The festive season is almost here, and it is easy to get carried away with all the festivities. All those parties, the food, the gifts, it can all take its toll on your wallet. If you are currently under debt review you need to be careful with your spending to ensure you can still, make your monthly commitments.
Skipping your repayment
If you are thinking about skipping your December repayment, don’t. If you end up skipping your repayment, your debt review runs the risk of being terminated. If this happens, your debts can spiral out of control and your creditors can take legal action against you. This means your assets are no longer safe from repossession and your credit report will reflect failure to honor your commitment. This will impact your ability to take out credit in the future.
You will still be in debt and your monthly repayments and interest rates will go back to their original amount. You will end up paying more than you did under debt review.
Don’t do it
If you do not want to deal with creditors hassling and increased repayments keep up with your repayment plan in December. You can plan to do fun things with your family and friends that won’t jeopardise your debt review repayment this December. Plan things such as a day at the beach, going on hikes or a bring and braai to split the costs. These are all great ideas that won’t worsen your finances.
If you are worried about your December repayment, contact us today and we will be happy to assist.