On this video, we explain the consequences of Reckless credit/lending and its implications for the credit providers. I also highlight the importance of keep a hands on your profile by monitoring your payment progress with your Debt counsellor.
I also explain the importance of choosing the right Debt counsellor (DC), as some Debt counsellors tend to prey or take advantage of ill-informed and vulnerable consumers, which is one of the reasons you need to SUBSCRIBE to my channel so that you do not fall prey to such individuals. I cannot stress enough the importance of staying informed.
Send me your comments and questions if you have any, and I will get back to you soonest.
Thank you for watching.
http://www.debtsage.co.za – At Debt Sage, our NCR registered and qualified Debt Counselors can assist you with the debt counseling program which is specially designed to help people who are struggling to service their monthly debt. You may apply for debt counseling if after deducting your living expenses from your net salary you have less cash left over than the installments on your debt.
Many people end up having their homes and their vehicles repossessed because at the first sign of trouble they are either too ashamed to act or they go into denial about the seriousness of the problem. The longer you wait to act, the fewer options you will have.
The debt counseling process came into effect on the 1st of June 2007, following the enactment into law of the National Credit Act no. 34 of 2005. This Act provides for consumers to go through debt counseling before filing for other debt relief measures such as debt administration and insolvency which have a devastating effect in terms of crippling future borrowing capacity and also carry large financial and legal costs. In this respect, debt counseling is your right to a financial fresh start.
Debt Sage is working with creditors so as to help individuals get out of debt without taking an additional loan. Money is not loaned, but a manageable repayment plan is achieved through loan modification which includes lowering the interest rate or extending the term of the loan among alternative techniques.
When you contact Debt Sage, professionally trained and certified debt counselors will help you evaluate:
• Your current financial situation;
• Provide you with a detailed review of your income and expenses;
• Develop a workable budget that you can live with; and
• Through our debt counseling program you will be able to pay off your debt within 5 years.
At the end of the counseling session you will feel good knowing that there are options available and that you are not alone. Debt Sage is here to help and provide you the best solution for you and your situation.
Debt Sage will solve your debt problem and halt collection activity from credit providers and lawyers demanding payment and help you eliminate debt and take control of your finances and your future. To discuss your particular needs, our debt counselors are available Monday –Friday 8:00 am to 5:30 pm and Saturday 8:00 am to 1:00 pm.
Is debt counselling a scam – or does it really work?
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13 Benefits of Debt Counselling or Debt Review.
1. All of your debt repayments will be consolidated into one reduced monthly repayment plan.
The great thing about debt counselling is that instead of paying numerous accounts, which you can easily lose track of, The National Debt Review Center will work out an amount that covers all of your repayments.
This includes all your legal fees and debt review costs, with lower interest rates.
2. Your assets, including your home and car, will be protected from repossession.
If you’re fearing that your home and car will be repossessed because you’re in too deep, you’re not alone. Debt counselling will protect your assets from being repossessed as a result of defaulting on repayments.
3. You will no longer get calls from your creditors demanding payment.
Once placed under debt review, you will no longer be at risk of getting deeper into debt.
The National Credit Regulator will flag your credit profile, barring you from taking out more credit. This flag will be removed from your credit profile once you have settled all your debt.
4. You do not pay any money upfront.
Alarm bells should go off if the Debt Counsellor makes such a request. Asking for money upfront is not part of the Debt Review process and indicates that the Debt Review company is untrustworthy.
All Debt Review fees are strictly prescribed by the Nation Credit Regulator (NCR) and are pretty much the same for all South African Debt Counsellors.
There are no up-front fees because the fee structure is created in such a way that all the fees form part of your reduced monthly repayment plan. Each client’s fee will differ because it is worked out as a percentage of the monthly debt you owe.
5. There is no permanent record of having undergone debt counselling.
6. There is only one monthly repayment to be made.
7. Your budget will meet your basic needs first before provision is made for debts.
8. You will never pay more money than you can reasonably afford.
9. A debt counsellor will suggest ways of cutting costs and saving money.
10. Gives you Peace of Mind that your debt is being paid.
11. Help You Live Comfortably with all living expenses covered.
12. Help You Reach Your Goal of settling the debt.
13. Helps you Change your financial spending behaviour.
In light of this, always be sure to contact The National Debt Review Center here or at email@example.com as soon as you begin to struggle with your payments, so that all of your instalments can be reduced immediately.
Contact us here – https://ndrc.org.za/contact
Article – https://ndrc.org.za/what-are-the-benefits-of-debt-review
This is PART 1 of our informative video series on things you need to know about Debt Counselling or Debt Review as a relief measure to curb the scourge of over-indebtedness. In this video we define the terms “Over-indebted” and “Reckless credit or Reckless lending”.
Remember to watch our upcoming video series on Debt Counselling/Review to stay informed on how the process works as well as some of its pros and cons. We would like to hear from you.
Looking for Debt Counsellors or Debt Review Specialists?
Look no further…
Please remember to subscribe to our channel and comment below.
Visit www.ndrc.org.za for more info or send us a WhatsApp to 0727703674
The Golden Rules of Debt Counselling (JN)
Good Hope Debt Relieve provide professional debt counselling services in Cape Town:
Relieve you of your debt by negotiating better terms with your creditors
Lower your monthly debt payments by up to 50%
Save you money
Solve your debt problems
Free advice and consultations
Avoid extra cost and stress
Protect your assets such as your home or vehicle
Avoid legal action from your creditors
For more information, please visit www.ghdebtrelief.co.za