Debt Review Removal Misconceptions

Exiting debt review in South Africa can seem like a quick fix, but there’s a lot of misinformation out there. Here are some common misconceptions that could land you in hot water;

Myth #1: The Debt Review Removal Process is Easy.

Exiting debt review isn’t a simple process. It requires following specific legal procedures based on each client situation.

Myth #2: There are No Consequences.

Not complying with a debt review court order can lead to serious penalties under Section 160 of the National Credit Act (NCA).
161. Any person convicted of an offence in terms of this Act, is liable-
(a) in the case of a contravention of section 160( I), to a fine or to imprisonment
for a period not exceeding 10 years, or to both a fine and imprisonment; or
(b) in any other case, to a fine or to imprisonment for a period not exceeding 12
months, or to both a fine and imprisonment.
(Section 161 of the National Credit Act of 2005)

Myth #3: Thinking that you will still enjoy the protection and benefits of debt counselling.

Leaving debt review means losing legal safeguards and reverting to original credit terms. Be sure you’re financially ready before taking the leap because some creditors will take legal action.

Myth #4: Lawyers Do It All (My Attorney will deal with this)

Attorneys cannot directly remove your debt review listing. Debt counsellors handle the process with attorney assistance when needed for court appearances.
Myth #5: I Can Easily Afford Debt Review Removal

While exiting debt review offers freedom, it’s important to understand the financial implications. Contrary to popular belief, debt review removal often incurs hefty fees. Legal professionals like attorneys and some debt counsellors can charge anywhere between R1500 and R12000 for the application process itself.

Here at The National Debt Review Center, we offer a transparent approach with a fixed fee of R8550, payable conveniently over 2-3 months. However, this doesn’t cover everything. You’ll still need to factor in:

Your original Debt Repayments: Exiting debt review means resuming your original debt repayments, so ensure your financial situation can handle that responsibility.
Outstanding Debt Counselling Fees: There might be outstanding debt counselling fees from your previous debt review plan.
Therefore, we strongly advise that if you are considering debt review removal, do so only if your financial situation has truly improved and you’re no longer over-indebted.

Read the full article here https://ndrc.org.za/thinking-of-exiting-debt-review-or-debt-review-removal/

#southafrica #moneymanagement #financialfreedom #personalfinance #ndrc #debtcounselling #creditrepair #debtrelief #financialtips #debtfree

Struggling with credit card debt or worried about falling into the debt trap? You’re not alone! In this video, we’ll uncover the dangers of overspending, how astronomical interest rates can spiral out of control, and why avoiding debt is easier than you think.

Learn practical tips on:
? How to avoid credit card debt with smarter budgeting and spending habits.
? The power of delayed gratification to build long-term financial success.
? How to stop comparing yourself to others and focus on your financial goals.
? Proven strategies to escape credit card debt fast, including debt consolidation plans, balance transfers, and seeking professional help.

This guide is packed with actionable advice to help you take control of your money and achieve financial freedom. Whether you’re just starting out or already feeling overwhelmed, this is the video for you.

Subscribe to Wealth For You for more tips on saving, investing, and living a debt-free life. Don’t forget to hit the like button and share this video with anyone who needs it!

Take charge of your finances today—watch now!

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This video and all other videos in this channel are for informational purposes only and should not be taken as financial, legal, or professional advice. I am not a licensed financial advisor, and these are my personal opinions. Investing involves risks, including possible loss of principal. Do your own research and consult a qualified advisor before making any decisions. I am not liable for any losses from actions taken based on this content.

?????Let’s talk about debt consolidation.

TL;DR – Debt consolidation is a way to put all your debts into one place.

There are pros and cons to this.

????Pros: Everything will be consolidated into one loan, you’ll only need to make one monthly payment, you can lower your interest rate, and simply your finances.

????Cons: An extended payment plan may mean more interest paid over time, your credit score may be negatively impacted, it’s not a one-size-fits all solution.

????Last, be careful, some companies are predatory and may try to take advantage of vulnerable people.

????To stay educated on your debt management – download the MUCH app today to get started on your journey to financial freedom. We can help you figure out a debt payoff framework that will work for you to help you pay down your debt faster.

????Sign up for your free 14-day trial and start tackling your debt today by visiting http://www.usemuch.com/ to get started.

Americor is a debt relief company that primarily uses the strategy of debt settlement to help you lower your overall debt levels. If the promises of decreasing your overall debt levels by 40-50% sounds too good to be true…well, it might just be. Before you sign up with Americor, you need to be very clear about how Americor works, what it will cost you (in money, discomfort, and credit score), and what your other options are. Many people feel crushed under the weight of their debt levels which will mean that they want to believe the promises Americor makes. But, things may not be as simple as they say they are.

Caution: Navigating the Americor Debt Relief Maze

In the ever-evolving landscape of debt consolidation, Americor emerges with promises of financial salvation. But, before you take the plunge, join us for a critically examination of the company’s claims.

Americor Reviews: Fact or Fiction?

The company appears to have good reviews on websites like Trustpilot, but we do a critical analysis of those reviews to help you see how the company really functions. Are these success stories genuine, or are they carefully curated narratives?

