Service Guide for Debt Counsellors

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When someone is under debt review, he or she has reached the point where they can’t handle their financial strain by themselves. A debt review allows such a person to be released from creditors’ demands, a new payment plan for this debt is devised and payments made accordingly. Debt review companies help clients with all legal and financial processes regarding such a review.

Popular Debt Review Services Include:

An objective viewpoint on your finances

Due to the challenging and unpredictable economic circumstances in South Africa, many people & businesses run into financial problems. While under debt review, built up debt is managed and paid off. The objective advice and assistance given be debt review companies, help clients reach healthier financial states.

Taking charge of paying your accounts

According to the National Credit Regulator (NCR), people who are in debt can request a debt review, instead of being sequestrated. As a part of this process, a debt review company handles all payments to creditors on behalf of the client.

Handling all legal processes

The legal aspect of a debt review in South Africa is complicated. These laws ensure that the process isn’t taken advantage of and that clients don’t accumulate more debt in future. A debt review counsellor is trained to handle all legal aspects of the process on behalf of the client.

Helping you plan for the future

The reason the NCR made this process available to South Africans, is to give people an opportunity to handle their finances better. Debt review counsellors help clients to plan new budgets for their daily expenses. These skills should be applied so the same negative situation doesn’t repeat itself in future.

5 Tips when Hiring Debt Reviewers

1. Don’t trust anyone

Make sure you hire a reputable and qualified debt review counsellor. These counsellors need to be certified, so you’re allowed to ask for their NCR certification. Many scams exist that only want to make money off their clients. By making sure you hire a certified agent, you protect yourself against such a situation.

2. Prepare yourself mentally

Because you won’t be able to accumulate new debt and because your income will be strictly managed to pay off debts, your way of spending will change dramatically. Think about the implications, so you’re mentally prepared, instead of shocked when the process starts.

3. Confirm what documentation is needed

Make sure you keep the process as short and easy as possible. Confirm which documents the debt review counsellor needs, so you can obtain and prepare them. If they have everything they need, they can start helping you sooner.

4. Check up on planned payments

Payments towards your creditors usually take place via a third party. Contact your creditors now and then to make sure these payments are being made. Technical problems may cause a payment to be held back, which is an honest mistake. However, you need to make sure no scams form part of your solution.

5. Communicate with your family

One way of managing the stress that goes hand in hand with such a process, is by being open about being under debt review. This prevents uncomfortable conversations with people close to you, where you feel you have to make up excuses for not spending as before. Tell your spouse, children and family about it, so they understand why your way of life & spending change. It may even inspire others to do the same for their future financial success.

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