SG Debtbuster has been offering financial counselling to individuals; we have seen many cases where business owners used their personal credit facilities or became personal guarantors while applying for financing to keep their business running.
Bankruptcy is a process where the debtor is declared to be insolvent. It is a Court procedure which once completed, allows you to pay your creditors in partial or in full accordingly to your financial ability. It allows a quick and equitable distribution of the debtors’ liquid assets among his creditors.
A voluntary pre-bankruptcy alternative by the goverment that seeks a win-win outcome. Debtors avoid bankruptcy, along with its restrictions and social stigma Creditor's interests are adequately safeguarded.
In the event that you cannot keep up with your vehicle monthly instalment and it is then being repossessed by banks, an affordable repayment plan can be achieved so that you will not get legal implications.
If you are considering credit counseling, be sure to spend some time on researching the right agency. There are many credit counseling agencies to choose from. So knowing what to look out for in an agency is important and essential when making your choice.
Credit Counselling helps in any situation involving out-of-control debt. A debt problem is not hard to identify. The general rule is that you are in serious financial trouble when your monthly debt payments - not counting mortgage or rent - exceed 20 per cent of your income.