Can you pay more to speed up Debt Counselling?

Debt Counselling, also called Debt Review, is a formal process that begins when a consumer is unable to meet their debt obligations. A registered debt counsellor assesses your financial situation and helps you create a repayment plan that suits your budget. This plan is then submitted to your creditors, who may agree to lower your monthly payments or restructure your debts.

Entering this process is a significant step to regaining your financial freedom. While you might have struggled to manage your debt repayments before, there might come a time when your financial situation changes, and you would like to pay off your debts sooner.
But is that possible?

Here are some recommendations from Debt Freeze on how you can speed up the debt counselling process:

Talk to your Debt Counsellor

If your financial situation improves while you are in the debt counselling process, communicate this to your debt counsellor. They can adjust your repayment plan if you can afford to pay more towards your debt.

Pay more than your minimum monthly instalment

Paying a little extra money towards your debt every month can make a big difference. Use extra income streams, like your bonuses, to settle your debt faster.

Every extra cent goes towards your principal debt, reducing the amount quicker, which means you pay less interest over time and can get your debt review clearance certificate sooner.

Free up extra money to pay towards your debt

Do you need to get takeaways for dinner every Friday? Why not save that money and redirect it to your debt repayments? All those takeaway orders can add up to a pretty significant amount that can help you get your financial freedom sooner.

Get creative to earn extra money

If you have the time, consider doing odd jobs over weekends like babysitting, gardening work, or cleaning work, and even delivery and transportation services if you own a car.

Sell unwanted items

Do you have any old appliances or furniture that you are not using? Have a backyard sale and sell all the items you no longer need. You can also go through your cupboard to see if there are any clothing items that no longer fit you that you can sell. This is an easy way to get extra cash to pay towards your debt.

By sticking to your repayment plan, not missing any instalments, and paying extra money – even if it’s R100 – towards your debt, you’ll soon be financially free again.

If you are a Debt Freeze client and want to make adjustments to your repayment plan, contact your debt counsellor on 087 114 1414 or email info@debtfreeze.co.za to get the process started.