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Hi,

In this video I discuss debt review in South Africa. Debt review is a legal process that assists over indebted consumers with resolving their debt problems.
Process of debt review is:
To start the process, you would contact a qualified debt counselor, preferably a registered one with the National Credit Regulator. They would assess your financial situation, your income and your debts to determine if you truly are over-indebted. Over indebtedness means that you are not able to afford your obligations every month.
If positive, they would work with you to come up with an effective debt payment plan tailored to you. This includes giving your creditors a payment proposal, and if they accept, you’ll make one monthly payment to the debt counselor. The counselor will then pay your creditors on your behalf. This means that you don’t have to interact with creditors directly anymore.
Advantages of debt review:
1.If you have applied for debt review before any legal action was taken against you, then your assets (the things you own) are safe from repossession.
2. From the moment you are placed under debt review, you no longer need to deal with intimidating debt collectors who continuously harass you. When they call or contact you in any way — just tell them to contact your debt counsellor.
3. Your interest rates on your unsecured debt can be lowered down to as little as 1% — and your repayment terms can be lengthened.
With lower monthly interest rates and longer terms, your monthly repayments on your debt will be less.
4. All your payments will be consolidated into one monthly installment.
5. Your debt is consolidated without an expensive loan.
6. Since you pay less on your monthly debt, you have more money available for your essential living expenses like food, electricity and transport.
7. A good debt counsellor will go through all of your accounts and be able to assess whether you are the victim of reckless lending by your creditors. If this is the case, that debt could be entirely written off.
Disadvantages of debt review:
1. After your initial assessment with a debt counselling company, you may be informed that your current situation does not qualify you to go under debt review.
2. Some of your accounts, especially those which have been subjected to legal action, may be excluded.
3. Your debt may take longer to repay.
4. You may have to give up on a few luxuries in your life, but once you 5. become become debt free, it will undoubtedly be worth it.
5. You will be “flagged” at the credit bureaus — but you will not be “blacklisted”.
6. You will not be able to use any of your retail store cards or credit cards.
You will not be able to apply for new credit.
8. Its important to note that you have to continue to pay as per your agreement.
Process of debt review:
When you contact a reputable debt counsellor you will be given a free debt assessment to determine your level of debt and whether debt counselling is a potential solution for you.

If the assessment determines you are over-indebted and could benefit from debt counselling, you then decide whether to formally apply.

the debt counsellor will do most of the heavy lifting by informing all your creditors and the credit bureaus that you have applied for and are undergoing debt counselling

As part of the process the debt counsellor negotiates reduced monthly payments on all credit agreements that fall under the National Credit Act

Once more affordable repayment terms are negotiated, your rearranged debt is approved at a court or the National Consumer Tribunal to ensure the renegotiated rates are fixed for the duration of the debt counselling.
The magistrate’s court needs to make a finding that you are over-indebted and accept the payment proposal before it can be made a court order. 
This means creditors cannot change the terms or demand higher payments.

You will make one affordable payment each month, which is distributed to creditors included in the debt counselling for the duration of the plan.

Debt counselling usually lasts for between three and five years, depending on the amount of debt, the arrangements the debt counsellor is able to negotiate with creditors and what you can afford to repay each month.

Conclusion: Please do research and make an informed decision. This video is for information only

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Tel: 064 587 5476

Thanks!

According to the Debt Index by DebtBusters, the number of people seeking help from debt counsellors grew 40% year-on-year in the first quarter. The data also showed that consumers spent close to two-thirds of their net income to pay off debt. Companies Reporter for Business Day, Nico Gous joins Business Day TV to unpack how high inflation and interest-rate hikes squeeze disposable income and hamper consumers’ ability to repay liabilities.

Is debt consolidation a good idea? In this video you can find debt consolidation explained, and the truth about debt consolidation. Beware – Some debt consolidation deals are just a scam!

