Debt Counselling
Debt counselling involves developing a repayment plan that is affordable to the debtor and acceptable to the creditor.
Debt Counselling
… is a Government regulated service and is the solution for over-indebted consumers. Should anyone be unable to meet their monthly financial commitments under credit agreements on a monthly basis, they may formally apply to a Debt Counsellor for debt review.
This process is backed fully by the National Credit Regulator and is in line with the National Credit Act (NCA).
The debt review process is binding on creditors …
… and they cannot institute legal action during this period.
A Debt Counsellor
… is registered with the NCR and trained in the procedures to assist consumers who are experiencing difficulties meeting their financial commitments at the end of a month.
The procedure for the applicant is relatively simple:
- They complete and return an application;
- They are assessed by the counsellor; and
- Applicants who qualify are informed of the full process and of what is required of them.
If you are over-indebted, and under pressure to correct your situation – keep this service in mind.
You benefit by having the pressures of the creditors taken from you, allowing you to place your attention on attending to your personal situation – and to go about correcting your life and circumstance!
An advantage of debt counselling is that the debtor retains full control over assets and finances.
For more detail E-mail today
or text 074 699 0671 – MEG Debt Counselling
Recently a debt counselor restructured a client’s debt after negotiations with creditors. (He was over-indebted and owed R3 004 985, including his bond.) His monthly payment has dropped to R16 890 a month from R24 400, which means total interest will come down to R1 544 233 and the debt will be reduced to R2 862 133 – including the debt counseling fees. This means he will remove 92 months off his repayments, eliminate R142 852 debt, reduce monthly payments by R7 600 and the biggest saving will come in the R1 239 243 cut from interest rates – enough to buy a really nice second property. And after this process he will have a clean credit record.
(Source-Business Report-Sept. 8 2008)
For more detail E-mail today
or text 074 699 0671
How does an over-indebted person benefit from this service:
• affordable restructured accounts
• one payment a month to a recoginised Payment Distribution Agency (PDA)
• no legal action by credit providers
• no further debt until debts have been paid up
• learn how to budget
• no more sleepless nights!
