The New Credit Act can Help Your Debt Problem

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Sunday, July 26th, 2009 Subscribe To Our Feed

Many people are feeling the financial 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 financial pressure. However, there is something you can do about it. There is debt counselling to help you with your debt situation and get you on your way to financial freedom again.

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 affordable payments each month. The main goal of debt counselling is to create a repayment plan for the 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 correctly, be sure to provide the debt counsellor with all the 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 parties 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!

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