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.

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 & Answers

1. Why is it important to track your debt review payments?
   Tracking your payments helps ensure creditors are correctly allocating funds to your accounts. It also prevents errors or miscommunication that could disrupt your debt review process.

2. Should I rely solely on my Debt Counsellor to manage my debt?
   No. While your Debt Counsellor helps guide you, it is still your responsibility to monitor your debt and stay informed about your financial progress.

3. What is a PDA statement and why do I need it?
   A PDA (Payment Distribution Agency) statement details how your monthly payments are distributed to creditors. You should receive this monthly and compare it with your creditors’ statements.

4. What should I do if I don’t receive my PDA statement?
   You should lodge a complaint immediately. It’s your right to receive monthly statements to track how your payments are being allocated.

5. How can I verify if my creditors are receiving payments?
   Compare your PDA statement with the statements from your creditors. If discrepancies arise, contact your Debt Counsellor for assistance.

6. Can a creditor stop cooperating with my debt review?
   Yes, if payments are not correctly allocated or missed, creditors may withdraw from the process. It’s crucial to ensure payments are made and correctly recorded.

7. What if I don’t receive a statement from a creditor?
   You should immediately request it. Always insist on monthly statements from each creditor to confirm your payments are being properly processed.

8. How can Zero Debt help me manage my debt review?
   Zero Debt provides expert support during the debt review process, helping you track payments, resolve issues, and maintain accurate financial records.