Is there a danger of my debt ballooning whilst under debt review?
In 2007, the South African Government introduced a law called The National Credit Act (NCA), overseen and enforced by the National Credit Regulator (NCR), to regulate the process of assisting over indebted consumers to manage their debts.
Prior to the introduction of the revised rules which became effective in 2011, it would have been possible for a consumer’s debt to grow whilst within the debt counselling process; however, the new rules ensure that this cannot happen.
Debt-911 is a registered debt review consultancy whose debt counsellors follow the debt review process in an ethical and honest manner. Our debt review staff will prepare a revised repayment plan that is financially acceptable to both the over indebted consumer as well as the lender.
Debt-911 will negotiate with the various lenders and financial institutions to lower interest rates and extend repayment payment terms so as to reduce the monthly debt repayment burden on consumers.
It is very important to make payments as per the new schedule as failure to do so will result in the original payment terms and interest rates being re-instated, negating the hard work done by your debt counsellor. It could also subject consumers to fresh legal action by lenders.
Debt-911, we are there if you feel the need to explore your debt review options?
If you are contemplating how you are going to meet your monthly repayments, simply call us, SMS Help to 40935 or fill out the form alongside and a trained debt counsellor will call you to assess your personal situation and give you a free consultation.