How does debt counselling work in South Africa? Debt counselling is a legal process in South Africa that helps over-indebted consumers to repay their debts. It is regulated by the National Credit Act (NCA) and is overseen by the National Credit Regulator (NCR). https://www.ncr.org.za/
The process of debt counselling usually involves the following steps:
- A consumer who is over-indebted approaches a registered debt counsellor.
- The debt counsellor assesses the consumer’s financial situation and creates a debt management plan.
- The debt counsellor negotiates with the consumer’s creditors to agree to a reduced monthly repayment amount.
- The debt counsellor collects the monthly repayments from the consumer and distributes them to the creditors.
- The debt management plan is reviewed on a regular basis to ensure that it is still working for the consumer.
‘Debt counselling can be a helpful way to get out of debt, but it is important to understand that it is not a magic solution. It requires a commitment from the consumer to make the monthly repayments and to follow the debt management plan.
Here are some of the benefits of debt counselling in South Africa:
- It can help you to reduce your monthly repayments.
- It can help you to consolidate your debts into one monthly payment.
- It can help you to get out of debt faster.
- It can protect you from legal action by your creditors.
If you are considering debt counselling, it is important to speak to a registered debt counsellor – Control Debt in George https://controldebt.co.za/about-control-debt/ to discuss your options. They will be able to assess your financial situation and recommend the best course of action for you.
Debt counselling can be a helpful way to get out of debt, but it is important to do your research and choose a reputable debt counsellor. Control Debt in George is a registered debt counsellor with the NCR, and help consumers in all areas of South Africa.
Contact Control Debt:
https://controldebt.co.za/enquire-debt-review/