Starting Your Debt Review: When is the First Payment Due

The due date of your first payment under debt review you can pick the payment date that is best for you but you must choose a payment date within 30 days of enrolment. Your first payment date depends on various factors such as the agreement made with the debt counselor, negotiations with your creditors, and the specifics of the repayment plan as well as your salary date. Here’s a general guideline on when your first payment might be due:

After Assessment and DEBT Plan Approval

Once your debt review application has been accepted, the debt counselor will assess your financial situation, negotiate with your creditors, and develop a repayment plan.  After the repayment plan has been agreed upon by all parties and legally approved, you will be required to start making payments as per the new plan.

in the First Month

Generally, your first payment under the debt review process is likely due in the first month following the finalization of your repayment plan.

Consult Your Debt CounseLlor

It’s essential to consult your debt counselor for precise details. They will provide you with a payment schedule, including the date of the first payment.

Continuous Communication

Maintain open and regular communication with your debt counselor to stay updated on the progress of negotiations and any changes in your payment schedule.

Automatic Deductions

Payments may be set up to be automatically deducted from your account, ensuring that they are made on time. Ensure you have adequate funds available.

Example Scenario

• You apply for debt review on the 5th of January.
• The assessment, negotiations, and approval processes take place, concluding at the end of January.
• Your first payment under debt review is due at the end of January, as per the agreed-upon schedule and when you receive your salary.

While these guidelines give a general idea, the exact timing can vary based on individual circumstances, legal processes, and the specifics of the agreement. Always rely on the guidance and schedule provided by your registered debt counselor for accurate and personalized information regarding your payment due dates under debt review.