How long does debt review last?
Ever wondered how long does debt review last? The short answer would be between 24 to 60 months, but there are a lot of factors that determine this.
Each person applying for debt review will have different financial circumstances so it is very difficult to say how long the process will take.
Some factors to take into consideration would be:
What determines how long debt review will last
- How much the total debt is.
The amount of outstanding debt you have and how much you can afford to pay every month will obviously play a big role in how long it will take to be debt free.
- The combination of credit providers and credit types.
Some credit agreements can not be lowered as much as others. Your debt counsellor will advise you on the agreement types.
- How much you can afford to pay every month.
The more money you can pay every month will make a huge difference in how long the program will take. It will all depend on your income and normal living expenses.
- The interest rates attached to your accounts.
The interest rate you will pay will also be dependent on what amount you can afford every month. The lower the amount, the higher the interest. We will explain this to you when you contact us.
- The payment plan that your debt counsellor negotiated with credit providers.
This payment plan can reduce the amount of debt you would have paid before debt review. This all depends on how much you can pay and the interest rates.
- Your commitment to get out of debt.
Most of our clients do not miss any instalments. They also pay their yearly bonuses towards the process to be debt free faster.
For the above to make sense you will have to understand the debt review process and also what a debt counsellor does to set up a new payment plan.
At Sandton Debt Counselling we will always do our best to have you debt free in the shortest time possible.
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