Credit Debt Solutions can be Found
Are you having sleepless nights due to the lack of adequate income to meet your monthly financial obligations to your creditors? Being over indebted can ruin the quality of your life and cause undue stress that can affect your health. But do not despair, the National Credit Act was instituted in June 2007 to assist the millions of South Africans who are in desperate need of credit debt solutions. The Act provides that creditors must operate in a clear and transparent manner and provides protection for consumers from reckless lending. It also provides a means for people who are unable to pay off their debt, to do so quickly and conveniently.
Entering the debt review process as prescribed by the Act is not the same as declaring bankruptcy or entering into liquidation. In fact the process holds little disadvantage to the consumer but provides many credit debt solutions. A debt counsellor will help you draw up a monthly budget, eliminating any unnecessary expenses and freeing up funds that can be paid to your creditors. The counsellor will also be able to negotiate lower interest rates and monthly repayments with your creditors to suit your budget.
Once the debt counsellor has calculated a new repayment plan for each of your creditors, the plan is submitted to the National Credit Agency. You will then only have to pay one amount to the National Credit Agency. It is important to note that this does not mean that your debt has been consolidated, you still owe each of your creditors a monthly installment. The National Credit agency will forward a specified amount to each of your creditors from the lump sum that you have paid to them until the debt is settled.
Make sure that you employ credit debt solutions to help you become free of debt as quickly and conveniently as possible. Simply contact us to get the best debt counsellor to assist you.
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