Debt Counselling in Cape Town

Affectionately known as the Mother City, Cape Town is the number one place to live for the majority of South Africans. Home to golden beaches, gorgeous houses, and an incredibly diverse collection of culture and cuisine, debt counselling in Cape Town is the perfect place to create a free financial future.

On the flip side of this golden lifestyle comes a harsh financial reality – Cape Town can be a rather expensive place to live. Whether residing in a lavish area or somewhere more suited to the average paycheck, you’re unlikely to live a debt-free life. With property prices typically higher and income being lower than in Johannesburg, coupled with high costs of daily expenses, it is clear why many Capetonians find themselves in financial turmoil.

What’s Debt Counselling?

Debt review is a legal process wherein a debt counsellor (financial practitioner who rearranges your finances) negotiates for lower interest rates and reduced repayments on your behalf. As soon as you apply for debt review, you’re legally protected from asset seizure and legal action, such as judgments, involuntary sequestration, and administration orders.

Your debt counsellor will consolidate your monthly payments and create a repayment plan, then present it to the Magistrate’s court. When the plan is approved, you’ll make one payment each month to a PDA (payment distribution agency). When you’ve paid everyone back (except your mortgage should you be making timely payments), your debt counsellor will grant you a clearance certificate. You can use this to dispute the debt review flag on your profile. At the end of debt review, you’ll have a clear credit profile and be able to begin rebuilding your credit.

Is Debt Counselling in Cape Town Worth It?

If you struggle to make minimum payments and stay financially afloat, debt review is for you. You’ll be awarded reduced repayments, freeing up room in your budget for what’s important. Moreover, you’ll see lessened interest rates, making your debt cheap in the long run. Alongside this, you’ll have a longer repayment term, making repayments more affordable.

Additionally, you’ll be protected under the National Credit Act, which states that no creditor can take legal action against you under debt review (unless you incur further debt or miss payments). No one can seize assets like your house or car or declare you bankrupt involuntarily.

If you are on the fence about moving to Cape Town or are already a resident struggling with overwhelming debt, Debtco Group offers secure and versatile Cape Town debt counselling services.

Why Debtco Group?

Our team of experienced counsellors will guide you through our comprehensive Cape Town debt counselling process, educate you on better spending habits for the future, and help you attain the financial freedom you desire and deserve. Our personalised service will allow you to make it out of the debt trap as soon as possible and free up more of your income, allowing you to enjoy more of this stunning city you call home.

If you have any further queries regarding our services, contact us today and let us get you one step closer to financial freedom.