WHAT IS DEBT REVIEW? Debt review is a powerful process introduced by the National Credit Act to help over–indebted consumers. The main purpose of the act is to help you, the consumer. This process also provides immediate protection against legal action and blacklisting from your credit provider. Debt review, otherwise known as debt counselling, is a debt solution targeted at South African consumers who are over indebted and struggling to manage their finances. Debt review is the process whereby a debt counsellor assesses a consumer’s outstanding debt and implements a restructured debt repayment plan. This will be done through the process of renegotiating interest rates with credit providers in order to reduce them, as well as by extending the debt repayment terms. A new affordable monthly budget and payment plan will be drawn up by a debt counsellor and the debt review process entails that the consumer makes only one monthly debt repayment, which will be distributed to all consumer’s credit providers. This reduces the stress of having to keep up to date and on top of multiple debt repayments. Most importantly, when under debt review, consumers are legally protected by the National Credit Act (NCA) and creditors are no longer allowed to hassle them for More info contact us on 0437260403/ [email protected] / gsdcs.co.za
Posted on: Wed, 05 Mar 2014 06:20:25 +0000
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