The basics of managing too much debt Figuring out where you stand financially Knowing what to do when you owe too much Dealing with debt collectors Handling your most important debts Building your financial future Being in debt can feel like you’re spiralling out of control. Buying a new house or car, going and even […]
28 November 2012
So, have you ever wondered what would happen if you just don’t pay your creditors?
Well if you are unable or unwilling to pay your debt and you just ignore it then it is very likely that your creditors will eventually take judgment against you (first there will be a summons).
Ok, so what happens then? There are several things that can happen:
1) They can attach your assets
2) They can demand a portion of your monthly salary
3) You will be listed on the credit bureau (in a very bad way)
Having a bad Credit Record can have a devastating effect on your life. You can’t buy the things you want, take out a bond or may even cause you problems getting that job you have dreamed of.
So the truth is you will pay …eventually.
DebtBusters offers you 4 tips to avoid getting your name listed:
1. Notify all your creditors of change of address
2. Attend to legal documents and letters immediately; these will not go away by ignoring them!
3. Should you be unable to pay your debt, make suitable arrangements with your creditors and stick to your obligations. Should this prove difficult contact us on 0861 NO DEBT.
4.Be careful what you sign. Peruse documents first and should you require advice, kindly contact us for assistance.
It is always much better to make a plan with your creditors to pay them back over time or to approach DebtBusters to assist you to make such a plan.
In most cases, the best way to take care of over-indebtedness to creditors, and to avoid repossessions of your property and vehicle, is to apply for debt counselling as soon as possible. The sooner you do something about your debt the better.