Debt Counselling Provides Hope for Those in Need

Many South Africans are facing severe financial challenges as a result of the COVID-19 pandemic. In fact, some have been living beyond their means even before the crisis. However, there is a way out for those who are overwhelmed by their debts and unable to pay them back: debt counselling.

Debt counselling is a legal process that was introduced in the National Credit Act in 2007 to help over-indebted consumers by restructuring their debts and making them more affordable. Moreover, debt counselling offers a chance for consumers to rebuild their credit record and start anew.

A Guiding Light for People Struggling with Money Problems

Debt counselling is like a guiding light for people who are struggling with money problems. It’s like a friend that shows you a way to deal with your debts without getting into more money trouble. Imagine being in a situation where you owe a lot of money and don’t know how to pay it back. Debt counselling steps in to help you out and provides hope for those who need it most.

Think of it this way: if you’re facing a significant debt and the people you owe money to start taking legal action against you, it can be really scary. You might even lose the things you own, like your car or your house. But debt counselling comes to your rescue before things get that bad. It offers you protection from these legal actions and stops your belongings from being taken away. It provides hope to those in financial need by keeping your assets safe while you work on paying off your debts.

Debt Counselling Takes Your Expenses into Consideration

Here’s the cool part: when you’re under debt counselling, your regular expenses are not forgotten. Costs like buying food, paying for school, and other important expenses are taken into account. This means you can still afford to live a decent life while you’re dealing with your debts. Essentially, debt counselling provides hope to those in financial need by making sure you can cover your basic needs.

But there’s more to it! Debt counselling also brings in experts called debt counsellors, like Debtco Group. We talk to your creditors and negotiate lower payments based on the money you already have. Debtco Group won’t ask you to find extra cash; we will focus on what you earn. And here’s the kicker: once these new payment terms are agreed upon, they’re legally fixed. This means you won’t have to worry about sudden changes in what you owe. This stability is like a safety net that provides hope for those in need.

It Doesn’t Matter How Much Debt You Have

One fantastic thing about debt counselling is that it doesn’t matter how much debt you have; as long as the creditors haven’t taken legal action. You won’t be pressured with strict deadlines either. The time you spend in debt counselling depends on your financial situation. It’s flexible and fits your needs.

As you journey through debt counselling, something amazing happens. When you’ve paid off all your short-term debts and only have a home loan left, you can get a “clearance certificate.” It’s like a golden ticket. If your home loan payments are on track with the debt counselling agreement, you get a fresh start. Your credit history gets wiped clean, and you can start over without the shadow of your past debts hanging over you. It’s like a new beginning.

And for added convenience, you can use Payment Distribution Agents (PDAs). These helpers collect and send your money to the people you owe. They make sure everything goes smoothly, so you don’t have to worry about it.

Revive Your Hope with Debt Counselling

In a nutshell, debt counselling is a lifeline for people struggling with debt. It protects you from scary legal actions, makes sure you can still afford your basic needs and negotiates manageable payments with your creditors. It’s flexible, so it fits your situation, and it even gives you a fresh start once you’ve paid off your debts. So, what are you waiting for? Contact us today to revive your financial hope with debt counselling from Debtco Group!