Debt Counseling South Africa is a debt management system introduced by the National Credit Act. Debt Counseling South Africa was designed to help consumers who are over-indebted with an alternative to traditional remedies for defaulting on their debt administration.
The primary purpose of debt counseling is rehabilitation as it’s designed to protect you from loss of assets and creditors. The debt counseling process is widely regulated, simple, legal, voluntary, straightforward and successful. You can easily Apply Now on Likemoney, but not everyone will qualify. It is always better to apply as soon as possible to find out whether all your debts can be included or not.
How dos debt counseling work?
Once applying for debt counseling on Likemoney, an expert advisor will contact you, and a debt counselor will negotiate with your creditors on your behalf if you qualify. The debt counselor will try to get you a lower monthly installment and interest rate. Once reduced, you will get an affordable monthly payment. This will reduce the minimum amount payable by extending your repayment term. This will ensure that your creditors will stop harassing you. Keep in mind the debt counseling process is not free. Fees are regulated by the National Credit Act and the process is entirely transparent. Rejection fees can also apply.
What are the benefits of debt counseling in South Africa?