Have things changed for you financially since you started debt counseling? Have you ever gotten a lump sum of money unexpectedly?
What is debt negotiation?
Debt settlement is an option for customers of DebtBusters who want to make additional payments toward their outstanding debt in order to pay it off more quickly. You can make a payment in full or in part. A significant chunk of the debt can frequently be written off by DebtBusters at a reduced rate.
We advise clients to inform us if their financial situation changes. The balance of your monthly payment will be applied to other accounts to speed up their repayment.
What should you do with any extra cash?
Another excellent choice is using the funds to settle your debt.
Keep in mind that while spending the money might make you feel good right now, it might not be the best decision overall.It can be difficult to decide where the money should go because it will depend on your own situation.
Saving is a terrific choice, but it might not be essential if you already have money pouring into a savings account each month.
The advantages of debt negotiation
Paying off your debt can simplify your life in a variety of ways. There are definite advantages to it that you shouldn’t truly pass up.
- Quicker time of debt payback
By making additional payments against your debt, you can reduce it more quickly. As a result, you’ll finish paying off debt quicker!
- A decrease in total spending due to reduced interest rates
You may end up paying less than what you initially owed if you settle your debt early. There is a 15% to 20% possibility that some of your debt will be forgiven when you settle. Depending on your unique situation, this proportion might even be greater.
Your interest rate is also decreased when you settle to lower your debt.
- Higher credit score
Your credit score will start to rise faster if you pay off your bills more quickly. As you make payments to the credit bureaus, your score will be updated, and the less debt you have, the better.
- Peace of mind as you pay off your debts or get closer to doing so
You’ll gain a lot, but one of the best things is that you’ll move closer to financial freedom. A tremendous weight will be lifted off of your shoulders when you find that the amount you owe has decreased. You’ll feel more at ease as a result, and you’ll have more mental room for other things.
Do you require debt consolidation or counseling?
For a customized financial solution plan, call Financial Debt Advisors at 0212710223 or fill out a form on our website: https://flda.co.za/application-form/