Information Debt Counselling

Important facts about debt counselling

Debt Counselling does not provide you with a payment holiday. You must make payments every month from the first month you apply.

During the debt repayment period your name will be listed with the Credit Bureau as being under Debt Counselling. During this period you will be unable to take on new debt.

Once this process is completed you should be able to access responsible, new debt if required.

It is best to ensure that you do not miss any repayments as this will mean that the process is cancelled and your Credit Providers are allowed to commence with legal action.

Do I Qualify?

Please note that if you DO NOT earn an income, unfortunately Debt Counselling WILL NOT be an option.

Here's what you need in order to Apply; You will need to provide your debt counsellor with the following information:

  • A list of your income and expenses and all your debt
  • A recent Payslip
  • A copy of your Bank Statement

We assist you for the duration you are under Debt Counselling

Please Note: Ensure that you list all of your debt, e.g. house, car, credit cards, etc

If legal action has already begun on some of your debt, these will be excluded from the legal part of the debt review. The Debt Counsellor will still try and make arrangements on these debts for you, but they will not be enforced by a Court Order.

If you are married in community of property, both you and your spouse's income will be included in the joint application. If you are not married in community of property then you may optionally make a joint application

How it works:

What is Debt Counselling?

Instituted in June 2007 with the implementation of the National Credit Act, Debt Counselling is a highly effective credit management solution focused on helping over-indebted individuals to meet their commitments in a way that suits both their Credit Providers and their pocket. It offers protection against legal action from Credit Providers and the everlasting effects of being placed under administration. It also provides individuals with a way to repay their debts while ensuring that they still have the ability to meet daily living expenses. In short, if you are struggling to meet your monthly repayments and face possible legal action, Debt Counselling could offer you the solution you need

Which of my debt qualifies for debt Counselling?

Debt where legal action has not commenced can be included when you apply for Debt Counselling. It is important to understand this statement. All existing credit agreements, at the point of application, should be included. Certain contracts such as Gym Contracts are not deemed to be credit agreements and cannot be included.

What is a debt counsellor?

A Debt Counsellor may act as a bridge between you and your Credit Providers in order to alleviate financial stress. A Debt Counsellor must assess if you are over-indebted or if any of your credit agreements are reckless. He/she will use the information provided by you, but will also verify the information with the Credit Providers and a Credit Bureau. A Debt Counsellor is qualified, registered and regulated by the National Credit Regulator.

So what do I do now?

There are 10 Steps to Financial Freedom, start the process by getting in touch

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