The Process of Credit Repair
Are you black-listed for non-payment of your credit obligations? Have you abused your credit cards to such an extent that you can no longer see any light at the end of the tunnel? Don’t despair, there is some relief out there for you. Send your stack of bills to a debt counsellor for debt review and begin the process of credit repair. You will need the following documents to apply for credit repair:
- A copy of your Identity Document,
- Proof of income and/or salary slips for 6 months,
- One recent statement from each creditor and attorney details of any creditors that have handed you over, and
- A list of your monthly expenditure.
Once you have submitted all the above information and your application for credit repair has been accepted by the debt counsellor, all you have to do is tear up all yor credit and store cards and not enter into new credit agreements for the period that you are under debt review. The debt counsellor will provide you with a budget so that you are only spending your money on necessities. Whatever money is remaining after these necessities have been covered, will go towards clearing your debt. The debt counsellor will also restructure or consolidate your debt to ensure a lower repayment. You will then be expected to make one reduced payment to the National Credit Agency who will then redistribute the money to your various creditors.
If you follow the budget and the repayment plan that is given to you by your debt counsellor, you should be well on your way to being debt free. Once you have reached this goal, your debt counsellor will contact all relevant credit bureaux to have you remove from their data bases. The most important point now is to have learned from the debt review process and not to get yourself into that position again.
Begin the process of crawling out of the deep black hole of debt now by submitting yourself for credit repair. For further information on these products and services, please contact ClearDebt or call us on 0861 738 439.
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