Americor Financial: A Wolf in Sheep’s Clothing?

Is Americor really your trustworthy financial partner, or does it merely exploit vulnerable individuals who are desperate to get out from under a mountain of debt? Examine the fine print of their financial services to uncover potential pitfalls and hidden fees that may leave you questioning the true nature of their commitment to your prosperity.

Americor’s Magic Recipe: How Does it *Really* Work?

Americor claims to have the magic solution to getting creditors to settle your debt. But, what happens when a lender refuses to settle? What impact will that have on your life? And are they doing anything you can’t do for yourself?

How does Americor affect your credit score?

The process of debt settlement will not leave your credit score unscathed. On the contrary, Americor’s Debt Relief program will push your score to the 400s or low 500s and keep it there for years. There is absolutely no way to avoid this, and we explain why.

Is Americor Legit?

We will explain how Americor makes its money and how it charges fees for its services. We will explain how their processes might mean that their incentives are not aligned with your success.

Americor: Worth the Risk?

We explain how much you will have to pay, how the process will affect your credit, and how you will be exposed to the risk of lawsuits. Then, you can decide whether the risks are worth the reward.

Who is Credit9?

We explain that Credit9 is a lender owned by Americor that you may have to use as a last resort to avoid significant legal fees when all the efforts to remove the debt have failed.

What is Americor, Really?

Beyond the marketing gloss, unravel the true essence of Americor. Do their actions align with their mission, or are their promises merely a façade? Separate fact from fiction and question whether Americor truly leaves people in a better financial state than they found them.

Ready to embark on a journey with Americor? Proceed with caution, and arm yourself with critical insights. This critical examination aims to provide you with a balanced perspective so that you can make an informed decision in the murky waters of debt consolidation with Americor.

Website: https://theyukonproject.com

#debt #debtfree #debtfreejourney #debtpayoff #debtmanagement #debtrelief #debtproblems
#debtconsolidation #debtsettlement

Thinking about filing for bankruptcy? Before you can file you are required to take a credit counseling course and submit the certificate of completion along with your petition and schedules. After you file, a second course and certificate are required to qualify for a discharge.

In this video, I explain what is involved with these two mandatory bankruptcy education courses.

Here is a list of approved vendors: http://www.bankruptcyworksheet.com/credit_counseling_vendors.html

Here is a link to my Atlanta bankruptcy web site: http://www.atlanta-bankruptcy-attorney.com.

Jonathan Ginsberg
Atlanta bankruptcy attorney
Ginsberg Law Offices
1854 Independence Square
Atlanta, GA 30338
770-393-4985

How to get out of a situation where you can’t honour loan obligations such as paying your loan EMI. Here are 5 tips to get out of what is called as debt trap and take charge of your finances.
Website: www.fundoomoney.com
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Hello and welcome to FundooMoney, your 24X7 buddy for all your money matters. We have all heard about the word “debt trap”. But what exactly is it? Well, debt trap is situation where you have taken so much debt or loans that you find yourself unable to even service the monthly interest. You actually need a loan to pay the interest and hence end up increasing your debt. This is a vicious cycle created in the first place due to excessive and high interest rate borrowing. You need to create and work on a plan diligently to get away from this financial mess. Shortly, we tell you the essential steps that you need to take in such a plan.

Pay off high cost debt at the earliest
Prioritise all your debts based on interest rates. Get rid of highest cost debt such as those of credit card outstanding that typically charge 40% annually. If the outstanding amount is too large, take a personal loan or do a balance transfer on EMI on other credit card. This could bring the interest rate to a more manageable level of around 12-15%.

Consolidate medium cost debt
If you have many small value loans like consumer loans, personal loan or credit card dues, it would be better for you to bring all these loans at one place by taking a personal loan or debt consolidation loan at a low interest rate. You can interact with your lending institution for this.

Look for low cost alternative
If you have high interest rate loan like a personal loan, you could take a lower cost loan, typically loans against assets such as gold, car or property to pay off the high cost debt.

Try extending the tenure
If you are likely to find it difficult even to pay off low cost EMIs, consider extending the tenure of the loan to manage the repayment obligation. Secured loans should typically allow you to have a long tenure. This will keep the EMI under check. Once your income rises or you get any windfall gains, you can utilise that amount for faster repayment of your loan.

Liquidate investments if the need be
If all of the above steps are not enough, consider liquidating some investments such as idle gold or property. Try to view this move without emotion. Consider the loan repayment burden a cost of retaining these investments with you. Once outstanding loans are repaid, you could use the money to invest for your future.

We hope you found this useful. Do share with us and others on the channel your tips for getting out of debt trap, by writing in the comments section. For more such actionable personal finance information and regular uploads, subscribe to our channel. Also, visit our website, download our mobile app and stay connected with us on Instagram, Pinterest and Slideshare.

2018-05-16 – Farm Debt Mediation Bill – First Reading – Video 2

Gerry Brownlee

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Debt counselors are warning against lavish spending on Black Friday.
Courtesy #DStv403

Too much debt weighs you down, more than you think. Let the Credit Counselling Society help you get debt off your back. It’s confidential, it’s free and it works. Call us. All you’ve got to lose is your debt.