Here at National Debt Support, we understand that debt is difficult to deal with both financially and emotionally. It can sometimes feel like an isolating experience you want to keep secret, but it is essential to remember that nothing is embarrassing about financial difficulties. At National Debt Support, we understand that bad debt happens to good people, and that is where our expert advice and professional services can help lighten your burden.

As we start to see the beginning of the end of the coronavirus pandemic, now is the time to regain control of your financial future and follow our 6 tips for getting out of debt.

1. Write down Your Debts and Prioritise Them

The first step to tackling your debts is to make a note of all the money you currently owe. This can seem like a daunting task but believe us, facing your responsibilities head-on is the only way out of financial difficulties. It is also essential to write down all the money you currently owe so that you can keep track of it all and not miss your repayment periods.

Prioritise debts that need to be paid back first, once you have a record of them,  work out which ones you have a little more wiggle room with.

Prioritising your debts doesn’t just mean paying back the largest amounts first. Instead, make sure that you keep up to date with important payments like your rent, mortgage or utility bills to ensure that you continue to have a roof over your head, water and electricity.

Next, you should pay off the debts with the highest interest rates to not pay back way more than you have to.

2. Make a Budget or Spending Plan

It is important to know exactly how much money you have coming in and how much is going out. It is usually due to poor budgeting that many people find themselves in debt in the first place.

Once you understand your finances, you can start making a budget or a spending plan. Look at your income and try to find ways to limit your spending. Is it possible to cut down on your phone bills or morning coffees? If so, this is a great place to start. After that, you can look around for cheaper alternatives to the services you already use. Many of us don’t even realise that we are paying more for our utilities or television plans than we need to be.

Developing a smarter spending plan will leave you with more cash in your pocket at the end of the month.

3. Look for Extra Income

If you find that your regular income doesn’t cover your outgoings, it might be an excellent time to explore the option of gaining an extra income.

You can do this in a couple of different ways. First of all, you can look to work more hours or pick up another job on the weekends. This could be a huge help for many people when getting out of debt, even if it is just a short term solution that could stop you from paying large amounts of interest.

4. Take Care of Your Mental Health

Although it may not be a tip for getting out of debt, it is of the utmost importance to remember to look after your mental health and emotional well-being if you’re suffering financial difficulties.

It is common for people to feel a considerable amount of shame and isolation due to debt stress. Debt, however, is not something to feel embarrassed about. Make sure you get professional medical help if you find it too much to cope with, and continue making healthy choices, such as meeting up with friends and family and maintaining your exercise routine. Only when you are in a good place mentally will you be successful in getting out of debt.

5. Get Professional Help

It is always okay to ask for help. However, getting out of debt can be complex and sometimes, professional experience is required. National Debt Support can offer expertise, debt guidance and solutions to help you take back control of your financial future.

6. Consider Your Debt Solutions

Debt Review

Debt Review is a government legislated process that forms part of the National Credit Act 34 of 2005 (NCA) which was created to help and protect people who are struggling to meet their monthly debt repayments.

Under Debt Review, your debt counsellor will formulate a new affordable monthly repayment plan by taking into account all of your income and expenses. Your debt counsellor will then negotiate with your creditors to reduce your monthly repayments (in some cases by up to 50%). Your debt counsellor will aim to ensure that your interest rates, as well as your monthly repayments are reduced, helping you pay back your creditors and become financially free within a period of 60 months or less.

Debt Review enables you to manage your costs of living and regain your financial freedom. Read our blog explaining all of the benefits of Debt Review.

If you are struggling to pay your debts, National Debt Support is here to help you manage your debt. Request a free call back today and learn how to manage your money better.

What exactly is Debt Review?

As mentioned above, Debt Review is a government legislated process that forms part of the NCA which was created to help and protect people who are struggling to meet their monthly debt repayments.

Under Debt Review, your debt counsellor will formulate a new affordable monthly repayment plan by taking into account all of your income and expenses. Your debt counsellor will then negotiate with your creditors to reduce your monthly repayments (in some cases by up to 50%). Your debt counsellor will aim to ensure that your interest rates, as well as your monthly repayments are reduced, helping you pay back your creditors and become financially free within a period of 60 months or less.

