It is a relief plan that is designed to assist those who are declared over-indebted. With debt counselling, your debts will be consolidated, and you will pay one instalment to your debt counsellor. The debt counsellor will do an assessment to check if you are indeed over-indebted. In order to do this, your counsellor will need your ID Copy, proof of income, bank statements, and your monthly expenses. After assessing the depth of your indebtedness, the counsellor will help you draw up a repayment plan. He or she will allocate reduced instalments to all your creditors, while ensuring that you can still afford the necessities, and have extra to help you get through the month. When you are satisfied with the plan, the counsellor will negotiate with all your creditors . The debt counselling process is meant to legally protect you from being hounded by creditors. The court order will prevent the creditors from taking legal action against you.
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