Debt counselling in Oudtshoorn can be done with a application with Control Debt and fairly easy. Debt Counselling is a legal process that helps over-indebted consumers repay their debts through an affordable repayment plan. Control Debt can help you to get your free credit report and evaluate if you can qualify for debt counselling. This plan is therefor agreed with all creditors via the debt counsellor. It is regulated by the National Credit Act (NCA) in South Africa.
Debt Counselling in Oudtshoorn – Here is how debt counselling works:
- You apply to a registered debt counsellor like Control Debt in Oudtshoorn.
- The debt counsellor will carefully assess your financial situation and negotiate with your creditors on your behalf.
- You can get a reduced monthly repayment amount.
- Once the agreement is in place, you will make one monthly payment to the debt counsellor, who will then subsequently distribute the money to your creditors. This is done through a payment distribution agency like DC Partner www.dcpartner.co.za who are audited and regulated also by the NCR.
- When all the outstanding debt is paid-up your debt counsellor will issue a clearance certificate.
During debt counselling, you are protected from legal action by your creditors. You are also not allowed to incur any new debt, but this is a good thing to get you clear of debt.
At the end of debt counselling, you can again get credit since you will be debt free at that stage.
There are a few things to keep in mind about debt counselling:
- You are responsible for the debt and must make your monthly payments on time each month as arranged with the debt counsellor of Control Debt in Oudtshoorn.
- There are fees associated with debt counselling, which are regulated by the NCA, such as the debt counsellors fee and the fee to distribute the money of the PDA.
- Debt counselling help you to make your payments, since it is a structured process to follow and legally binding.
If you are considering debt counselling, it is important to speak to a registered debt counsellor like Control Debt in Oudtshoorn. Get more information about the process.
Here are some of the benefits of debt counselling:
- You will be able to repay your debts in a more affordable way.
- You will be protected from legal action by your creditors.
- You will receive a clearance certificate at the end of the process, which will remove negative information from your credit report.
Ultimately, whether or not debt counselling is right for you depends on your individual circumstances. If you are struggling to repay your debts, it is important to speak to a registered debt counsellor to get more information about the process.