As soon as you realise you arent coping with your repayments, you must take the necessary steps to protect yourself from getting into more debt, as well as any legal action a credit provider could take against you.
At this point, a few options can offer some debt relief, such as contacting your credit provider for arrangements, debt review and sequestration. Another option is to undergo debt administration.
What is debt administration?
Theres a difference between debt administration and debt review. Debt administration is a process where your instalments are reduced and only paid to your credit provider every three months, resulting in an extended term. On the other hand, a debt review entails a counsellor helping you to manage yo…
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