Keep your eye on your money

Stay in Control: Keep Track of Your Money During Debt Review

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.

If you’re finding it challenging to manage your finances or are unsure if your creditors are properly allocating your payments, Zero Debt is here to help. Our team of industry experts is dedicated to guiding you through the debt review process and ensuring your payments are correctly managed. Don’t leave your financial health to chance—take control today. Contact us to get the support you need to track your debt repayment progress accurately. Reach out via our contact page to speak with one of our experienced debt counselors who can provide personalized assistance and help you achieve financial stability. Visit Zero Debt Contact Page now and take the first step towards peace of mind.

FAQs and Answers

1. Why is it important to check my creditor statements during debt review?
It ensures your payments are being allocated correctly and helps prevent errors or delays with your creditors.

2. What should I do if I don’t receive my PDA statement?
Complain immediately and insist on receiving it every month to keep track of your payments.

3. How can I compare my PDA statement to my creditor statements?
Check that account numbers match and verify payment amounts line up with your debt review plan.

4. What happens if my creditors don’t allocate my payments correctly?
It may lead to missed payments and could risk the debt review process being compromised.

5. Who is responsible for monitoring my debt payments?
You are ultimately responsible for tracking payments, even though the Debt Counsellor and PDA assist you.

6. What should I do if I find an issue with my debt payments?
Contact your Debt Counsellor immediately so they can help investigate and resolve the issue.

7. Can my debt review fail if I do not check my payments?
Yes, errors can go unnoticed, leading to creditors stopping cooperation if they think payments are missed.

8. How does tracking my payments help improve my finances?
It helps you develop better money management skills and ensures your debt review stays on track.