The New Credit Act can Help Your Debt Problem
Sunday, August 30th, 2009 Subscribe To Our Feed
Many people are feeling the pinch in the current economic climate, so don’t feel alone. With the current global economic crisis dominating the financial world, many people, if not all, are feeling under pressure. There is something you can do about your financial position however. There is debt counselling to help you with your debt situation.
So what is debt counselling or debt review, you might ask? Well, to put it straight to you, debt counselling is a professional service provided to those who are over-indebted, guiding the consumer to develop healthy financial habits whilst paying off all outstanding debt with more manageable and affordable payments each month. The main goal of debt counselling or debt review is to create a repayment plan for the over indebted consumer in order for a person to pay off all debt in an affordable manner which all the consumer’s creditors will be satisfied with. The over indebt individual will not get a summons by creditor and creditor will not have to write off any bad debt that way.
If you are seeking the assistance of a debt counsellor, begin by selecting one who has been accredited by South Africa’s National Credit Act (NCA). Once you are certain that you’ve chosen the correct debt counsellor, be sure to provide the debt counsellor with all the necessary documents, compiled and completed, that he might require.
The debt counsellor will determine your over indebtedness during your debt counselling session and then prepare an proposal that will be negotiated to your creditors as a starting point of the negotiations with your creditors. Once all the creditors involved are satisfied, the payment plan will be implemented and to ensure that it is followed through, regular reviews will be scheduled with your debt counsellor.
If you are struggling to keep afloat financially, contact a debt counsellor for an in-depth evaluation on your current financial position. With the help from trained debt counsellor you will learn to enjoy the freedom that comes with a debt-free life by starting and applying for debt counselling!
