Global debt surged to a record $226 trillion last year. This is the largest one-year surge since World War II. Can this trigger the next financial crisis? Palki Sharma tells you about the risks.
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Want help with debt? Get financial relief through DebtSafe’s unique and effective approach to debt consolidation – where you could pay up to 60% less per month.
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How we help:
Instead of a consolidation loan (where you only make more debt, and might not qualify) we use the debt review program as a powerful tool to consolidate and restore your finances.
During our program, we drastically reduce your monthly repayments (by up to 60%) into an affordable, single, instalment. Giving you immediate cash flow relief so that you can provide for your family’s critical expenses.
On top of that, we provide you with expert budget and program guidance, as well as legal protection against your creditors every step of the way.
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DebtSafe – the makers of new beginnings – helping South Africans restore their finances and keep their debt safe.
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NOW AVAILABLE! Visit https://DebtTheMovie.com/BUY to purchase.
Some debts can’t be erased. Watch the official trailer for the 2019 crime/action film, DEBT.
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STARRING:
Ashley Killips
AJ Orille
Phil Rumley
DIRECTED BY
Dave Fairman
SONG
Apocalyptic Kiss by Telco
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*Special thanks to Carl and Telco for use in the trailer
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Charity Awards 2009 Research, advice and support winners
In cases where the consumer has been placed under debt review wrongly or is not over-indebted, we assist by:
? Debt Review Analysis
? Debt Review Clearance
? Improve Your Credit Score
? Get Access to Credit Again.
What is Debt Counselling & How it works?
Debt Counselling is a legal program ?that is aimed at assisting over-indebted South African consumers who are struggling with their debt repayments. This program is regulated by The National Credit Regulator as per The National Credit Act.
Debt Counselling or Debt Review is a legal process that is designed to help over-indebted South Africans regain control of their finances by restructuring their debt according to a legally approved plan.
Who can apply for debt counselling?
South African residents can potentially benefit from this financial lifeline thanks to a piece of legislation called the National Credit Act of 2005 (NCA for short). The NCA created the concept of ‘debt counselling or debt review’ to help people who could not find any other way of coping with substantial money problems. This is called ‘over-indebtedness’ and means a situation in which your debts have become too large – or too many – to tackle without help.
If this is you apply online for a free assessment here.
https://ndrc.org.za/apply-online/
Consumers who are struggling to meet their monthly debt obligations qualify to apply for debt counselling. These consumers should have a distributable income, which will be used to offer reduced payments to their credit providers. Consumers married in community of property must jointly apply for debt counselling.
What does debt counselling involve?
The first step is to acknowledge that you are ‘over indebted’ and that you need this assistance. You apply for the help, and if you are eligible, a debt counsellor is appointed to help you do a full debt review. Your debt counsellor will also handle all discussions with your creditors, who can no longer contact you directly.
Once a practical repayment plan for your debts has been created, your debt counsellor gets a court order to make it all official. While this is happening, you are protected from legal action by any of the organisations you owe money to (called your creditors).
This is for a period of 60 days from your application date. This is your ‘breathing space’ to find a workable resolution, but you must be prepared to follow through on any arrangements that are made.
What are the benefits of debt counselling?
Having the advice and help of a debt counsellor is an excellent way to manage the situation when you’re overburdened by debt. Remember, they also handle discussions with creditors, so they bring their professional insights into the mix.
Your debt counsellor will work with you, and your creditors, to find a way to set up a repayment system that is equitable (balanced) with a realistic amount you can afford to pay each month.
One of the advantages is that you will have enough money each month for normal living expenses such as food and rent, which can be a big relief.
All of your debt repayments will be consolidated into one reduced monthly repayment plan.
Your assets, including your home and car, will be protected from repossession.
You will no longer get calls from your creditors demanding payment.
There is no permanent record of having undergone debt counselling.
There is only one monthly repayment to be made.
Your budget will meet your basic needs first before provision is made for debts.
You will never pay more money than you can reasonably afford.
A debt counsellor will suggest ways of cutting costs and saving money.
Gives you Peace of Mind that your debt is being paid.
Help You Live Comfortably with all living expenses covered.
Help You Reach Your Goal of settling the debt.
It helps you Change your financial spending behaviour.
You do not pay any money upfront.
What are the steps to apply for debt counselling?
Complete our Free Online Debt Assessment Form Here https://ndrc.org.za/apply-online/
It’s free of charge and only takes a few minutes.
Complete our online debt assessment and provide us with the details of your financial situation.
Submit all required documents for the initial assessment. (i.e your ID, Payslip, Bank Statements, Letter of Demands, etc).
We’ll assess and determine.
A Registered Debt Counsellor will determine whether your monthly expenses and debt exceed your monthly income.
A new monthly budget is made which covers all basic needs.
You’ll be placed under Debt Counselling or Debt Review.
You only pay a single, reduced payment, which you can afford!
The Application will be prepared for court and finalised.
How does it affect future lending?
You will not be able to take out new loans or create new debts until you have a Clearance Certificate. This shows that you have met all the conditions and obligations placed on you by the Court or Tribunal order; and that you have satisfied all the conditions outlined in the National Credit Act.
Learn more about debt counselling here
https://ndrc.org.za/what-is-debt-counselling-how-it-works/
