to court with your changed circumstances.  Hopefully they can get the Court order changed or Tribunal Order amended. Be warned to do so will cost something in legal fees (but will save you a lot of problems in the long run so is totally worth it) and you may have some creditors that oppose the process if they suddenly will get little or no money. That said, others might not mind. Rather have most of your creditors happy then none by missing a payment.

Pay Something toward your debt review payments rather than Nothing

Never, never miss a payment. Missing payments under debt review can make things very difficult for you and will trhow the entire debt review out and have you even more in trouble. If you see problems brewing talk to your Debt Counsellor asap!