Management of Debt Recovery
To be able to provide “a panacea” in the management of debt recovery then the first step that must be done is to identify the final position your debt, There are a few tips that can be done to cure the debt, namely:
- Calculate your monthly debt repayments large, whether:
- less than 30% of your income, if this happens then you still have a strong ability to resolve your current debt.
- betwen 30% to 50% of your income then your debt position in a state of ‘special’ or known in the term ‘under special mention’ this means that the potential debt repayment installment has been delayed before entering
- Above 50% to 60% of your income then you are in a position of ‘substandard’ or ‘sub standard’, in this group you’ve certainly experienced the level of congestion payments exceeding 3 times the monthly installments and have the potential to become even worse.
- Above 60% of your income then the position becomes very worrying that the position of ‘questionable’ or ‘doubtful’ This means that the position you get into a great potential to not be able to complete the installment payments.