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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/
?If you’re wondering about a quicker more affordable way to get rid of debt…here it is! If you have low income and need to start paying debts fast, be sure to check out this video about a method you need to use if you’re tired of making a bunch of pesky payments every month. I tried this once, and it turned out awesome for me! Stop complicating your process, and get on it today!
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?Questions or Consults?
thecreditsolutionist@gmail.com (answers in 24-48 hours)
?Join the new Facebook Group! — https://www.facebook.com/groups/creditproacademy
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You’re Wrong… Paying Debt Off Early Works (4 Reasons):
Conventional wisdom suggests that paying off debt early at the expense of some of your investment money in the short term is a bad trade unless the debt you’re carrying is high interest debt like credit cards. The thinking is why would anyone want to pay off debts with 5% or 6% interest rates when they could instead invest that extra payment money into the markets and earn 7%-10%. And, to be fair, there are certainly instances where that logic makes a lot of sense. I know the title of the video is pretty black and white, but that’s mainly because in my experience the discussion surrounding this topic presents it as a very clear cut decision and I feel that there’s a bit more nuance to it that often gets lost in translation. Today I’m going to be going over 4 reasons why I feel that, in certain situations, paying off even lower interest debts can be the better approach, even if it means giving up some investment returns in the short-term.
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See how debt consolidation works with this animated video.
Learn how to pay off your debt faster, at lower interest rates, with nonprofit debt consolidation.
This step-by-step video shows the debt consolidation process, including:
1. What happens during a nonprofit credit counseling session (online or on the phone)
2. How to qualify for a debt management program, that consolidates your monthly debt payments into one payment
3. How lower interest and cancelled fees help to reduce the time it takes you to become debt free
You’ll also learn that you can enroll in a debt consolidation program, if you qualify, by filling out an online application at https://www.incharge.org.
Learn more about Credit Consolidation Programs:
https://www.incharge.org/debt-relief/debt-consolidation/free-debt-credit-consolidation/
Learn more about Debt Management:
https://www.incharge.org/debt-relief/debt-management/
To Speak with a Nonprofit Credit Counselor, call: 1-800-565-8953
Contact InCharge Debt Solutions
Google+
https://plus.google.com/+InchargeOrg
https://www.facebook.com/incharge.debt.solutions/
https://twitter.com/inchargedotorg
Lori A. Grover, NCPM talks about the benefits of Divorce Mediation and how it works.
RI Divorce Mediation Center: For A Divorce You Can Live With
We help couples settle their Divorce and create their own divorce agreement.
Using Divorce Mediation we’ve helped hundreds of Rhode Island and Massachusetts couples create their own divorce settlement, and it’s one they’re satisfied with because they created it themselves.
Like you, they saw what other couples went through using attorneys to litigate and argue in court so they chose Divorce Mediation instead.
Why? Because by making your own decisions and settling your own divorce you control the cost and the outcome, sparing you and your children much of the stress and uncertainty that comes with every divorce, plus you’ll save thousands of dollars on legal fees for when you need it the most – after your divorce is over.
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So you would like to know more about Debt Counselling… The good, the bad and the ugly… well almost. Moeshfieka Botha, Media and Communnications Manager for Credit Matters will give you the low down in this first of 10 series of videos. Let her know if there are any topics you would like her to discuss in her series. Contact her on 021 431 9100… http://www.creditmatters.co.za
If you’re stuck in payday loan debt, payday loan consolidation can help you escape the debt trap. By combining your multiple monthly payments into one, easy-to-pay monthly payment, you’re able to get out of debt without breaking the bank.
Contact us to find out more: https://realpdlhelp.com/apply/
If you’re looking for payday loan help, we’re your team. We specialize in payday loan consolidation for any budget and have helped hundreds get out of debt. Our one-payment programs are customized to fit your payday loan help needs.
Help From Our Blog: https://realpdlhelp.com/blog/
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MINE WORKERS WHO HAVE BEEN ON STRIKE FOR THE PAST FOUR MONTHS AND NOT EARNING SALARY ARE STRUGGLING FINANCIALY AND CANNOT PAY THEIR DEBT. DEBT RESCUE SOUTH AFRICA SAID IT HAD TO TURN AWAY HUNDREDS OF MINEWORKERS ON THE PLATINUM BELT APPLYING FOR DEBT REVIEW. DEBT RESCUE WHICH ASSIST INDEBTED INDIVIDUALS AND MANAGE CREDIT THEIR CLIENTS, SAY THEY CAN ONLY HELP IF CLIENTS HAVE SOME FORM OF INCOME, BUT BECAUSE THE STRIKE HAS DRAGGED ON FOR NEARLY FIVE MONTHS, MANY OF THEM HAVE NO MONEY LEFT.
Debt-Savvy is South Africa’s leading debt counsellor. Each month we help hundreds of South Africans to consolidate their debts, reduce interest rates, and more! Learn how with our free education videos: www.debt-savvy.co.za
