What does a Debt Consultant do?

A Debt Consultant in South Africa, also known as a Debt Counsellor, helps people who are struggling with heavy debt get back on their feet financially. They are basically financial advisors specializing in debt management.

Here are some of the key responsibilities of a Debt Consultant in South Africa

1. They’ll analyze your income, expenses, and all your debts to see if you’re truly over-indebted.
2. If you are, they’ll work with your creditors to lower your interest rates or monthly repayments. This makes your debt more manageable.
3. They’ll craft a realistic budget that allocates funds for your basic needs and includes manageable debt repayments consolidated into a single monthly payment.
4. They’ll ensure everything is done according to regulations set out by the National Credit Act. This process is known as debt counselling or debt review.

It’s important to note that the role of a Debt Consultant is not just about managing debt, but also about empowering individuals with the knowledge and tools they need to maintain a healthy financial future.

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