Keep your eye on your money

When consumers enter debt review it is sometimes partially due to them having experienced difficulty managing their monthly budget.

It is a challenge to balance what comes in with what goes out. Few consumers run a regular budget before entering debt review. Then after entering debt review and finally having an industry expert who can help you with your debt many consumers just want to know how much to pay and forget abpout the stress of counting beans every month. While this is a logical and totally normal reaction it can also present a danger.

It is a big mistake to think that your creditors are actually doing their part of the debt review process and allocating your regular monthly payments via the PDA to your accounts with them.

One way to see if they are doing this is to look at your regular monthly statement from the creditor and compare it with the statement/projection given by the PDA.

If you do not get a statement from your PDA then you should complain at once. Ensure you get one monthly. Check that the account numbers look right. Compare it to last months statement.

Next, compare it to the various statements from your creditors. If you don’t get a statement from a creditor then complain at once. Insist on a statement. Otherwise you might find that several months go by and the bank or store have not been allocating funds to the right account. Worse they might then stop cooperating with the review process saying that you are not making payments.

Remember that though it is nice to get a professional to help you with your debt, it is still YOUR debt and not that of the Debt Counsellor. Part of the debt review process is to become better at handling your finances. Do not be shy to pester your creditors or your PDA till you have surficient info each month to track the progress of your debt review. Compare payments made to the plan your Debt Counsellor has handed to the courts and got a court order for. If you spot any problems with YOUR debt then tell your Debt Counsellor at once and they can help you investigate.