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Debt Review Success Tips

While paying off your debts there are many ways to get the most out of the amazing debt review process. In this short series of articles, we are looking at some of the top tips for success.

Tip #3

Get Organised

Many consumers who find themselves in financial distress find it hard to read and think about nasty letters of demand. They find it hard to check balances that just going up and up and they tend to want to rather forget about their debts (and so will not be keen on keeping papers and copies of each account etc).

When you enter debt review, however, things change. You will now be making progress in paying off your debts. So, it becomes important to get organised.

You should store all the papers you have about your different accounts in one place. You should organise these papers into separate accounts.

‘ keep track of every form and document that your Debt Counsellor sends to you’

You should also keep track of every form and document that your Debt Counsellor sends to you. It is also good to print out hard copies of emails and documents (just in case your computer dies or something weird).

Over time you will also receive monthly updates from your PDA on payments that are made. While these statements will not be 100% the same as that from credit providers you should keep a copy and have a look to see which accounts have been paid and if they were paid in line with what you expect.

Read More: What is a PDA?

You should also keep a copy of any court documents that you receive. These might be things like affidavits you are asked to sign or a copy of your granted debt restructuring order.

If you receive any correspondence from credit providers then you should also keep these in the same file (perhaps in print or in the cloud).

‘By being organised you will be able to track your progress towards paying off your debt’

By being organised you will be able to track your progress towards paying off your debt. You will also have the correct contact information for your Debt Counsellor, Payment Distribution Agent, Attorney and more. 

When your debt review ends you will also be provided with important documents that you should keep (not just for a short time but for a long time) in case any issues crop up in years to come. While this should not happen it is better to be safe.

So, put bad habits behind you. Get organised and get actively involved in your debt review. It will help you make a success of the debt review process.