What is debt counselling?
If your debt has become too much to manage, you took a salary cut because of Covid-19 or any other reason and your financial situation is showing no signs of improving, you’re probably ready to initiate debt counselling.
Debt counselling is the process a registered service provider follows (Debt Counsellor) when a consumer is in financial distress and requires urgent assistance and guidance. It is a way of consolidating your monthly debt into a single, reduced instalment. An accredited system will calculate a new repayment schedule, including all monthly debts in a single instalment. A Payment Distribution Agency will distribute agreed amounts to each creditor. Best of all, debt counselling is a way of reducing the stress that comes with trying to manage your debt in tough economic times.
Debt counselling will give you legal protection
As soon as you enter into debt counselling, and a payment plan agreement is agreed to with your creditors, you are protected from legal action.
Your debt counsellor will;
- evaluate your financial situation
- give advice on debt reconciliation
- help you restructure your debts, and arrange and manage repayments
- review the fees you’re being charged to ensure you’re not the victim of reckless lending
- help you consolidate secured debts (bond/s, vehicle loans) and unsecured debts (credit cards, accounts) into a single, manageable monthly repayment
- issue you with a clearance certificate and update the ITC and the NCR website once all debts are paid
As a Registered debt counsellor, Perceptive Legal promises to abide by all industry rules, as well as those stipulated by the National Credit Act. Above all, we strive to provide you with a fair, transparent, and 100% legal service, and to act in good faith on your behalf. From start to finish, from your first debt counselling meeting with us through to the clearance of your credit record, we work for you and your good financial standing.
As our client, we ask simply that you provide us with your permission to draw a credit report to determine your credit agreements/debts by providing your id number, marital status, and cellphone number. We will do a quick assessment and quotation to determine if we can assist you as well as an honest assessment of reckless lending by a credit provider and your own indebtedness. We request that you agree to comply with the terms and procedures of Debt Counselling.