Debt Counsellors will conduct an independent enquiry into your financial circumstances and make recommendations to Credit Providers and the courts concerning restructuring your debt or even suspending "reckless" credit agreements.
You may not actually be "Over-Indebted" and qualify for "Debt Review", in this case the Debt Counsellor will assist you to work out a better monthly budget which will enable you to repay your debts effectively. This is the process of being assessed and assisted by a Debt Counsellor.
The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Then, list your "fixed" expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums.
Next, list the expenses that vary — like groceries, entertainment, and clothing.
All examples are hypothetical and are for illustrative purposes.
It is quite common for people with student loans to deal with 10-12 lending institutions, which means 10-12 payments and 10-12 due dates each month.
When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.
Try adjusting the terms, loan types or rate until a consolidation plan fits your needs - and most importantly your budget!
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice.