More and more consumers in South Africa are turning to NCR registered counsellors to help them with their debt problems—all for good reasons. In the current economic climate in South Africa, many people are struggling to cope up with debt. The same debt that was simple to manage in the previous years is becoming too much for people to handle with the increasing cost of living and shrinking monthly incomes.
Although banks and creditors have been active in lending to consumers, the same consumers are finding it daunting to make full monthly payments to settle their debts. Consequently, many South African consumers are finding themselves in debt and are unable to settle their monthly debt payments anymore.
However, since the National Credit Act (NCA) came into effect, there is now an alternative to help consumers manage their debt. Consumers in debt can now apply for the services of NCR registered counsellors to help them manage their debts effectively.
3 Reasons to Use NCR Registered Counsellors
1. They Act As Your Mediator
Your NCR debt counsellor acts as a mediator between yourself and the aggressive creditors. NCR registered counsellors have the skills and the expertise to negotiate on your behalf and to effectively liaise with your creditors. Most creditor providers in South Africa deal with thousands of consumers who are overly in debt. Consequently, they tend not show any empathy and patience that is necessary for individual-based debt repayment plan. However, with the help of debt counsellors, most creditors become more accommodating and open to negotiating payment plans.
2. They Help You Avoid Penalty Fees
Besides the accumulating interest, some creditors add late payment penalty fees. This implies that whenever you miss a payment, your interest accumulates and you owe them a penalty fee. When you combine the penalty fees, the accumulating interest, and the amount outstanding, you will find that your debt continues to grow and can spiral out of control. NCR registered counsellors can help you stop this process by negotiating some penalty waivers with the creditor.
The debt review process is never a walk in the park and NCR registered counsellors are trained to not only give you the financial counselling, but to also provide you with a certain amount of emotional support that comes with a peace of mind solution. As many debt experts would advise, it is vital to stay focused and not to be overwhelmed emotionally during the debt review process. Debt counsellors will work with you through the process and will consistently advise you on what to do. Before you know it, your debt review process will be over and you will be ready to move to your financial highs, instead of lows.
Debt counselling is highly recommended and can help you solve all your debt problems. Consult One Debt today for all the help you need.