Debt Counselling Process
With over a decade of experience in the Payment Distribution industry, Debtco Group offers over-indebted South African consumers an opportunity to take back control of their financial responsibilities through our tried and trusted Debt Counselling program.
Our Debt Counselling process is designed to help you achieve financial freedom without putting additional strain on your finances and mental state. Our experienced Debt Counsellors are well aware of how emotionally and mentally stressful high monthly repayments can be, which is why we simplify the Debt Counselling process, giving you the freedom to live your life.
After supplying your Debt Consultant with as much information as possible regarding your current financial status, they will work with you to develop a reasonable “living expense” budget and your creditors to create a new repayment plan. It is important to note that you will be unable to incur any new debt whilst under Debt Counselling. This does not mean that you have been blacklisted and is merely a precaution to prevent you from potentially creating more debt until you can afford it.
Although our Debt Counsellors will take on the bulk of the work, after agreeing to the restructured payment plan, it is your responsibility to ensure that you follow it and do not miss payments or short pay creditors. Once you break the agreed-upon payment plan, creditors will have the right to take legal action against you. Please note that once you have submitted your application, it can take between 3-5 business days to be processed. However, once registered with the National Credit Regulator (NCR), your creditors cannot take any judgement or legal action against you – including blacklisting you – provided that no legal action was initiated before your application submission.
If you are struggling under the weight of growing debt, Debtco Group’s Debt Counselling process can help you rehabilitate your finances and free you of debt stress. For more information on our Debt Counselling services, please contact us.