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Visit our website for more info or to file a mediation request:
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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/
Debt review, also known as debt counseling, is a process that was introduced by The National Credit Act or (NCA) to help people who are over-indebted to get out of debt. Watch the video to learn more.
Link to my online store: https://talkingmoneywithnozi.com/collections/all
Check if your debt counselor is registered here: https://www.ncr.org.za/register_of_registrants/registered_dc.php
Can you exit Debt review? I Talk about my experience being under debt review as well as some of the ways in order to get yourself out of debt review
Happy Watching
#DebtReview
Some useful links
https://www.legalrights.co.za/credit-repair/how-to-cancel-debt-review-or-debt-counselling/
https://www.ncr.org.za/documents/Withdrawal_guidelines/Explanatory%20Note%20to%20the%20Withdrawal%20Guidelines.pdf
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Leanne hid bills and purchases in cupboards and closets around the house to keep the truth about her spending addiction concealed from her husband Adam. These spending secrets were not only damaging their finances but they were also detrimental to their relationship. Gail puts this family back in touch with reality by opening their eyes to the $141,000 of debt they’ve accumulated, cutting their spending, and prioritizing honesty. When Gail challenges Leanne and Adam to reveal their undisclosed secrets to each other will it strengthen their relationship or cause them to split up –
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D & R is an accredited Debt Review counsellor and Administrator, but what is the difference between Debt Review and Administration?
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What To Look For When Choosing Credit Counselling Services – Avineet Kalsey – recent interview series, Part 20, explains to viewers what they need to look for when evaluating potential credit counselling services and companies.
Debt reduction is front and center on many Canadians’ minds right now with soaring household debt levels – it doesn’t have to be this way – call our experienced credit counselors such as Avineet Kalsey right now. You don’t need to struggle with debt, BSCC can help reduce your debt by over 50%-90% RIGHT NOW – call us today at 1-866-790-8984 – its free!
or Visit:
Business Solutions & Credit Counselling Services
Surrey/Vancouver office:
12033 92A Ave #205 Surrey, BC V3V 4B8
Tel: 604-951-8984
https://www.google.com/maps/d/edit?mid=z3X9D1QmScWs.kjLPMNEqwaxo
Toronto Office:
#43 – 8500 Torbram Road
Brampton, ON L6T 5C6
Tel: 905-789-8984
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Calgary Office:
#210-3132 26 Street NE
Calgary, Alberta T1Y 6Z1
Tel: 403-714-8984
Edmonton Office:
Tel: 780-716-8984
Abbotsford Office:
#1A – 2497 Clearbrook Road
Abbotsford, BC V2T 2Y3
Tel: 604-951-8984
or Nationwide call: 1-866-790-8984
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Don’t spend another year racking up unnecessary debt and dig yourself deeper into an unrecoverable situation – we can help! You can avoid going into bankruptcy – it’s a negative mark on your credit and can last for 7-10 years – where a neutral credit counseling notation is REMOVED once someone completes the program. You really can turn your financial life around quickly – just call us and receive a free evaluation of your situation with some helpful advice and absolutely no obligation to take any action if you don’t wish to.
Remember – you DO NOT (and in a lot of cases, SHOULD NOT) always have to go into bankruptcy – we can share valuable information about your options that your bank or other credit counseling companies may not be willing to share with you – because it’s not in their best interest! We work on YOUR behalf, and thus ensure that you receive the very best information for your specific situation. Contact us today at BSCC for a free consultation about your finances – 2018 can be your year that you begin on the journey to finally becoming debt free!
For over a decade, the professionals at Business Solutions and Credit Counselling Services (BSCC), a registered, government-approved credit counseling firm, has assisted hundreds of thousands of consumers throughout Canada to avoid declaring bankruptcy, prepare a consumer proposal, rebuild their credit rating, and pay off their excessive charge card debt. These are clients who were once struggling to manage excessive debt and financial obligations. We work with each client individually, designing manageable, realistic programs to relieve their financial burden and stress.
For more information about using effective debt counseling nationwide wherever you live in Canada – and how to avoid bankruptcy and becoming debt free from high credit card debt or even business bankruptcies, please visit us at http://www.bscc.ca or call 1-866-790-8984 today! We have credit counseling offices in Toronto, Vancouver (Surrey), Calgary, Edmonton, and Abbotsford.
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Paying off debt is important and utilizing a lower interest rate to reach that goal is a good idea, as long as you follow some key rules first. Otherwise it will ruin your get out of debt plan.
