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DEBT COUNSELLING / DEBT REVIEW

The debt counselling program came into effect on the 1st of June 2007, following the enactment into law of the National Credit Act no. 34 of 2005. This Act provides for consumers to go through debt counselling before filing for other debt relief measures such as debt administration and insolvency. These have devastating effects in terms of crippling future borrowing capacity and carry large financial and legal costs.

Debt review is the process whereby a Debt Counsellor assesses a client’s outstanding debt and implements a restructured debt repayment plan. This will be done through the process of renegotiating interest rates with credit providers in order to reduce them, as well as by extending the debt repayment terms with lower instalments and getting a Court order granted by the Magistrate Court in order to protect your assets.

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Debt Counselling Aims

N
To assist over-indebted consumers.
N
To identify and profile cases of reckless lending with the aim to get the cases suspended.
N
While you cannot borrow while under debt review. Once debts are paid in full you are issued with a clearance certificate.
DEBT SHELTER Debt Counsellors work with creditors to help individuals get out of debt without taking an additional loan. Money is not loaned, but a manageable repayment plan is achieved through loan modification, which includes lowering the interest rate or extending the term of the loan among alternative techniques.
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Debt Counselling Aims

  • Evaluate your current financial situation.
  • Provide you with a detailed review of your income and expenses.
  • Develop a workable budget that you can afford.

At the end of the debt counselling session, you will feel good knowing that there are options available and that you are not alone in your debt stress!

Benefits Of Debt Counselling

You will be protected from harassment by creditors like credit providers and debt collectors and this is enforced by a court order granted by a Magistrates court
You will regain control over your finances and will become debt-free if you stick to the agreed monthly instalment plan.
You will only be responsible for making one monthly instalment towards the repayment of all your debt which simplifies your debt and takes a burden off your shoulders
You will prevent the repossession of your assets and from being blacklisted
You will reduce unsecured debt repayments and secured debt repayments by extending the loan terms and getting a lower interest rate.
You will be issued a clearance certificate once your debt is repaid.

Credit life insurance?

DEBT SHELTER offers Credit Life insurance. Credit Life insurance will help you cover debt obligations in case of death, disability, disease or retrenchment.

In the case of temporary retrenchment, credit life insurance will cover your debt review instalments for up to 6 months. If you have credit life insurance and you’ve been retrenched, you should notify your debt counsellor.

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[email protected]

Call Us

Tell: 057 212 0341
or
Cell/WhatsApp: 079 427 1578

address

26 Virginia Gardens,
Virginia, 9430

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