What is Debt Counselling?This can be defined as a formal process that allows people who are indebted to enter into a debt repayment programme with their lenders.Debt Counselling was introduced by the National Credit Act in June 2007.
When you register with a debt counsellor you are acknowledging that you are over-indebted and are willing to adapt your lifestyle where necessary to become debt free. This is not filing for bankruptcy.
The process allows individuals to have a better plan for debt repayment in order to become debt free after a period of time.
You need to Apply for Debt Counselling if:-
- Are you being hounded by creditors?
- Struggling to make your monthly debt repayments?
- Would like to avoid bankruptcy?
- Want to be debt free?
To qualify for Debt counselling you must be employed and earning a monthly income.