In debt? Contact an NCR debt counsellor

2018-09-26 06:02

IN these tight economic times, consumers can find themselves in a debt trap and no longer afford to pay debts. Debt counselling could be of help. This debt relief measure is offered by National Credit Regulators registered debt counsellers, says Kedilatile Legodi, Manager: Debt Counselling NCR.

To be able to go under debt counselling, a consumer must be employed and have an income which will be used to offer reduced payments to credit providers. Through debt counselling, consumers can be advised on how to budget;the debt counsellor will negotiate with credit providers for reduced payments and ultimately restructure their debts.

Signs of over-indebtness include: not paying debts on time; taking out loans in order to repay other loans; using a credit card or overdraft facility to pay debts, buying food and other necessities; skipping payments on some accounts in order to pay others.

Important things to note:

• Only use NCR registered debt counsellors

• Debt counselling is not free of charge

• If you are married in community of property, you must jointly apply for debt counselling with your partner

• All debt counselling applications must be reduced to either a court or consent order

Legodi also noted a few key points — debt counselling does not cancel your debt, it simply helps you make reduced payments using your disposable income; and when under debt counselling, consumers cannot apply for further credit.

— The National Credit Regulator.

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