When faced with rising debts, it can feel overwhelming to decide on a debt management solution that is best suited to your specific requirements. Debt Mediation is similar to Debt Review in a few ways and has proven to provide relief to over indebted South African consumers who are only slightly indebted, effectively gaining financial control before the situation calls for the more formal process of Debt Review.
One of the standout factors of Debt Mediation is that you as the consumer do not have to be declared officially over indebted to benefit from this financial solution, which is a prerequisite for undergoing Debt Review. Debt Mediation gives you the opportunity to gain control of your debt repayments as soon as you realize that these monthly financial obligations are out of your budget and can no longer be sustained. Our knowledgeable Credit Rehab team will take the time to assess your various financial commitments, before working towards a new repayment plan that can make a bid difference in your quality of life.
It is important to note that when undergoing Debt Mediation, there is no binding legal contract in place, which comes with its own set of benefits and downfalls. Without the protection provided in a formal legal contract, consumers will not be able to avoid potential asset repossession, which is a possibility that faces those who have continually missed or skipped monthly repayments to one or more of their existing creditors. For some, the less formal proceedings of Debt Mediation can prove beneficial, as it is easy to cancel the process if your current finances take a turn for the better. Fortunately, the Debt Mediation exercise is able to protect consumers from becoming blacklisted, as they turn their focus towards resolving their financial issues.
At Credit Rehab, our main objective is first and foremost to provide each client with the debt repayment solution that is best suited to their current financial and life circumstances. When we move ahead with Debt Mediation, it is because this process is best aligned with the ultimate goal of obtaining the status of being completely debt free. In many cases, Debt Mediation is considered the ideal solution available to consumers facing short-term or temporary financial setbacks, which can be turned around with the assistance of reliable financial professionals.
Once it has been determined as the best approach, our Credit Rehab team can assist South African consumers with a Debt Mediation service that is result-driven and effective. The first step involves renegotiating your monthly instalments with your various creditors on your behalf, leaving you with more room in your budget to cover you and your family’s basic living expenses without relying on loans or credit cards.
By assessing and restructuring your various monthly payments and staying on top of problems that arise before they become real issues, you are able to maintain a healthier relationship with money that is free of debt. Check in with our professional Credit Rehab team today for sound financial advice and assistance.