Happy Dare Day!
Today is dedicated to daring those around you to do the things they wouldn’t usually do – things they may be afraid to do. It’s a day for action, and for taking risks.
One major factor that often stops us from taking action and reaching our goals is fear of the unknown.
A major stumbling block on people’s journey to financial freedom often takes the shape of the myths and misconceptions surrounding the debt review process.
Myth #1: You Will Be in Debt Review Forever
When we negotiate your repayment plan with your credit providers, we do not plan for a period longer than 60 months. From your creditors’ perspective, this would not be feasible. From our perspective, this process is designed to get you towards financial freedom as soon as possible!
Believe it or not, the duration for which you will be under debt review is entirely up to you. Your debt counsellor will work closely with you to determine a period that will work – feasibly – for all involved.
Myth #2: Debt Counsellors Take Your Money, and Don’t End Up Paying Your Creditors
According to the National Credit Regulator (NCR), no debt counsellor may work with clients’ money.
The NCR has approved Payment Distribution Agencies (PDAs) to handle and distribute your money to your creditors, based on what your debt counsellor has negotiated on your behalf.
Myth #3: You Will Never Be Able to Get Credit Again
The purpose of debt review is to help you regain control of your finances, which includes leaving you with a clean credit record. It may take some time to get there, but once you have completed the process, you will be able to apply for credit once again.
It is important to note that, while on your debt review journey, you will not be able to apply for credit, since it will defy the purpose of reducing your debt. So, in order to protect your finances, the National Credit Act (NCA) will prevent you from taking out credit (which would just mean accruing more debt) during this time.
Now that these myths have been busted, you can start taking proactive steps towards your financial freedom!
We dare you to reach out, get the help you need, and start the journey TODAY!