Debt Counselling is a debt relief measure
"This measure, provided for in the national credit act, is intended to assist over-indebted consumers struggling with debt, through budget advice, negotiations with credit providers for reduced payments and restructuring of debts.
Debt counselling is only offered by registered NCR debt counsellors. Prior to registration, debt counsellors have to successfully complete a debt counselling course, satisfy prescribed education, experience and competency requirements and display an ability to manage their own finances”
Step 1
Application form
You complete an application form and
provide us with the details of your credit providers.
provide us with the details of your credit providers.
Step 2
Assessment
We assess your application to determine
if you are over-indebted
Do your monthly expenses exceed
your monthly income?
if you are over-indebted
Do your monthly expenses exceed
your monthly income?
Step 3
Assesment Results
If you are over-indebted we will notify your
credit providers that you are under debt review,
by sending them a form 17.1, requesting they
provide us with certificates of balance.
credit providers that you are under debt review,
by sending them a form 17.1, requesting they
provide us with certificates of balance.
Step 4
Payment Plan
We will then provide your credit providers with a debt restructure payment plan. This plan will reduce your monthly debt payments in order for you to have money for your monthly living expenses.
Step 5
Order of Court
We will appoint an attorney to make an application to court in order to have your debt restructure plan made an order of court.
Over in-debted indicators
- You Borrow Money To Pay Other Debts
- You Use Your Credit Card & Overdraft Facilities To Pay Debts, Buy Food & Other Necessities
- You Skip Payments On Some Accounts In Order To Pay Others
- You Receive Letters Of Demand & Summonses From Creditors &/or Lawyers
Free Call Back
Tips for consumers on debt management
- Do not ignore your creditors
- Be proactive and approach a debt counsellor when you notice over-indebtedness indicators
- If you fail to plan, you are planning to fail (always budget and stick to it)
- Where possible, do not borrow to maintain your standard of living, rather budget to reduce your monthly living expenses
- Know what’s coming in and going out of your bank account
- Bad decisions are made during good times, avoid being carried away by over-spending
- Save for rainy days
DACSA
Debt Counsellors Association of RSA