We are considering making use of debt review. We however have the following concerns as we have read up about the process. Please could you clarify the following for us :).
- How do we withdraw from the process let say in a year if our income/cash flow becomes better and what are the penalties/costs to do so?
- I have read that some creditors get less that the agreement is and then the person under review has to catch up all the arrear payments when it comes to light. Also that the banks sometimes do not agree to the decreased amount and that it comes to light sometimes only after three months and that they want to then repossess as the liability too pay those arrears is then with the person and debt review?
- Do you assist in covering the medical bills as well as that is one of our major creditors along with overdraft fees?
- What is the turnaround time after we submit the application form to when we are covered? How long does the court application take as someone told me they waited three years for it to be done via another agency?
I apologise for all the questions but it is a big decision and would really appreciate your assistance.
I spoke to someone on Thursday but they have not yet contacted me back. They did however say Monday so I will wait.