I have been in debt review since Dec 2012 , my installments are 1500.00 per month ,
Would it possible to talk to my creditors and negotiate to pay my creditors directly instead the NDPA , meaning to
pay them slightly more than i am currently paying
Also my debts are around R 40000,00 , I want to know if i could apply for a consolidation loan to free this off as i feel with debt review i will be paying for the next 20 years to come off debt
Thank you for the question.
Debt Review was designed to offer you as consumer a measure of protection whilst you pay off your debt. You are always allowed to pay a little extra on each account. The amount that is being deducted by your NPDA is the minimum that you have to pay.
By paying a little extra each month you will see the over all term reduced significantly. Do this however while you are still under debt review. Make use of the protection offered by the debt review process. As soon as you step out of debt review before your debt has been settled, your credit provider will most certainly start with legal action against you to recover the arrears.
I would suggest that you start with the smallest debt. Ask your debt counsellor to get you the details of the credit provider account and then you pay them directly on top of the amount paid over by NPDA. See how quickly you can get the first and smallest creditor to a zero balance. Then move over to the second smallest creditor… pay a little extra directly to them and continue like this until your deb tis settled.
Consolidation does not solve your debt problem. It only moves the debt from one place to another. Keep disciplined in your debt review and you will be glad that you went all the way.