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There are various ways. However debt review/counseling at least protects your assets whilst we negotiate with the credit providers for a lower payment. Although it does not mean that the credit providers have to accept the amount below the contracted minimum - BUT if we are able to demonstrate that the offers is reasonable and you are committed to repaying the debt over time, it is usually acceptable.
There are other options such as sequestration where you give up assets. Administration, liquidation, these options could be rather costly.
HOW CAN I RID MYSELF OF DEBT?
Various reasons, the main culprit being credit too easily available. The high cost of living is no joke. Loss of employment, loss of a spouse, divorce, illness and reduced income. For example, salary cuts, overtime cuts, shift cuts etc.......
WHY DO PEOPLE GET CAUGHT UP SO DEEPLY INTO DEBT?
QUESTIONS & ANSWERS
Not at all. You can inform whoever you wish to or not. No one is obliged to know unless it is stated in an employment contract. If you are in control of money or have access to money in your employment then its best to be upfront with your employer.
IS IT SOMETHING TO BE ASHAMED OF?
A repayment plan is worked out after the monthly budget is concluded. The amount left over from the monthly budget is what is left for the creditors. A structured plan is drawn up and proposed to the creditors.
HOW CAN DEBT COUNSELING ASSIST ME STRUGGLING TO GET OUT OF DEBT?
The fees are limited by the NCR. There is no need to find additional monies to pay for fees, it's all worked into your monthly account. The only upfront fee is your R50 application fee.
WHAT WILL DEBT COUNSELING COST?
Well, one cannot have it both ways. It goes without saying that one will have to sacrifice certain luxuries along the way. Keep in mind the end result and what you would like to achieve.
WHAT IF I AM USED TO A CERTAIN LIFESTYLE?
No not at all! The accounts are flagged as being under debt review until such time as the account is fully paid up.
CAN I STILL USE MY STORE CARDS?
Not necessarily. Colleagues do not have to know but then again you may get huge support from your friends and colleagues as you've taken a big step. They should admire you for it. At least you're making the effort to do something about it.
WILL MY EMPLOYER AND COLLEAGUES HAVE TO KNOW?
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