What is Debt Counseling?
Information on a Debt Counseling from the web:
was introduced to provide a process for helping a
customer with over indebtedness. It also provides a
consistent system of debt restructuring, enforcement
and judgement, which places priority on the eventual
satisfaction of all responsible for the consumer
obligations under the credit agreements.
The process of Debt Counseling was developed
to offer a way out for consumers who cannot meet
their monthly obligations under current credit
agreements; after all basic living expenses have
been paid. Basic living expenses get priority before
making provision for credit repayments. Debt
counseling provides you with more breathing
space without getting into trouble with your
creditors for short payments.
Debt Counseling can be summarised as a
procedure where a person, who can no longer afford
to meet all his monthly debt obligations, can apply
with a debt counsellor for debt counseling to
negotiate on his behalf with his creditors for
reduced monthly repayments.