Do you have prescribed debt? Prescribed debt can be explained as old debt that has not been acknowledged over a period of three years. More specifically, a debt is prescribed if: You have not acknowledged the debt in the past three consecutive years, either in writing or verbally You have not made a payment promised […]
30 May 2015
At DebtBusters we try our utmost best to get consumers out of debt in the most affordable and efficient way possible. We want you to settle your debt with DebtBusters’ debt counselling process, so that you can become debt free. But did you know that you can get debt free faster than you initially planned? We encourage you to use our Debt Settlement process once you are under debt counselling.
What is debt settlement?
Debt settlement is a solution for DebtBusters clients who wish to pay extra toward their outstanding debt with the aim of paying off their debt faster. A payment can be made in part or in full. DebtBusters will be able to write off a large portion of the debt at a discounted amount.
When should you use DebtBusters’ debt settlement solution?
If you come into contact with some money which increases your savings pot or your monthly income e.g. a salary increase or inheritance, we have a fantastic option for you to reduce your debts, at reduced rates. We have an in-house debt settlement department who deals with these cases specifically. The primary goal is to get reduced settlement figures to save you, our clients’ money on early settlement of accounts.
As an example, let’s say we have a client that has a R58 000 personal loan with a Bank and they have just received an unexpected R40 000 bonus at work. The client can approach our settlements department explaining their situation. Our settlement team would then contact the bank and negotiate a discount on the loan (up to 30% in some instances) and propose this to the client.
Why should you use the DebtBusters debt settlement process?
We provide lots of support and service during the process. We assist with any issues or unforeseen circumstances in order to protect our clients. Many times we see our client’s circumstances deteriorating and they sometimes begin to struggle due to unforeseen events, however, we also advise clients to let us know when circumstances have improved.
It is also a good opportunity to settle small balances. Left over money in your monthly repayment will go towards other accounts so they will be paid off faster. Or you can pay off high interest accounts. These accounts are the most expensive and settling these accounts will save you money over the long term as you will pay less interest and more capital.
What are the benefits of debt settlement with DebtBusters?
There are great financial benefits when using the debt settlement solution. Here are the main reasons why debt settlement is beneficial to you in the long-term:
- Your total debt gets reduced.
- Your duration left under the debt counselling process reduces drastically.
- You will be debt-free a lot sooner than expected.
- It also shows great discipline and commitment from you, and is a good idea to use your spare cash towards your debt as opposed to spending it on unnecessary items and luxuries.