Debt Counselling Simplified

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What is Debt Counselling?

Debt Counselling as a service, was introduced to provide a solution to individuals with too much debt in 2007 as part of the National Credit Act (NCA) and the purpose of Debt Counselling is to provide a strong solution to individuals who are over indebted and can not pay all their debts. Debt Review is a highly effective alternative to traditional solutions such as Administration and Sequestration when dealing with debt and over indebted individuals. Debt Counselling has the wellbeing of consumers at heart and ultimately has the purpose of rehabilitating consumers and reintroducing them back into the credit market.

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Successful Debt Counselling will:

Reduce Monthly Debt Payments

Stop Credit Providers from Taking Legal Action

Protect your Assets from Repossession

Protect your Name from being Blacklisted

Stop Harassing Phone Calls

Debt Counselling Process Simplified

Complete the Free Assessment, then decide

We Inform your Credit Providers

We Restructure your Debt Payments

We Obtain a Court Order

We give you a Clearance Certificate

Debt Review Company Credibility

 We have been Operational Since 2009

Registered with the National Credit Regulator

Members of DCASA

Guest Speakers at Numerous Companies

Featured in News Papers

Debt Counselling is subject to the National Credit Act (NCA) and enforced by the National Credit Regulator (NCR)

Debt Payments

A single payment will be taken from your bank account every month by an NCR approved Payment Distribution Agency.

You have complete control to confirm payments are received and transferred.

Statements

You will receive a 1 page statement showing how much each credit provider received each month.

The distribution of your money will be according to the negotiated plan and will not be more or less.

Reliable History

Gauteng Debt Counselling has been in the Debt Review practice since 2009.

Our track record is excellent, delivering great quality service with an understanding attitude combined with a commitment to your success.

Focused Service

We only practice Debt Counselling and associated Debt Review Services. This implies that our focus is aligned with no conflict of interest.

The Process is Time Sensitive

The Debt Counselling Process is extremely sensitive to time frames. Our systems are well designed to stay within them.

We use systems providers that are market leaders to make sure we are always on time.

Statements

You will automatically receive a one page statement every month. On time, every time.

Gauteng Debt Councelling

Are you unable to meet all your financial obligations promptly and wondering how to get out of debt fast? You are not alone.  Many South Africans are over indebted and looking for a solution on how to get out of debt on a low income.

 

At Gauteng Debt Counselling, we can help you by offering you our expert and reliable debt counselling services. We don’t only offer debt counselling but provide comprehensive debt solutions for people trying to figure out how to get out of debt quickly.

 

What is Debt Counselling?

Debt Counselling as a service was created to assist individuals with excessive amounts of debt in 2007 within the National Credit Act (NCA), and the objective of Debt Counselling South Africa is to supply a risk-free approach to people that are over indebted that can not pay all their financial obligations. Debt Review is a very successful substitute for conventional alternatives like Administration and Sequestration when confronted with debt and over indebted consumers. To answer your question: What is Debt Review? Debt Counselling has the well-being of consumers at heart and consequently offers the intent of rehabilitating people and then reintroducing them back into the financial market.

 

There are some Debt Counselling pros and cons you should be aware off before considering to hand over your financial responsibilities to Debt Review Specialists:

 

Advantages of Debt Review

  • One of the major benefits is that debt counsellors can, negotiate with the customers’ creditors to restructure an affordable repayment amount.
  • Through this course of action, the credit bureaus are informed by the debt counsellors that the client has requested debt review, and the customer’s profile will be updated as a result, as opposed to lenders chasing with summons and judgments, which can negatively affect the customer’s credit rating.
  • You will be unable to get more credit as well as use your credit facilities, which means you will not go further into debt.
  • You only have to make one monthly payment, and you will never pay more money than you can reasonably afford.
  • No legal action can begin once the application for Debt Review has started.
  • Creditors will stop bombarding you with phone calls demanding immediate payment.
  • The Once-off Debt Counselling Professional fee is included within your first instalment, meaning you do not have to pay the Debt Counsellor upfront, with the risk of Credit Providers taking legal action.

 

Disadvantages of Debt Counselling

  • It usually involves reducing your monthly payments on your debts; it will take longer for you to settle the amount you owe and you will pay more interest as well.
  • Don’t think of debt counselling as an easy way out – it is a complicated process that demands commitment and sacrifice from you.
  • You cannot get more credit, and you will not be able to make further use of your current credit facilities.
  • Almost all debt counselling applications result in having to go to court to get a consent order for the new contract (it is rarely required of the consumer to go to court).
  • Any account where legal action has been taken before a client approaches debt counsellors, cannot be included under debt review.

 

NCR Debt Counselling Fee Guide

The Debt Counselor may be awarded the following amounts based on to consumers with an individual gross income over R2 500.00 per month or combined income greater than R3 500.00 per month: The only fee payable up front is the legal application fee of R50.00. The Debt Counsellors take their professional fee from your first repayment. This cost is the lesser of the initial instalment of the debt re-arrangement strategy or up to R6000.00 (ex Vat). If a joint application is necessary, the fee will stay below R6000.00 (ex Vat). A monthly aftercare charge of 5 % of payment with a maximum of R400.00 (ex Vat) each month. These amounts will be considered in the recommended payment schedule. Legal fees will also have to be paid. This expense is outlined in advance and will be evaluated in the suggested repayment plan, so you will not have to obtain the funds for these costs.

 

How long does debt review last?

Naturally, this will depend on your circumstances and just how over-indebted you are. Generally, debt review requires a maximum of five years (60 months). But don’t allow this to discourage you. Debt Review prevents you from having to give up your assets and enables you to become entirely debt free within a few years, as opposed to spending your entire life paying off debt. It is undoubtedly beneficial.

 

What happens if you terminate your Debt Review prematurely?

Once a consumer has been found to be over indebted it would not be advisable to cancel the rehabilitation but to complete it. In the event of Debt Review Termination, you will only be able to cease process once you’ve paid the mandatory debt counselling professional fees. At this stage, your lenders can commence with legal action against you once again.

 

If you are looking for debt solutions, and wondering how to get our debt with no money, Registered debt counsellors may be able to help you out of a tight spot without having your goods repossessed or getting blacklisted by a credit bureau. It’s usually a time-consuming process, but when it’s over, you’ll be free of debt and have a clean credit record.

 

At Gauteng Debt Counsellors, we aim to become the best debt review company in South Africa! We have been operational since 2009 and is registered with the National Credit Regulator; we can offer NCR Registered Debt Counselling.

 

If you are looking for Debt Review companies South Africa, Gauteng Debt Counselors will be able to assist you to get out of debt. Take control of your finances by letting one of the best debt counselling companies in South Africa help you. Contact Gauteng Debt Counselling today!