Debt Review enables you to manage your costs of living and regain your financial freedom.

Below, we look at the advantages of Debt Review:

The Benefits of Debt Review

• Legal protection from creditors 

Once you are under Debt Review, you and your assets are legally protected from repossession by the NCA. This means that your creditors cannot hassle you by calling and demanding payment. Your creditors will be legally required to communicate with your debt counsellor and may not contact you directly.

• One fixed monthly payment

Your debt counsellor will negotiate with all of your creditors and formulate a single, reduced monthly payment. This means that you will no longer have to make multiple payments to your creditors. You will only be required to make one fixed monthly payment , which will then be split across all of your creditors by your debt counsellor. What is important to note, is that this fixed monthly payment can be reduced by up to 50% of your previous combined monthly repayments.

• You won’t pay more than you can afford

One of the main goals of the Debt Review process is to help you pay off your debt whilst enabling you to manage all of your other living expenses. This means that your budget will meet your basic needs first before provision is made for your debts.

• No blacklisting 

Whilst under Debt Review, you are protected by the NCA from being blacklisted. The credit bureaus cannot blacklist you and once you have completed the Debt Review process, there is no permanent record indicating that you have ever been under Debt Review.

• No up-front fees

With Debt Review, there are no up-front fees. Your debt counsellors fees are included in your single monthly payment. Debt Review fees are regulated by the National Credit Regulator (NCR) so the fees will generally be the same for all debt counsellors.

At National Debt Support, we know that bad debt happens to good people and that most of the time it is unavoidable. Our goal is to help you on your journey to financial freedom. Our debt counsellors have used the Debt Review process to help thousands of people manage their debt and find financial freedom. We are here to support and guide you through the Debt Review process so you can rebuild your finances. All you need to do is contact us, and then we will guide you through the process.

There are, however, some cases where your assets will not be protected from repossession. Debt Review will not protect your assets if:

• More than 10 business days have passed since you received a Section 129 letter of demand.
• You have been served with a Summons relating to your mortgage bond or car finance.
• Your Debt Review was terminated because you missed a payment.
• Your creditors have already seized your luxury vehicles.

How Does Debt Review Work?

Debt Review, also known as Debt Rescue or Debt Counselling, is a government legislated process that forms part of the NCA which was created to help and protect people who are struggling to meet their monthly debt repayments.

Under Debt Review, your debt counsellor will formulate a new affordable monthly repayment plan by taking into account all of your income and expenses. Your debt counsellor will then negotiate with your creditors to reduce your monthly repayments (in some cases by up to 50%). Your debt counsellor will aim to ensure that your interest rates, as well as your monthly repayments are reduced, helping you pay back your creditors to become financially free within a period of 60 months or less.

Not only does the process protect your assets from debt collectors, preserving and securing your future as you begin the journey towards becoming financially free, but it also prevents your creditors from contacting you and demanding payment. They are legally required to communicate to your debt counsellors and may not contact you directly.

How can Debt Review and National Debt Support Help Me?

The benefits of Debt Review to you are immeasurable… Aside from the peace-of-mind that the process will bring you, other benefits include:

• Reduced monthly repayments of up to 50% to your creditors.
• Court-mandated protection of your assets – including your home, vehicle and funds required for essential payments (including medical aid, insurances, mobile, school fees and more) – from collectors and creditors.
• More cash available monthly for your living expenses.
• The provision of a manageable monthly budget to help you manage your finances.
• Expert advice and guidance by one of National Debt Support’s debt counsellors to
• help you become financially free in 60 months.

At National Debt Support, we understand that bad debt happens to good people. We specialise in Debt Review and make it our mission to rescue people who have found themselves in financial difficulty. 

Our qualified debt counsellors have used the Debt Review process to help thousands of people manage their debt and find financial freedom. Let us help you find financial freedom whilst protecting your assets.