07 Nov Debt Counselling vs Debt Review
Debt Counselling and Debt Review are both debt rehabilitation services available to over-indebted South Africa consumers through Debtco Group. Approved by the National Credit Regulator (NCR) and offering struggling individuals light at the end of the dark tunnel of debt, these services are effective and tailored to the unique financial circumstances of each client that we work with.
Debt Counselling, also known as Debt Review, restructures your debt in such a way that you can manage the repayments more easily. One of our qualified Debt Counsellors will assess your finances and consider your income and expenses, in order to identify your affordability when it comes to repaying what you owe in debt. We will negotiate with your creditors on your behalf to reduce the monthly installments owed, and often manage to lower interest rates too. Once we’ve dealt with all your creditors, we’ll present you with a new Debt Repayment Plan suited to your affordability, so that you can live and breathe more easily every month, while still paying back what you owe.
Consumers use Debt Review and Debt Counselling interchangeably to refer to this process, and our Debtco Group team are committed to helping you get back on your feet and overcome your debt issues. While you are under Debt Review, you cannot be blacklisted and you are protected from any potential legal implications relating to your debt. This makes a huge difference in your quality of life, as you won’t be harassed by creditors for money owed, and don’t have to live in fear of asset repossession. Our Debt Counsellors are right there to guide you, as you repay your debt and work towards a more stable financial future.
There is no difference between Debt Review and Debt Counselling, and it is important for struggling consumers to know that there is help available. If you aren’t managing your debt, find yourself taking out more debt to pay back existing debt, avoid calls from creditors and regularly make use of credit cards and store accounts to afford groceries and petrol, it is likely that you are over-indebted, and can benefit from Debt Counselling. Debt Review typically lasts under 5 years and during this time, you will not be able to acquire new debts or enter new credit agreements.
Once you begin Debt Counselling, you can look forward to immediate financial relief and less stress from one day to the next. We restructure your debts according to your needs and what you can afford, and you have the peace of mind knowing that you are paying your creditors back properly. You can reach out to us today to find out if Debt Review or Debt Counselling is the solution you need to get back on track with your finances.