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IF YOU ARE IN ARREARS THEN:

Ask yourself the following:

  • Can I afford the asset any longer?

  • If so then you must contact the credit provider as soon as you can and describe your circumstances?

  • If the credit provider gives you several repayment options available for you. Will you be able to understand what the several options mean. Will you be able to ensure you choose the best option?.

  • Do you have credit life insurance to pay your Furniture, Bond or Vehicle?

  • Credit life Insurance is a type of insurance which can help you pay your monthly debt repayments in the event of unemployment, temporary or permanent disability and or in the event of death. You are usually given this policy when getting into a credit agreement.

  • What is your budget?

  • A budget planner will assist you in working out your income and expenditure. To be able to meet your bond or vehicle repayments,   it is essential to cut out non-essential daily expenditure.

  • Can I stick to making payments that I can afford? Remember that the credit provider is in the business of retrieving their money! 

  • Agree to pay back what you can afford when discussing your alternatives with the credit provider. By paying an extra amount I can afford to decrease your arrears will encourage your credit provider to reconsider your case seriously.

  • Should I consider selling the asset on the open market before it is too late?

  • In the event that you know that your situation wont improve in the short/medium term then consider selling the asset yourself and move into an affordable property or buy an affordable vehicle. Make a request to your credit provider as to whether or not you can stay in your current property until you sell it and check whether they can help you through an Assisted Voluntary Sale scheme. However, ensure that you have somewhere to live prior to moving out. Should this not be possible, you can sell your home to the company and rent it back from them. In addition, check whether or not you are able to sell your property to another social landlord and stay as a tenant.

  • Do I feel that I am being unfairly treated? If so lay a complaint with the credit provider - In the event of unfair treatment file a complaint with the credit provider and ensure the complaint is in writing. 

  • Informing credit provider of repayment problems

  • Am I having trouble meeting your furniture, bond and vehicle payments, or you consider that there is likely to be a future problem, inform your credit provider straight away. Your credit provider is most likely to respond fairly and work collaboratively with you to seek a repayment solution

  • Should I consider that most credit providers have debt review departments to help you should you see you are struggling making monthly furniture, bond or vehicle repayments or alternatively approach a debt counselor to get the assistance. The sooner you make contact with the debt review department of the credit provider or contact a debt counselor the better it is since the situation would not have been out of control. However should all these two options fail, we can always assist you in stopping the auctioning or repossession of your house or vehicle.

Remember:

  • Should you not be able to afford your entire furniture, bond or vehicle repayments you can talk to your credit provider and pay what you can afford? This demonstrates to your credit provider that you wish to deal with the problem and makes them more likely to agree to this solution. There are certain options your credit provider can consider including:

  • Reducing your monthly furniture, bond and vehicle repayments by lengthening the repayment term. However annual interest rate will not be reduced.

  • Placing the bond repayment into an interest-only basis, provided that you understand that you are not going to pay anything off except the interest only.

  • Adding on the arrears to the outstanding amount as opposed to seeking immediate payment.

  • Agreeing to lower repayments for a short time until you can resume making the full installment and pay off any accumulated  arrears as well.

  • Request for a change in payment date or how you make payment.

DOES ALL THIS SOUND COMPLICATED ? THEN FILL IN THE FORM BELOW AND ONE OF OUR DEDICATED CONSUMER CREDIT LAW EXPERTS, WILL CALL YOU FOR A NO OBLIGATION! CHAT ?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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