Debt-911 assists clients with debt review throughout South Africa. So if you are located in Gauteng, Mpumalanga, the North West, Limpopo or Free State provinces, feel free to contact a registered Debt Counsellor to discuss your financial predicament.
What is Debt Review?
Debt Review is a process that was introduced when the National Credit Act was promulgated in 2007 to protect over-indebted consumers from unscrupulous lenders and to assist them to pay off their debt.
Not every debt stressed consumer can qualify for Debt Review as the act stipulates some qualifying criteria, most notably that that the consumer must be employed (not self employed) and his or her financial affairs should have been assessed by a qualified debt counsellor and be declared over-indebted by the said debt counsellor.
With Debt-911, the process begins with debt-stressed consumers providing copies of their ID’s, salary slips and latest account statements from all their creditors including home loans, vehicle loans, credit cards, store cards etc. It is important that the consumer be completely honest as this will ensure the accuracy of our assessment. Debt-911 will then compile an income/expense document in order to determine the level of a consumer’s indebtedness. Should it be determined that the applicant is indeed over-indebted, the debt review process can begin.
Debt-911 will explain it’s fee structure, including small monthly fee, restructuring fee and legal fees. The bulk of these fees will be included in the first or second month’s instalment. Debt-911 will then contact all your creditors and negotiate more lenient debt repayment terms and if possible lower interest rates where these are found to be excessive.
Offer the consumer protection from legal seizure of one’s belongings
Draw up an income/expense document enabling a propper budget to be drawn up
Provide consumers with confirmation of their debts as obtained from their creditors
Initiate and conduct negotiations with a consumer’s creditors on their behalf
Guarantee that the process and outcome of the debt review process is strictly confidential
Guarantee that a consumer receives a professional service by our trained counsellors
Places the consumer firmly on the path to financial freedom
It is important to note that when a revised payment plan has been agreed to by a consumer’s various lenders, that any default could trigger legal action by his/her creditors.
If you are feeling the pressure of being over-indebted, and would appreciate unbiased, no obligation advise, please feel free to call us, complete and submit the form alongside or SMS Help to 40935 after which a trained Debt-911 debt counsellor will contact you to assess your financial situation.