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The National Credit Act (NCA) was introduced to promote and advance the social and economic welfare of South Africans, promote a fair, transparent, responsible and accessible credit market and industry and to protect consumers. Prior to its introduction in 2007, credit was readily available and was abused by both creditors through their aggressive marketing campaigns and consumers alike by living above their means.
Debt Counselling assists over-indebted consumers by proposing an affordable court sanctioned repayment plan with the consumers’ creditors. The Debt Counselling process allows consumers use of their available funds to cover their living expenses and to apportion the remaining funds to their debt obligations.
The Advantages of Debt Counselling are;
- When a consumer is under Debt Review, Credit Providers cannot attach any assets or take any further legal action against the consumer.
- The Debt Review process does not leave a permanent record on a consumers name on any Credit Bureau Database.
- The consumer makes one single payment to the National Payment Distributing Agency and all debt obligations are satisfied through this.
- The Debt Review process eases the burden on the consumer by allocating funds to take of living costs such as transport, food, school fees etc.
- A Debt Counsellor is better equipped is more likely to get a favourable response when negotiating repayment terms with your credit providers.