The law states that clients who are no longer able to meet their debt obligations should choose debt counselling before any legal actions are filed against them. Also, see to it that you learn about the benefits and drawbacks of this service.
Once you choose debt counselling, your creditors will be notified by your debt counselor. This is an advantage on your part since you will be able to show your creditors that you are sincere about changing as well as serious about your predicament. Also, your debt counselor will help you organize your finances by merging all your existing loans into a single file. This will allow you to make only a single repayment per month. Your creditors, in turn, will send your payment to your creditors.
Your repayments are going to be restructured for any outstanding debts; but your debt counselor will still set aside a fair amount … Read the rest