Live Debt Free

Dealing with debt is stressful. Avoiding calls from creditors and having scary letters sent to you, with threats of the sheriff showing up is no way to live, It is much better to face your debt head on and find a way to live debt free.

When you look in detail at the Debt Review process and how it works;  Debt counselling and Debt Review have helped hundreds of thousands of South African consumers to live a better, stress free and ultimately Debt Free life. If you have mounting debt and it is becoming a problem, then it is important to know, when to act and what options are.  Don’t take on more debt to pay existing debt and don’t wait until it is too late.  Act immediately to reduce your debt.  Debt Free Plus will help you make an educated decision about Debt Review and the Debt Counselling process.

Debt Review Explained

In 2007 the South African government introduced the new National Credit Act.  These new laws were aimed at helping, protect consumers’ rights and balancing them with the need to repay Debt to Credit Providers.

Debt Review is a formal process, that a consumer who cannot afford to pay his/her Debt, may follow in order to alleviate his/her plight.  The struggling consumer may make use of the assistance of a Registered Debt Counsellor to assist in this process.

The Debt Counsellor will interview and assess the consumer’s situation, assist in completing an application form and do an initial assessment.  Formal notices, advising Creditors of the application will be sent to all Credit Providers, who are in return expected to provide, the Debt Counsellor with outstanding balances on accounts, interest rates charged and expected monthly installments.

With all information in hand the Debt Counsellor will do a proper investigation to determine whether or not the consumer is over indebted, by looking at the consume’s income and necessary living expenses to determent the amount available to spend on settling monthly Debt.  If the available amount is less than what is required to pay the monthly installments, then the consumer is over indebted and entitled to apply for Debt Review.  If the money available is more than what is required to pay the monthly installments, the consumer is not over indebted and not entitled to apply for Debt Review.

Once it has been determined that the consumer is over-indebted, the Debt Counsellor will notify the Creditors, assist the consumer to working with a practical budget and negotiate with the Creditors on Reducing interest rates and Reducing monthly installments and/or extending the repayment term.

The proposals will either be accepted, or the Creditors will come up with counter proposals.  The proposals will then be submitted to the Magistrate’s Court for approval.

The benefit of a formal structured process is that the consumer will have the assistance of a Debt Counsellor who knows the steps how to negotiate with Creditors.

Debt counselling is a legal way of protecting assets and avoiding Costly Judgments.  The process is overseen by a competent Magistrate’s Court that can grant an Order rearranging the consume’s Debt.

Consumers must remember to use National Credit Regulator Accredited Debt Counsellors only.  They should act immediately – do not ignore the problem as it will not go away on its own.  It is better to seek help before Creditors start taking legal action.

Consumers who are under Debt Review must ask for regular statements and must constantly monitor their balances.

Apply for Debt Counselling with Debt Free Plus. Send your details magda@debtfreeplus.co.za we will contact you and discuss your options.

We will reply with an application form, this is your first step becoming Debt Free | Act Now and you are Protected from Legal Action by your Creditors.

We are proud members of DCASA Debt Counsellors Assosiation Of South Africa.

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