Times can be tough. Be Covid related or not, surviving financially can lead to us taking out high interest, unsecured debt in order to fund our lifestyles. While at first this may seem harmless, it can quickly develop into a mountain of debt that can seem impossible to get out from under. But what then? What do you do if you can’t pay it back?
One method many lenders use is to put you under debt review. But what is debt review? Is debt review the only option?
What is Debt Review?
Debt review is a formal procedure to help those who cannot afford to pay off their debt. It involves dealing with debt counsellors who will access your debt and deem you to be overly indebted. They will then work with you and your creditors to arrange a structured payment plan.
While in this process, you will be heavily restricted on financial activity. For example, you will not be able to take out more loans, Credit Cards, Cell Phone Contracts, Internet Contracts, etc. This is due to the fact that the bank and service will view you as having too much debt.
This level of restriction can limit your potential of reaching financial freedom. Many people under debt counselling and debt review have also complained about being treated like a number and not like a person. This leaves many people feeling stranded and wondering how they will ever get out of debt review.
How to get out of Debt Review?
The only way to get out of debt review is to pay off your debt and show yourself as being able to pay off what you owe. However, this can seem impossible when you are barely making ends meet as it is. But what if there was a better alternative?
Our Bond Optimiser product has been specially designed to cater for people in your situation. Our team is ready to assist you in getting out of debt review and clearing any of the judgments against your name. We work to get you out of high interest debt and into a more affordable monthly repayment. Our surveys and studies have shown that our average customer saves R7 000 a month by using our service! We can help you in the following ways:
- Getting out of High Interest Debt and switching to a more affordable option by using your mortgage backed facility.
- Clearing Judgements against your name
- Getting you out of Debt Review
- Get cash for important life events such as your child’s university, weddings, and unpredicted circumstances etc.
- Settle your accounts in arrears.
- Increase your monthly cash flow.
- Become more financially savvy and financially independent.
- Give you the personalised financial treatment you have been looking for.
Bond Optimiser allows you to get back on your feet and live your life again. By using the positive equity in your mortgage, our team can work with you to use that equity to consolidate your debt into your mortgage. This can lead to lower interest rates and a much more affordable monthly payment.
What are the requirements for Bond Optimiser?
We try to work with everyone, however there are a few things that do make our jobs a bit easier. The best way to find out if Bond Optimiser would work for you is to speak to one of our attentive consultants. They are ready to assist you.
Some of the things that make the process easier:
- You need to be permanently employed – being permanently employed and being able to show a stable income makes it easier for our team to negotiate with our creditors. Without being permanently employed, it is hard to prove your ability to pay off your debt.
- You need to own a property – using your mortgage to reduce your debt and debt payments therefore giving you a lower interest rate on all your consolidated debt.
- Positive Equity in your home – the positive equity allows our team to work with you to use this equity to settle your debt. If you are uncertain if you have equity, contact our team and they will be able to lead you through the process of checking and finding out.
Debt Review can sometimes feel like more of a mountain than being indebted. The lack of personal service and restrictive environment can make it difficult for you to thrive. However, this does not need to be the case thanks to Bond Optimiser’s Debt Repair program.
Our team is ready to assist you by using your home mortgage to consolidate and reduce your debt. Partner this with Edvance, our in-house foundational literacy program and you will come out of the program with less debt and a better financial literacy.