Many South Africans want to get out of debt . In fact, according to Trading Economics in 2018 over 70% percent of South African households’ gross income is allocated to debt.
Some of the reasons people are compelled into taking up debt include low salaries, addictions like gambling, medical or unexpected expenses, poor saving habits or money management, and a lack of knowledge.
Unfortunately, many South Africans stay indebted to creditors as they are overwhelmed by their outstanding debt, don’t know how to pay it off optimally and stop making debt repayments.
However, not doing anything to minimise your financial burden can ultimately take a toll on your personal and professional life.
Fortunately, companies like Credit Matters offer comprehensive debt management plans and services, such as debt counselling and review, to alleviate the stress of a heavy financial burden that threatens your lifestyle and financial stability.
Debt counselling assists persons who have been declared over- indebted with negotiations and structured repayment plans to help them get out of debt. Through debt counselling the over- indebted can also obtain the necessary court order, which will confirm their new means of payment.
Organisations that offer debt counselling services and have debt counsellors registered with the National Credit Regulator (NCRDC)are highly trained and provide the necessary expertise to assist those in debt with any query and with every procedure to become debt free.
They provide those in debt with the control of restructuring their debt with a legally approved plan, which is custom-designed by a designated counsellor.
Whether you’re overwhelmed by your debt and can’t keep up with it, or face bankruptcy, debt counselling can restore your financial well-being.
Debt Review offers persons who are over-indebted the option to apply for debt counselling so that a debt counsellor can negotiate for a reduced instalment on their behalf.
Being over-indebted means a person can no longer afford to meet their monthly obligations under their current credit agreements, after all basic living expenses have been paid.
When a consumer applies for debt counselling, the debt counsellor evaluates the customer’s financial position in order to determine if the customer is over-indebted, on the grounds of the information provided.
The debt counsellor will inform the involved creditors that debt counselling has been applied for, which then prohibits creditors from initiating any further legal action. The creditor and debt counsellor then negotiate for a new repayment plan over the next 60 working days.
Should the debt counsellor determine that the applicant is over-indebted, he will commence with a procedure to inform all the relevant creditors of his conclusion and start negotiations for reduced monthly repayments.
As one of the leading debt counselling organisations in South Africa, Credit Matters offers practical and sustainable solutions to build a community of debt-free South Africans.
“What makes our debt management system unique is that it was created with the will to see emancipation for those who have struggled with debt over years,” said the CEO of Credit Matters, Roger Brown. “We contact creditors on your behalf and arrange for a lower instalment on your outstanding debt, which you will be able to pay off while still affording to live.”
Free Credit Report
Credit Matters also offers consumers a free credit assessment, which will help them find out how their creditors currently see their liabilities for debt repayment! Click here to get the report today.
Credit Matters have helped thousands of South Africans find a path to living without debt.
Find out how you can make debt counselling work for you. Act today.
This article was published in partnership with Credit Matters.