It is easy to get carried away with our spending habits during the festive season, and it is often only at the end of the holidays that we realise the extent of all the extra expenses we incurred as well as the damage that our shopping impulses have done to our bank accounts, adding to the financial baggage.
11 December 2012
December is the time of year for celebration and a time to reflect on all the challenges that have been overcome in 2012. For you, our valued client’s, 2013 means a step closer to a resolved debt situation. Over this festive season we urge you to continue making your expected payments as usual, so as not to hinder all the progress made in 2012 and thus allowing you to begin 2013 without the added stress created from having missed payments to your credit providers.
In recent years we have found there have been a significant number of clients who have missed their debt repayments in this period, which resulted in far reaching consequences in 2013. For this reason we recommend the following:
- Do not skip payment!
- Stick to your budget
- If you get a bonus or a 13th cheque contact us on how best to use it
- Settle accounts with low balances and let us know
- Set aside funds for 2013 academic year
Following these simple tips will greatly assist your financial position as well as help prevent the following implications instituted by credit providers when payment is short paid or missed:
- Termination of the account/s from debt review
- Further legal action leaing to Summonses and Garnishees
- Asset repossesion
The number of terminations and repossessions we receive after the festive season is almost double compared to the rest of the months in the year. After the Easter holidays there is also a spike in the number of accounts terminated.
Repossessions will normally take place 4/5 months after missed payments, as the banks have to first terminate the accounts from debt review.
Please bear this in mind over this festive season to ensure you remain in an improved situation and do not risk loss of assets and/or further legal action in 2013. If you are having difficulties please do contact us for advice.
From all at DebtBusters, we wish you a happy and safe Festive Season and a prosperous New Year.