About Debt – 911 Debt Counselling
Debt-911 is a leading South African debt counselling firm providing a professional debt restructuring service. Our national footprint ensures we are able to assist clients in Cape Town, Johannesburg, Pretoria, Durban and all major cities.
Can I enter into new credit arrangements to purchase a house or a car once I leave the debt counselling process?
Entering debt counselling will impose certain restrictions on your ability to borrow on credit whilst under debt review.
Consumers who have been termed legally over indebted may chose to enter debt review and will be unable to enter into any credit agreements whilst under the process. This law was promulgated to prevent consumers from falling further into the debt spiral and to facilitate the consumer’s debt rehabilitation process. Debt-911 will inform all credit bureaus and certain lenders when a client formally enters debt review.
Once over indebted consumers have cleared their unsecured debt such as credit and store card debt or personal loans, Debt-911 will issue a clearance certificate and will again inform all major lending institutions and credit bureaus, who will then update their records allowing consumers to take out new loans and enter into new credit agreements. We normally advise clients to exit the debt review process when they have only their mortgage and possibly their vehicle finance to pay off, thus making their regular monthly payments more manageable.
With food and the cost of living expenses rising daily, we strongly urge consumers who have been through the sometimes painful debt review process to be very careful not to enter into too much debt or to do so too soon after exiting lest they should find themselves in a precarious position again.
We advise that consumers work closely with their Debt-911 counsellor throughout the process with a view to drawing up a realistic monthly budget and that they maintain the discipline that the debt review process imposes on you throughout the rest of their financial life.
Debt-911, your trusted debt counselling partner
If you are concerned about the affordability of your debt repayments, simply call us, SMS Help to 40935 or fill out the form alongside and a highly trained, Debt-911 counsellor will make contact with you to assess your personal financial situation and give you free advice.