FAQ Archives - National Debt Support

If I am in financial difficulty, should I get a debt consolidation loan?

National Debt Support — Tue, 13 Dec 2022 07:10:14 +0000

In theory, a loan that consolidates all of your debt into a single monthly repayment sounds attractive, but this option seldom offers a lot of long term financial respite. Debt Review is a much better solution, offering the following:

Renegotiated terms and manageable monthly repayments;
Additional disposable cash monthly;
Protection from debt collectors, with your National Debt Support counsellor stopping the calls and harassment;
Legally and court-mandated protection of all of your assets from repossession by creditors. Just because you are faced with bad debt debt, doesn’t mean that you should lose your house…

National Debt Support offers comprehensive debt advice and guidance, so contact us today for a free financial assessment and to understand how you can find financial freedom. Contact us on 031 010 0509 or info@nationaldebtsupport.co.za

What are the negatives of Debt Review?

National Debt Support — Tue, 13 Dec 2022 07:08:41 +0000

One of the biggest benefits of Debt Review, or Debt Counselling, is that all of your assets are legally protected from repossession, bringing you unimaginable peace of mind. The only potential negative of Debt Review is that, while under Debt Review, you will be unable to apply for additional credit or loans.

Does Debt Counselling affect my Credit Score?

National Debt Support — Tue, 13 Dec 2022 07:08:21 +0000

While you are under Debt Review, you will be listed as such with the credit bureaus, meaning that you will not be able to apply for additional credit or loans. However, once you have exited Debt Review, your credit score will be reinstated and there will be no long term negative consequences.

How long does Debt Review stay on my name?

National Debt Support — Tue, 13 Dec 2022 07:08:01 +0000

Your name will only be connected to Debt Review for as long as you are undergoing Debt Counselling. Once you have completed the process and settled your debt, your National Debt Support counsellor will issue a Debt Review Clearance Certificate and the credit bureaus will update their records accordingly.

Once under Debt Review, can a person simply exit the program before settling their debts?

National Debt Support — Tue, 13 Dec 2022 07:07:38 +0000

No, a person can only exit Debt Counselling by paying off all their debt obligations and obtaining a clearance certificate. This can be achieved if all your short term debts are settled. If there is a home loan account it has to be up to date in terms of the Debt Counselling re-arrangement order before a clearance certificate is issued.

Can I apply for Debt Counselling without the consent of my spouse?

National Debt Support — Tue, 13 Dec 2022 07:06:15 +0000

People married in community of property (COP) cannot apply for Debt Counselling without consent from their spouse. Only people married out of community of property can do so. If married in community of property, a joint Debt Counselling application is necessary.

If you are unsure, National Debt Support can assist you with advice and guidance. Contact us on 031 010 0509 and info@nationaldebtsupport.co.za

Is Debt Consolidation better than Debt Review?

National Debt Support — Tue, 13 Dec 2022 07:05:24 +0000

Many people consider Debt Consolidation loans as a solution to their financial difficulties. While this solution may simplify and even reduce repayments, this strategy lacks many of the benefits of Debt Review. For instance, the Debt Review process legally protects your assets from seizure by creditors and also legally stops harassment and calls from debt collectors and debt collection agencies.

Furthermore, while undergoing Debt Counselling, you will work with a professional Debt Counsellor like National Debt Support who will renegotiate your terms with your creditors, restructuring your finances and budget in a way that enables you to manage your debt repayments while still having additional cash each month to cover other living expenses.

If a person feels like they have been put under Debt Review without their consent, what should they do?

National Debt Support — Tue, 13 Dec 2022 07:05:02 +0000

In this case, a person should contact the National Credit Regulator to lodge a complaint.

The NCR will investigate the matter – info@ncr.org.za

If under Debt Review, and a person experiences a change in circumstances (eg: temporary loss of income, salary reduction, retrenchment of a partner etc.) can they get assistance from their credit providers regarding the change affecting their monthly budget?

National Debt Support — Tue, 13 Dec 2022 07:03:42 +0000

The Debt Counsellor must follow the guidelines issued by the National Credit Regulator regarding Change in Circumstances. In this process, the Debt Counsellor negotiates new or interim terms with the credit providers to allow for the change in circumstances.

Please click here to view guidelines.

Is Debt Review good or bad?

National Debt Support — Tue, 13 Dec 2022 07:02:49 +0000

If you are in financial difficulty, then Debt Review (also known as Debt Counselling) is a very good thing. The Debt Review process has countless benefits to over-indebted South Africans. These include:

No more harassment from debt collectors;
Reduced monthly debt repayments of up to 50%, freeing up additional cash to cover monthly living expenses;
Court-mandated protection of your assets (your house, car, and possessions) from repossession by creditors;
A consolidated and manageable repayment plan that will help you settle your short term debt within 60 months.

If you are in financial difficulty and can not manage your debt repayments, are being harassed by Debt Collectors, or are worried about having your house, car or assets repossessed, contact National Debt Support today on 031 010 0509 or info@nationaldebtsupport.co.za