Paying Less on Your Debt and It’s Legal

Accumulating vast amounts of debt is a situation no consumer chooses to be in. However, with so many tempting deals out there and the endless convenience provided by credit, it is easy to fall into the debt trap. Becoming indebted can provide you with multiple problems, being expensive repayments, the threat of legal action as well as taking a toll on your mental wellbeing. If you are indebted and looking to alleviate yourself of debt-related pressure, Debtco Group allows you to pay less on your debt while still following a legal process.

We assign you with one of our highly knowledgeable debt counsellors to aid you in getting everything in place. Here you will need to provide a copy of your ID, bank statement, and pay slip as well as information on all outstanding debt/accounts. Not only will this streamline the experience, but also aid in setting out your ideal budget. This covers your living expenses as well as the remainder to be distributed amongst your creditors. This is known as your reduced instalment amount, which allows you to start saving money on your repayments.

Legality comes into play as soon as we have submitted your signed application to the National Credit Regulator (NCR), which notifies all of your creditors and bureaus of your application. You will be assigned a unique NCR number, officially putting you under the process of debt counselling. This protects you from any harassment or threat of legal action your creditors might take against you.

While you undergo the process of debt counselling, all of your credit providers are notified. This bestows you with the restriction of not being able to incur any new debts or further credit upon existing credit agreements. This functions as a safety net, despite the restrictions appearing somewhat claustrophobic. In the long run, you will be paying less on fees and avoid large amounts of accumulated interest.

Your matter will then be granted by the court magistrate, where a copy of your court order will be sent to both you and your creditors, where an estimated time of 2-3 months to complete this process. Once you have made your third repayment, the Payment Distribution Agency(PDA) will see your payments being distributed amongst your creditors.

While we are here to support and back you through the process of debt counselling, it is important to remain consistent with your payments. This allows you to retain your safety against creditors and their threats of legal action.

Debtco Group strives to provide indebted South African consumers with world-class debt relief services. Our tried and tested process of Debt Counselling has positively altered the financial well-being of many consumers. If you find yourself caught up in too much debt and no clear way out, let us bring you one step closer to your financial freedom. Contact us to find out more about our services.