Debt Review
You may find your balances increasing in the first few months of debt review. Do not panic.
This is process-related and will change. In South Africa, credit providers, banks, debt collectors and debt counsellors are not always technologically aligned.
Debt review is not a quick-fix solution to your debt problems. Falling off the system after a few months makes no sense.
Becoming financially free requires you to stay committed to the process, make your payments timeously and trust us as your debt counsellors.
PLEASE FEEL FREE to contact us on 021 003 8733, on our National Debt Advisors Facebook page or fill out a contact form on our website at www.nationaldebtadvisors.co.za
In this video I’m talking about the disadvantages and advantages of debt review and how people are signing up for debt review without knowing or understanding the process.
To get your name removed from debt review please click the link below and a consultant will be in touch.
https://clpro.co.za/brooklyn/
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When should you consider debt counselling?
Even before lockdown, many people were finding it difficult to meet their debt repayments and facing the prospect of defaulting. Once you are in default the collection and legal fees mount and debt that you were already struggling to repay could easily double. You could even risk losing your car or home.
One of the options available is debt counselling where you select to go under debt review and are protected against legal action by creditors.
A debt counsellor provides a court-issued agreement stipulating the repayment plan. Consumers make one affordable, payment each month, to an independent Payment Distribution Agency (PDA). This in turn is distributed to the creditors as per the agreement.
Once under debt review you may not apply for any credit until all the debts, as per the court order, are settled. Once settled, the debt counsellor will issue a clearance certificate confirming that all the accounts listed under the agreement are paid up. Home loans are the exception and do not need to be fully paid up, but must be up to date. The debt counsellor must ensure that the credit bureaus receive the certificate.
While there are many satisfied customers in debt counselling, there are just as many who have had a negative experience. Make sure you are working with an ethical provider who is a member of the Debt Counsellor Association of South Africa or the National Debt Counsellors Association.
When working with a debt counsellor make sure they create a repayment plan that can be settled within five years. This can be done if the debt counsellor negotiates lower interest rates with the creditors.
According to the National Debt Counsellors Association reputable debt counsellors use an industry standard called the Debt Counselling Rule Set or DCRS that allows them to negotiate significant interest rate reductions on consumers’ debt.?
For unsecured lending such as personal loans and credit cards, DCRS allows for renegotiation of the interest rate as close to zero percent as possible. This is a significant saving on credit agreements that can have interest rates as high as 23%.
Debt counselling can be a great solution, but do your homework before you enter any agreement as once the agreement is in place, you are legally bound to it.
Debt Review Awards founder Zak King shares a little about the history of the Awards and the peer review process.
For more info head over to: www.debtreviewawards.co.za
#debtreviewawards2021
The Annual Debt Review Awards 2021 – Live Stream
WELCOME to the Annual Debt Review Awards Live Stream.
For more info: www.debtreviewawards.co.za
#debtreviewawards2021
Agenda:
Pre-Show: 11am – 2pm
Welcomes & previews
Attorneys Discussion
Webinar Highlights
Product Demos
Awards Show: 2pm – 4pm
Welcomes
Mentalist & Memory Expert Michael Abrahamson
Technology Adoption Award
Significant Contribution Awards
The Debt Review Process
NCR & NDCA Speeches
Annual Peer Review Results (Awards)
Best Photos
Thank You & Farewells
Music Credits:
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Result of Boutique DC Category at the 2020 Online Debt Review Awards Show.
For more info: www.debtreviewawards.co.za
Annaline van der Poel explains what debt review is and how it can help overindebted consumers pay off their debt in an affordable manner. Benefits such as legal protection and budget restructuring are all explained in this insightful interview.
Visit Debt Rescue and learn more about Debt Review here: www.debtrescue.co.za
A solution for Debt review client’s looking for service.
