When your financial situation changes while under Debt Review, it’s crucial for you to take specific actions to ensure the process remains effective and compliant. By acting swiftly and responsibly, you can ensure that changes in your financial situation do not derail their progress toward becoming debt-free.

Here’s an overview of your responsibilities:

1. Inform the Debt Counsellor Immediately:

Clients must notify their debt counsellor as soon as their financial situation changes. This      could include a loss of income, a reduction in salary, or an increase in expenses. Prompt communication ensures the counsellor can reassess the client’s situation and adjust the repayment plan if necessary.

 

2. Provide Supporting Documentation:

   Clients should supply evidence of the change in their financial circumstances. For instance:

   – If income has decreased, provide proof such as pay slips, a termination letter, or bank   statements.

   – If expenses have increased, submit invoices, receipts, or any other relevant documentation. 

 

3. Continue Making Payments:

Clients should try to maintain their repayments as per the original plan until the debt counsellor advises otherwise. This shows good faith and commitment to the Debt Review process.

 

4. Work with the Debt Counsellor to Adjust the Repayment Plan:

The debt counsellor may need to renegotiate with creditors to revise the repayment terms in line with the client’s updated financial situation. Clients need to cooperate fully in this process.

 

5. Avoid Taking on New Debt:

Even if the financial change makes it tempting to seek new credit, clients must refrain from doing so while under Debt Review. Taking on additional credit violates the terms of the process and could jeopardize their legal protection.

 

6. Stay Committed to the Process:

It’s essential for clients to remain disciplined, prioritize their obligations under Debt Review, and follow their debt counsellor’s guidance during this time.