Products
Debt Counseling Strategy
The National Credit Act formally introduced Debt Counselling
to assist over-indebted consumers by developing a repayment
plan, which is affordable and acceptable to all Credit Providers.
This process is intended to assist consumers struggling with
debt, through budget advice, negotiation with Credit Providers
for reduced payments and the restructuring of debts. Debt
management plans typically last four to six years.
Advantages
Court order protects your assets.
Disadvantages
You will be blacklisted on your
credit report, and you will not
be able obtain any credit until
your Debt Review status
is removed.
Recommended
Only consider Debt
Counselling if you are not
able to pay the minimum
instalments on your home or
vehicle loan.