Debt Review or debt counselling is a solution to assist over indebted South Africans easier manage their fiancés, and was introduced after the National Credit Act (NCA) was promulgated to facilitate a process of formal debt rehabilitation in order to minimise the likelihood of consumers being placed into personal administration thus averting the adverse long term effects of this extreme process.
Debt counsellors are required to register with the National Credit Regulator (NCR) and are required to follow strenuous ethical guidelines when helping their clients on their path to financial freedom. Debt-911 is registered with the NCR and adopts the highest ethical standards. We go to great lengths to ensure that our business dealings with clients are conducted in the strictest confidence.
Debt review is a process where the debt counsellor assesses a client’s personal financial situation then embarks on a structured re-negotiation process with the client’s creditors, taking in account the consumers financial requirements for basic living expenses. Debt counsellors can re-negotiate both the interest rate as well as the repayment period making for more affordable monthly repayments for the consumer.
The consumer then makes one monthly payment to the debt counsellor or a nominated payment distribution agent who then pays the new revised lower monthly repayments to all the consumers’ creditors.
A major benefit of debt counselling is that consumers are protected from legal action whilst under debt counselling.
Debt-911 counsellors will guide clients through the debt review process and provide them with the best budgetary advice in order to put clients on the path to financial freedom.
Note that it is a requirement of the debt review process that clients be employed and be receiving an income.
Debt Review – Explore your 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.