Debt Review Success Tip #6

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Debt Review Success Tips

Debt Review can help you repay what you owe in a manageable fashion. Reasonable payments each month (at good interest rates) can help you chip away at debt. But what can help you make the most of the debt review process? In this short series of articles, we are looking at some of the top tips for success while under debt review.

Tip #6

Credit Provider Balances May Be Wrong

It is funny to think that your credit providers can make mistakes but they often do. Many have really old computer systems that struggle to track debt review payments properly. This is because debt review is different from the normal debt repayment process. Normally there are fees that don’t get charged, interest rates that change and different monthly repayment amounts.

Many times human error on the credit provider side can also be a factor as interest rates are not adjusted properly by credit provider staff or additional fees sneak into calculations that should not be charged under debt review.

Unfortunately, this does still happen even after debt review has been around for so long. This is why you should not panic if you see a little difference in the balances shown on your monthly PDA statements and those from your creditors. The figures should be similar but you should not expect them to be identical.

Read More: What to do if you do not get your monthly statement from the PDA

Tip: Each month when you get your PDA statement you should check that all the accounts have been paid and you should keep a copy of the statement in a safe place digitally and in print. If you see anything that looks weird, feel free to call your Debt Counsellor and ask them to check it out.