September 2020 IDM Special Edition
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TALK TO YOUR DEBT COUNSELLOR<br />
A SUDDEN EXPENSE<br />
n unplanned expense can also necessitate consumers<br />
to spend money that they had set aside for debt review<br />
payments. When your car breaks down or your geyser<br />
explodes or perhaps your washing machine breaks down<br />
you may decide that you need to take immediate action to<br />
fix the problem. This can result in not having the needed<br />
funds to make your regular monthly debt restructuring<br />
payment.<br />
Missed payments can lead to credit providers leaving the debt review<br />
process and starting new legal action against the consumer. This will<br />
increase the consumers stress and could end their debt review journey.<br />
In many cases this results in the consumer owing more money than they<br />
thought, as the benefits of debt review are stripped from the accounts<br />
they have been paying and huge fees and interest are once again<br />
included by the credit providers. Next, the collection agent calls and<br />
legal action begins with summonses and more.<br />
In some cases, the car repairs that were paid for with the debt review<br />
installment ends up being repossessed and sold off on auction, leaving<br />
the consumer without a vehicle for the next few years.
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