The program of debt counselling or debt review was implemented in South Africa in 2007. It helps keep consumers who are overextended out of sequestration. This alone is one of the major benefits it offers. It helps them reorganize and repay debts in about five years with no negative credit listing on a person’s record after the program has been completed.
One of the biggest benefits of the debt counselling program is being freed of the stress caused by creditors hounding a person for overdue bills. Once a person is placed in a debt review program, they no longer have to put up with these stressful phone calls and letters. They also no longer need to juggle all their bills. They only have to pay one bill to through their review program each month.
Can You Apply For Debt Counselling
It is important to note that anyone who is struggling with bills can apply for a debt review. However, some individuals will not qualify for reorganization. This is often caused when a person applies and has no income. Most people who have a job or some form of income will be approved for a debt counseling plan.
When they work with a debt counsellor, they also have the convenience of having the counselor work with each creditor on their behalf to lower interest rates and create affordable repayment plans. Another benefit is being able to be put on a workable budget. The counsellor, a professional registered with the Nation Credit Regulator, works with the consumer to learn better financial practices so that becoming overextended will not happen again.
If you are a consumer in South Africa who can no longer make ends meet, do not fear. Apply for debt counselling with an accredited counsellor or company and start relieving yourself of your debts. Click here to apply!