In the articles below we cover debt counselling's key concepts. Be sure to have a look at our debt counselling overview, too.
Debt review is a debt solution which assists over-indebted consumers to take control of their finances. The National Credit Regulator (NCR) is the entity which regulates the process of debt review and the debt counselling industry.
Debt counselling is not a fly-by night industry done by shady, hole-in-the- wall companies. Debt counselling has changed the lives of thousands of South African’s for the better - and with a tough 2020 behind all of us, it can do the same for you.
Almost everyone wants the fairytale romance and a happy ending. These days, however, it pays to be a little less romantic and slightly more pragmatic when it comes to matters of marriage. The status of your debt and subsequent union can have far-reaching implications on the rest of your life.
There is a huge need for basic financial literacy in South Africa. Very often consumers choose an incorrect financial solution, simply because they don’t understand the terminology they are presented with. There is still huge confusion surrounding “debt consolidation” and “debt review”.
From April to June 2020, over 1.5 million consumers took up payment holidays offered to them by various credit providers. Whilst this seemed to be the saving grace for stressed consumers at the time, industry experts estimate that it added nearly R21 billion to consumer debt. With additional payment holidays being highly unlikely, SA consumers are having to look to other methods of debt management, with debt review being a leading option.
Debt counselling is a service introduced via the National Credit Act (NCA) as a debt relief measure intended to assist over-indebted consumers struggling to keep up with debt commitments. As within every service industry, you will find good and bad practitioners. The service you get depends on the service provider you go to.