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Debt Management Services
Debt management services or debt management can be a great way to get your finances back on track. They can help you create a budget, negotiate with creditors, and get out of debt.
There are a few things to keep in mind when considering debt management services. First, make sure you select a reputable company with excellent customer service and client dedication. Because there are many companies out there that claim to be able to help you, but not all of them are created equal. Do your research and read reviews before selecting a company. Check our reviews here
Second, be prepared to work hard. Getting out of debt takes time and effort. You will need to be committed to making changes in your spending habits and working with your debt management company to create a plan that works for you.
Third, be patient. It can take several months or even years to get out of debt. Don’t get discouraged if you don’t see results immediately. Stick with it and you will eventually see progress.
Our Debt Services include the following.
- A free credit check and debt assessment. (This includes budgeting and pre-screening if you are overindebted or likely to be in the near future).
- Debt Counselling Services
- Debt Review Removal
- Debt Review Clearance Certificates
- Free professional advice (this includes legal advice)
And many more.
Frequently asked questions about debt management services in South Africa.
What is a Debt Management Service?
Debt Management is commonly a process that is used to help over-indebted individuals or those at a high risk of being declared over-indebted. The program mainly assists debtors with debt management through education, budgeting, and the use of a variety of tools with the goal to reduce and ultimately eliminate debt.
Is Debt Management a good option?
Our Debt Management Program will help you avoid potentially negative consequences if you’re in danger of falling behind on creditor payments. Missed or late debt payments can trigger late fees, asset repossession, and blacklisting. This can also result in credit score damage, making it more difficult to get approved for new loans or lines of credit.
What are the disadvantages of a Debt Management Program?
- Not Everyone Qualifies – You must be a South African Citizen in order to qualify for Debt Review.
- You might take longer to pay off your debt as a result of paying lower monthly installments.
- If you are married in Community of Property and your partner is struggling, you both have to apply.
- Once a debt review court order has been obtained a consumer cannot terminate or withdraw from debt counselling. (Read About Debt Review Removal Here)
- You will not be able to take out credit during the debt review process.
- You will not be able to use any of your retail store cards, credit cards or overdraft facilities.
- Some of your accounts, especially those which have been subjected to legal action, may be excluded. (i.e summons issued or judgments)
- After your initial assessment with a debt counselling company, you may be informed that your current situation does not qualify you to go under debt review. (If a debt counsellor determines that you are not over-indebted, you will not qualify for debt review. If this is the case, you will be issued with a letter of rejection explaining why you have been rejected).
- The fees can be high and you will only start to pay your creditors from the third month onward. (See Debt Review Fee Structure Here)
- You or your spouse must have a steady income. (Must be employed permanently or self-employed and prove monthly income)
- You must be over-indebted. (Take This 20-Second Quiz to See If You Are Over-indebted)
- You cannot skip your new re-arranged monthly payment.
How long does a Debt Management Program stay on your credit profile?
The listing will be removed within 21 business days.
Where can I find a Debt Management Service near me?
Contact 0410125036 or visit www.ndrc.org.za for more information.