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.
Debt Counselling or Debt Review in short speaks of an individual who earns less income compared to their monthly debt or credit expenses. This individual is therefore considered over indebted and no longer credit worthy. The existing debt will in all likelihood increase based in accumulating interest placing further stress on an already burdened individual. Through a successful Debt Review application, the over indebted individual is placed on debt counselling and through the process, the individuals debt repayments are restructured in a way that all credit providers receives a reduced payment toward having all outstanding debt repaid while allowing the individual enough money for daily living expenses. This ultimately leads to the client having repaid all their debt and so becoming credit worthy once again.
The complete Debt Counselling Process is complicated and we, here at Gauteng Debt Counselling has an outstanding track record.
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Our happy clients
Reason for applying to go under Debt counselling?
I was in a relationship where my partner participated in paying various debts and expenses. When this relationship ended, I was forced to move to Pretoria, rent accommodation and because of this, could not keep up with my monthly debt responsibilities.
How did Debt Counselling Help?
My budget was recalculated and a repayment plans was designed and proposed by Gauteng Debt Counselling to the various credit providers whom in turn accepted these proposals. This greatly reduced my monthly commitment enabling me to live once again without the stress of how and where to get the financial support needed.
Was Gauteng Debt Counselling professional and supportive?
Yes – They clearly and accurately explained the process of debt counselling and resolved all issues with regards to credit provider queries that arose after my initial application. I don’t receive any phone call from credit providers as the process is working and running smoothly.