Can I lose my assets while under Debt Counselling?

Over-indebtedness is a real and complicated issue that many South African are faced with. At Debtco Group, we offer a solution that can help you to regain your financial freedom. Debt Counselling is a process that is intended to help consumers who have too much debt. Debt problems have their own setbacks for consumers, and can lead to asset repossession among other things. Through Debt Counselling, you can avoid losing your valuable assets.

To start, we assess your financial situation and affordability as a whole (your total income, basic living costs, and debt expenses), to determine if you qualify for Debt Counselling. Have a look at our handy debt calculator and see what your debt repayment savings can be. The next step involves reducing repayment amounts and interest rates, by negotiating lower installments with your creditors. The aim is to help you pay back everything you owe, in one monthly repayment that comes to less than the amount you’re used to paying. It is important that you honour the repayments of this new agreement, because we can only protect you from losing your assets if you are consistent with your Debt Counselling repayment terms.

Clients considering Debt Counselling should know that there are many benefits. One of the biggest advantages are that you can’t lose your assets because of late and missed payments to creditors and banks. We also take the time to investigate your creditors, if we find any red flags that point to possible Reckless Lending. As long as you maintain your new and reduced monthly payment as part of your Debt Counselling agreement with us, you’re protected from asset repossession under the National Credit Act (NCA). We inform your credit providers that you’re under Debt Counselling, and they are no longer permitted to contact you regarding your debt.

Once you’re placed under Debt Counselling, you can enjoy the relief that comes with the process. Living with the constant fear of losing your valuable assets takes its toll on your mental health, and makes it difficult to develop a healthier relationship with your finances. This is no way to live, and our team are determined to help you achieve your financial goals, by helping you to get rid of your debt for good.

Our Debt Counsellors are experienced, friendly and registered with the National Credit Regulator (NCR) of South Africa. Are you wondering about Debt Counselling while unemployed? If you lose your job while undergoing Debt Counselling with us, your monthly repayment is covered. Each client of Debtco Group is given inclusive credit insurance as part of their plan, because no one knows what tomorrow holds.