Track Your Progress
Keeping An Eye On Your Progress
When repaying any debt, it is best to keep an eye on the balances and charges. This is true even while in debt review.
Each month you will receive a statement from your Payment Distribution Agent (PDA). This could be DC Partner PDA, Hyphen PDA or iPDA.
As long as they have your current contact details, they will provide you with a record of the transactions completed on your behalf (and they will keep detailed backups in case of any future disputes with credit providers about who paid what and when).
Why You Should Track Your Progress
Because debt review takes a while, it can be hard to keep up the initial excitement and momentum. Eventually you can get lost in the process, only focusing on the payment at the end of the month and not the progress you have made in your overall journey.
This is why it is important to track your progress.
Many debt restructuring plans are organised over +- 60 months. While some are shorter and others longer, it is common for the months to roll into one and you might start to doubt you are actually making progress, even though you are.
Why not track your payments on this helpful chart?
You can download it or print it out and put it on the fridge to keep yourself motivated. Simply circle your final repayment month as per your debt repayment plan. If you are unsure about that, you can ask your Debt Counsellor or your attorney and they will help you check your repayment plan for the info.
Unlike stressing about the exact balance and figures, you can simply focus on how many months you have successfully completed, and how many more you have to go. It is a quick visual reminder of all your hard work and the map to financial freedom.
* Note: due to small technical differences, your PDA statement and credit provider interest calculations may differ slightly, adding up over time. Due to interest, this can mean some difference in the exact final repayment date.
