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Want To Get It Over With?

Debt review helps you to cover your monthly bills and still pay back your debts in a more manageable way.

But what if you find you have a little extra money left at the end of each month?

But First

First you should make sure you are saving towards big annual expenses. These will come around and put pressure on your budget. So, don’t forget to save towards things like new tyres, car services, school related costs and even insurance excesses. These savings are vital.

If you are managing to do that each month and still find you have some available funds then why not speed up your debt review by increasing your repayment amount?

Ending the debt review process sooner than planned is an excellent goal. The longer one is in debt review, unfortunately the longer there is for something to go wrong. So, finishing sooner is better.

A Small Monthly Increase

Increasing your monthly debt repayment amount will speed up your debt repayment plan.

Depending on how much extra you add, it can cut out months on your repayment plan. This is because you can get ahead of interest payments (which compounds) and because payments which were going toward smaller debts, which get paid up sooner, will spill over or cascade into other debt repayments.

A Once Off Extra Payment

If you receive a big lumpsum payment that you were not expecting (like a bonus or because of selling something) then it’s best to talk to your Debt Counsellor about paying up a smaller debt.

This will free up funds allocated there each month to be shared among your other credit providers. This will help speed up all your repayments. If you talk to them, they may even be able to get you a small discount on the debt by negotiating with the credit provider.

If You Want To Finish Sooner

If you have got extra funds available and have set aside what you need for annual expenses, then think about increasing your payments and speeding up your debt review?

Speak to your Debt Counsellor about how you can get the most bang for these extra bucks.