Get Debt Free | Bankruptcy | Debt Consolidation | Specialist

Creditors will often agree to an extended period for repayment if you are struggling to make a payment.

You may be able to negotiate a lump sum full and final offer with the creditor.

When you are offering a payment plan please much sure the repayment is sustainable given your budget as expenses may increase in the future.

It is important to keep good personal records.

Remember the following tips:

• Keep all your receipts or other records of payment and copies of any letters you send to any debt collector or creditor.
• Keep all your records together to avoid losing anything.
• A debt collector should not visit you at your workplace unless you request them too.

A creditor or debt collector can only make 3 phone calls or letters per week.

Phone or personal contact can only be between the hours of 7:30 am 9:00 pm on weekdays.

No contact allowed on national public holidays.

A debt collector is a person who collects debts.

A debt collector must be co-operative and is obliged to treat you in a professional manner.

If you can reach an affordable arrangement with a debt collector:

• Ask for it to be confirmed in writing.
• Make an effort to sustain the repayment.

A debt collection agency may only contact you when they have a good reason to call.

A good reason could be:

• Wanting you to make a payment that is due;
• Making arrangements for payment;
• Enquiring as to why a payment has not been made;
• Reviewing an existing payment plan; or
• Recovering secured goods.

If you have borrowed money, you have a legal responsibility to repay the money you owe.

Don’t avoid your responsibility to repay your debts. Are you responsible for someone else debt? You are not legally responsible for paying another persons debt.

You may be legally responsible for other peoples debts by agreeing to be guarantor for a loan.

It is very important to understand the consequences of entering into a loan agreement as a co-borrower as both parties are responsible for repayments.