Getting into debt doesn’t always have to be considered as something negative. If you have a credit card which you use for emergencies, this can be helpful. If you’ve opened up a store account to establish a credit record, this can be viewed in a positive light.
Problems arise when you become over-indebted and borrow more than you can afford to pay. When you struggle to repay your debts you may need to find ideal debt solutions to help you get out of the debt spiral.
What debt solutions can do for you:
- Stop demands from your creditors
- Avoid administration
- Only pay one amount each month
- Reduce interest charges
- Regain control of your finances
Debt Counselling
Debt Counselling was designed to provide over-indebted consumers with an alternative to traditional remedies for defaulting. The process is highly regulated in South Africa (by the National Credit Regulator). Anyone can apply, but not everyone will qualify.
When you sign up for debt counselling, both you and your creditors benefit.
A debt counselling company will negotiate with your creditors on your behalf. They will try to get you a lower monthly instalment and interest rate. Once reduced, you’ll get an affordable monthly instalment.
You get to pay one monthly instalment, instead of having to keep up with multiple repayments.
It’s the quickest way to a clean credit record. As soon as the credit bureau has received your debt clearance certificate, your negative listings will be removed.
Debt Review
When you are under debt review, your creditors are banned from taking legal action against you. This is one of the debt solutions designed specifically for over-indebted consumers.
Credit Repair
This helps remove your judgements from your credit profile. It debt solution helps to settle your debts with arrangements.
Debt Consolidation
Debt Consolidation is a helpful tool for improving one’s credit standing. If you are struggling to keep up with multiple debts every month, this option may be one of the ideal debt solutions for you.
