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More and more consumers find themselves in a situation where they cannot afford the basic necessities; like rent, food and transport fees due to high debt repayment obligations. In some cases, these debt repayments make out 78.2% of the total monthly household income.
The Affordable Distribution Assessment Service offers
The MaxLaw Affordable Distribution Service was specifically designed to assist consumers to start their journey to financial freedom as they embark on a route where all their creditors are still being paid, but in line to what the consumer can afford.
The consumer needs to voluntarily enter the multi-step process to have one lump-sum deducted from their bank account and then distributed by a third party to all their creditors.
Consumers must be qualified to enter the Affordable Distribution Service Agreement. If they do not qualify for the specific service; then MaxLaw will still assist them through the standard Restructuring Negotiation Service offer.
The qualifying criteria include
The first phase to the Voluntary Distribution Service offer is through the Voluntary Distribution Assessment (At the bottom of the Product List in the Take-on process).
Terms you will encounter during the take-on process
Benefits to the consumer
This payment is determined by the Legal and Administration Department in each MaxLaw Franchise and quoted in accordance to the specific consumers’ need.
It is a process where the consumers VOLUNTARILY select MaxLaw to DISTRIBUTE their monthly installments (debt repayments) to their creditors. MaxLaw acts as a PAYMENT DISTRIBUTION AGENT (PDA).
Our MaxLaw Debt Attorney will assess the consumers’ credit situation and firstly qualify the consumer for the AFFORDABLE DISTRIBUTION SERVICE. Once the consumer is qualified; a payment plan will be drafted and negotiations will start for a reduced payment amount and prolonged terms on behalf of the consumer.
The Administration team will ensure that the agreed amounts are distributed to all the consumers’ creditors on a monthly basis on the newly agreed payment plan.
NO, the consumer will not be listed at the Credit Bureau as it is an informal and voluntary agreement. The Creditors may still list the consumer as a slow paying client; however this is a more positive status at the Credit Bureau that “Default”, “Handed Over”, “Adverse” or even “Judgment”.