07/11/2016
What is Debt Counselling?
The National Credit Act formally introduced Debt Counselling to assist over-indebted consumers like yourself by developing a repayment plan, which is affordable to you as well as acceptable to all your Credit Providers.
This process is intended to assist over-indebted consumers struggling with debt, through budget advice, negotiation with credit providers for reduced payments and restructuring of debts.
To qualify for debt counselling, you need to be over-indebted as defined by the NCA – that is, you are unable to meet all your financial obligations in a timely manner. This is determined by a debt counsellor and basically means that you can’t repay your minimum monthly instalments.
