What is debt counselling?
Debt counselling is a debt relief measure available to all South Africans provided for in the National Credit Act. Debt counselling is aimed at providing over-indebted consumers with the option of restructuring all their debt instalments into one consolidated and affordable monthly re-payment.
A registered Debt Counsellor with the National Credit Regulator (NCR), is able to negotiate with all credit providers on your behalf for reduces monthly instalments, interest rates and the restructuring of debts. These financial debt advisors will negotiate a restructured payment plan and obtain a court order confirming the new repayment plan.
This will ensure that your debt is more manageable and you are able to meet your monthly financial obligations.
How can our financial debt advisors help you?
- One of our experienced financial wellness consultants will contact you directly.
- Together with one of these financial debt advisors, we will complete a free, no-obligations financial assessment.
- We will assess your unique financial situation and provide you
with the best possible solution. - Successful applicants will be placed under debt review (See debt review process below).
- As part of debt counselling, our registered Debt Counsellors will negotiate with your creditors for reduced monthly instalments , interest rates and the restructuring of debts.
- You’ll only pay one reduced and affordable instalment.
- Once your repayment plan is finalised, it becomes a court order.
- On completion of the debt review process we issue you with a
clearance certificate and notify all credit bureaus. - Congratulations you are now free from debt!!!
Let us help guide you on your way to restored credit-worthiness and financial freedom through debt counselling.
The Debt Review Process
Advantages and Disadvantages of Debt Counselling and Debt Review
• You only pay one consolidated and affordable loan
repayment monthly.
• When under debt review, you are legally protected from
creditors taking action against you.
• Your new budget will now allow you to meet your basic
monthly needs.
• Registered Debt Counsellors to guide you on your path to financial freedom.
• Reduced interest rates.
• No more calls from creditors demanding payment.
• Reduce mental stress, knowing we have you covered with debt review.
• Improved credit score and no permanent negative record once all your debt is paid.
• You cannot apply for any credit when under debt review.
• The additional expense of debt counselling fees (Fees are however set by law).
• Longer repayment terms.
- You only pay one consolidated and affordable loan repayment monthly.
- When under debt review, you are legally protected from creditors taking action against you.
- Your new budget will now allow you to meet your basic monthly needs.
- Experienced Debt Counsellors to guide you on your path to financial freedom.
- Reduced interest rates.
- No more calls from creditors demanding payment.
- Reduce mental stress, knowing we have you covered.
- Improved credit score and no permanent negative record once all your Debt is paid.
- You cannot apply for any credit when under debt review.
- The additional expense of debt counselling fees (Fees are however set by law).
- Longer repayment terms.