If you happen to be one of the millions of South Africans drowning under the weight of debt, then its time you considered undergoing debt review.
Take the case of Trevor, who was a hardworking family man overwhelmed by all the monthly repayments he had to make on his car, mortgage, and credit cards. His financial struggles weren’t helped by the fact that his pool cleaning business wasn’t doing too well. He knew he faced the real prospect of being blacklisted, which was the last thing he needed in his life.
Trevor had some difficult choices to make. Fortunately, he had heard about debt review from a friend and decided to try it out. He did his homework, found a reputable debt counsellor on the NCR (National Credit Regulator) website, and applied for debt counselling. The assistance he received saved him and his family from financial ruin. With assistance like this, he may not yet be debt free, but he’s certainly on the way and getting there!
How Does It Work?
- The first step is to find a registered debt counsellor from the NCR website.
- You will need to produce your ID, payslip, and monthly household budget and expenses. They then determine if your present income is able to sustain the payments or not.
- The debt counsellor calculates what is available for repaying debts and how much you will live on. Now you will be officially able to apply for debt counselling. Ensure that you engage with the counsellor to thoroughly understand the fees involved.
- All your creditors and credit bureaus are contacted and informed that your debts are under review. This protects you from being blacklisted.
- Finally, the debt counsellor gives you the final repayment plan, which is also submitted to a Payment Distribution Agency. This agency is responsible for collecting money from you every month and dividing it amongst your creditors. This is done until all your debts are paid up.
Benefits of a Debt Review
- The greatest advantage is that your financial needs and safety are prioritized while your creditors still receive their money. Although it’s a long and slow process, it’s a win-win for everyone.
- You only get to pay one amount every month. The payment distribution agency then splits it among your creditors accordingly.
- You also get financial advice and support on how to better manage your finances responsibly.
- Finally, it reduces your monthly stress levels and prevents you from being blacklisted.
If you are ready to receive a debt review today, simply contact One Debt today. One Debt has experienced counselors who will give you the best financial advice on how to manage your debt. You receive a personalized repayment plan that will help you to avoid legal action and give you peace of mind. Contact One Debt today at www.onedebt.co.za.