Credit Debt Advice From the Professionals
Getting into debt is easy, perhaps too easy, as there are plenty of credit providers who will offer you credit that you will not be able to pay back. This is mostly seen in the retail credit sector and the small and micro loans industry where creditors charge high interest rates and hidden fees that inflate the initial amount that you received on credit. It is thus imperative that you know your rights as a consumer before entering into any credit agreements and ensure that the credit provider is acting in a clear and transparent manner. The National Credit Act was established to protect the rights of consumers and provide them with the best credit debt advice.
In the event that you have entered into a credit agreement where you feel that you are being taken advantage of, you can contact the National Credit Tribunal which will take the matter under advisement. In cases where the National Credit Tribunal finds that a credit provider has acted recklessly in their dealings with you, they can levy severe penalties and fines on the relevant creditor. Any fees or inflated interest will also be removed from the amount that you owe the creditor but you will still have to repay your credit provider. A debt counsellor will be able to offer you credit debt advice as well as interact with your creditors and the National Credit Tribunal on your behalf.
Remember that even though the National Credit Act and the Tribunal were instituted to protect you, the consumer, they are not there to undercut credit providers. When you enter into a credit agreement it is with the understanding that you will repay the amount to the creditor with certain conditions attached. Failure to repay these amounts may result in blacklisting, legal action and attachment of your possessions to cover your debt.
To find out more about the legal implications involved with receiving credit through credit debt advice, please contact us.