0:23 What is debt consolidation?
0:55 Good debt consolidation example
2:16 Bad debt consolidation example
3:29 Other issues debt consolidation has
3:55 Debt consolidation summary

Calculator used in examples:
https://www.creditkarma.com/calculators/debt_repayment/

How to get out of debt step-by-step:
https://finestfinance.co/2019/09/10/how-to-get-out-of-debt-a-step-by-step-guide/

Get Out of Bad Debt -series:
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Check out my book summaries:
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Investing for beginners -series:
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http://defensebaseactlaw.com/successful-mediation/ (Maitland, Florida) (Cocoa Beach, Florida) Garfinkel Schwartz is a Defense Base Act Law and Longshore Act Law firm that helps injured and sick civilian contractors and longshoremen to regain denied medical care and benefits.

Defense Base Act law and Longshore Act law is federal law. Garfinkel Schwartz tries and handles cases around the U.S. for clients around the world. There are no boundaries. If you need help and want to talk, we’ll find a way. Whether you mail a letter, send an e-mail or do a FaceTime, Skype, Video Conference, Whats App or Facebook chat or Google Hangout…we’ll find a way to communicate with you.

It’s not easy to fight your employer or your insurer on your own. The insurance companies have the best attorneys available so you should lawyer up. Talk with a couple attorneys to find someone you trust and who agrees to fight for your case.

Insurers can cancel benefits or medical care without warning. It’s your right to choose your attorney, your doctors and the DBA Act or Longshore Act covers it if you have a case. Do you have a case? If you’re hurt and sick, can’t heal and recover you have to find out because the rights are clear under the DBA.

Get help from an experienced Defense Base Act Law and Longshore Act Law lawyer. Interview lawyers until you’re confident and comfortable with your representation. Your case may continue, your care may continue for a long time.

It doesn’t matter where you live because Garfinkel Schwartz will travel to you. Brian flies to any state or country you live in.

Questions? Call attorney Brian Wiklendt 24 hours a day 1-800-393-2999. You may get a return call after hours, weekends…as soon as Brian is able or 30-year paralegal Doreen Cabral may call.

Give return calls a brief amount of time as travel, meetings, court dates happen all the time. But as soon as there’s a break, Doreen or Brian ALWAYS call back. That’s a Garfinkel Schwartz law firm promise.

We will get back to you as soon as we can. Garfinkel Schwartz is committed to helping one family, one person at a time. We’re based in (Maitland, Florida) and (Cocoa Beach, Florida) but work with clients everywhere because Longshore and DBA is federal law.

Have you ever asked yourself the question: What do I do when I receive threatening phone calls from debt collectors while being under the debt review program?

National Debt Advisors is the #1 debt counselling company in South Africa. We offer you debt counselling, debt solutions and expert advice. If you are struggling with your debt or need financial assistance, contact us today!
CALL US on 021 003 8733 or visit our website: https://nationaldebtadvisors.co.za/

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?Hey guys! Welcome to this incredible episode as Omar interviews multi-millionaire entrepreneur John Shin on his incredible story of overcoming all odds as an immigrant coming to the US & going from $500k in debt to building a 9-figure business in the financial management industry! Overcoming all odds & many failures, John ultimately used many of the principles he shares in this interview to turn around his life! Today, John is a successful family man, serial entrepreneur, producer, investor, philanthropist, author, speaker & is also currently on a world tour sharing the  “THINK & GROW RICH” message around the world! Enjoy ?

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Today’s top stories: Around a dozen towns in Italy are in lockdown as authorities race to contain the biggest outbreak of coronavirus in Europe, Love Island has dedicated the final episode of its winter series to Caroline Flack, and weather alerts have been issued for snow, heavy rain and wind across the UK.

? Coronavirus: Towns locked down in Italy as North Korea quarantines foreigners https://trib.al/mKK8c5t
? Love Island dedicates final to Flack with tearful tribute from Laura Whitmore https://trib.al/LnAZ4ft
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