Debt counselling is a legal process regulated by the National Credit Act (NCA) in South Africa. It helps over-indebted individuals restructure their debt into a manageable repayment plan, often with reduced interest rates, while providing legal protection from creditors.
The duration of the debt counselling process varies depending on the amount of debt and the terms negotiated with creditors. It can range from a few months to several years, with regular reviews and adjustments to ensure successful repayment.
Yes, while under debt counselling, your credit record will reflect that you are under review, and you will not be able to apply for new credit. However, successfully completing the process can improve your creditworthiness in the long run.
Yes, one of the key benefits of debt counselling is legal protection against repossession of assets, provided that you follow the agreed repayment plan.
Missing a payment can jeopardize the debt review process, as creditors may take legal action if the payment plan is not adhered to. It is crucial to communicate with your debt counsellor immediately if you face challenges making payments.
No, debt counselling is suitable for anyone struggling to keep up with their debt repayments, regardless of the debt amount. It’s designed to help you manage your debt more effectively and regain financial control.
To qualify, you must be over-indebted, meaning your monthly expenses exceed your income and you cannot meet your debt obligations. Our initial assessment will help determine if debt counselling is the right solution for you.
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