Short answer:
If you miss a debt review payment because of an emergency such as a serious illness, accident, or unexpected financial crisis, you should contact your debt counsellor immediately. With valid proof and early communication, your counsellor may be able to notify your credit providers and request temporary consideration.
Notify Your Debt Counsellor Immediately
If an emergency prevents you from making your monthly payment, inform your debt counsellor as soon as possible. You may need to provide supporting documents, such as:
- Medical records or hospital documentation
- Proof of an accident or unforeseen event
- Other evidence explaining the temporary financial hardship
Your debt counsellor can then communicate with your credit providers and explain the situation.
Can Creditors Grant an Exception?
In some cases, creditors may allow an exception for a missed payment, particularly when the circumstances are clearly documented. This may help you remain under debt review without immediate legal consequences.
However, exceptions are not guaranteed and depend on each creditor’s policies.
Important: Debt Review Does Not Allow Payment Holidays
It’s important to understand that debt review does not include payment holidays. Missing payments can have serious consequences, including:
- Creditors requesting termination of the debt review process
- Possible legal action if the arrangement collapses
- Loss of the legal protection provided under debt review
Debt review is a structured debt relief programme designed to help consumers repay their debts responsibly.
What You Should Do If You Might Miss a Payment
If you believe you may miss a payment:
- Contact your debt counsellor immediately
- Explain your situation and provide supporting documentation
- Work with your counsellor to explore possible solutions
Acting quickly can help prevent your debt review agreement from being disrupted.
Worried about missing a payment? Speak to your debt counsellor today to discuss your options and protect your debt review status.
