What is Debt Mediation?
At Reduce My Debts, we offer debt mediation as one of our workable, personalised debt solutions. Your debt mediator will assist you with reaching a voluntary arrangement with your credit providers, with a view to reducing the amount that you have to pay them back, without having to go to court or take legal action – thereby saving you both money.
If you choose to enter into debt mediation, your debt mediator will:
- Organise a sensible, inexpensive debt repayment plan and a reasonable, well-planned out monthly budget for you.
- Prevent your assets from being repossessed.
- Look into and rectify excessive, illegal emolument attachment orders.
- Examine your accounts and pursue any suspected cases of reckless lending, extreme interest rates, fees and charges.
How will debt mediation benefit you?
- Your monthly instalments will be reduced, so you have more cash in your pocket at the end of each month.
- Your debt mediator will handle all communications with your credit provider, alleviating the pressure they would usually put on you, by calling you incessantly and demanding payment.
- You will be protected from legal action being taken against you, provided that the credit provider is happy with the new arrangement and that you make the agreed upon instalments each month in a timely manner.
- You are free to exit debt mediation at any time of your choosing, without having to go to court and arrange and order.
- We will ensure that all the credit bureaus record the fact that you are having your debts restructured, so, if a credit provider or possible employer want to check your credit record, they will see that you are taking responsible steps towards settling your debts.
- Once you have completed the debt mediation process, we will inform all of the credit bureaus that you are no longer in debt and they will remove all of the negative listings on your credit record/ provide you with a clearance certificate – so you are no longer blacklisted.
Your debt mediator will assist you with creating a sustainable, long-term budget so that you can maintain your financial health and remain debt free.
