Struggling to make payments each month? You can apply for debt counselling! Your debt repayments will be more affordable, and you will be able to pay your monthly living expenses.
How it works
1. You meet with a debt counsellor who draws up a payment plan.
2. The plan allocates money to paying off your debt and meeting your daily living expenses.
3. A small fee may be charged for the first meeting.
4. Once approved, you enter debt counselling, also known as debt review, and pay a set amount each month to your debt counsellor.
5. Debt counsellors take a small portion for fees and pay the rest to your creditors.
6. It can take a few years to clear your debt.
7. Your creditors cannot demand payment from you when you are in debt review.
Important to know
- You have to be employed or have an income.
- You won’t be able to enter debt review if your creditors have already taken action against you, for example if they have sent a summons.
- Loans from unregistered credit providers such as mashonisa won’t form part of debt review.
- You cannot take on any more credit when you are in debt review.
Contact the National Credit Regulator to:
- Find out if you qualify for debt review
- Find a registered debt counsellor
Tel: 0860 627 627
Website: www.ncr.org.za