And what happens then when finance forms ask "Have you ever been under debt review?"
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Debt Consolidation
- Thread starter BDG2010
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- debt consolidation
And what happens then when finance forms ask "Have you ever been under debt review?"
Debt review is a good option for those that aren't good at handling credit.
It isn't apparent how your parents got into that level of debt, but from the outside it seems that they are great candidates for debt review / administration since they can get themselves out of their current situation, and cannot create more issues by getting more credit
It isn't apparent how your parents got into that level of debt, but from the outside it seems that they are great candidates for debt review / administration since they can get themselves out of their current situation, and cannot create more issues by getting more credit
AFAIK you are not required to state that you have been under debt review in the NCR regulations. They can ask, but you just right N/A in the block.
Of course
Thats not just the interest I'm paying 
They do not ask if you have been under debt review. They ask whether you are under debt review. Once you finish with the process, they are legally obligated to remove the indicator. They cannot discriminate against you because of that.
The reason why you are listen on the credit bureax's while you are under debt review is to stop you from getting any more credit. The National Credit Act (NCA) is intended to help people out of their financial situation. What would be be the point if you are under debt review to repay your debt when you can just make more debt whenever you want to? Credit providers are obligated under the act to not provide credit to any person under debt review, and it makes perfect sense to me.
Debt review is NOT an easy process, yet it is to your long term benefit. The problem with people consolidating their debt, is that they are then free to go into debt again, effectively doubling the amount of debt they had before they consolidated.
Your example of the debt counsellor that went bust is certainly not the norm, and shouldnt be a consideration whether you go into debt review or not. There is plenty of reputable companies out there that can help you. Your only consideration should be whether you can meet your financial obligations or not. If you cant, then you are at risk of losing your most valuable assets. For many people it means they stand to lose their house, and depending on their age, it might not be something they are able to recover from easily. Losting your house when you are 30 isnt nearly as bad as someone in their 50's older losing their houses.
Debt review is a good thing to the people that needs it.