A Registered Debt Counsellor
Make sure that your debt counsellor has been trained and registered with the National Credit Regulator. The office of the National Credit Regulator was established when the National Credit Act of June 2007 was promulgated and its function is to monitor all credit related matters in South Africa. It was also entrusted with ensuring that all debt counsellors receive the correct training and qualifications to be accredited as debt counsellors. This registration gives them full access to the National Credit Agency as well as the National Credit Tribunal to ensure that you receive all the benefits and advantages of the Act. You can simply contact the National Credit Regulator and submit the name of your debt counsellor to find out if they are registered.
Once you have submitted all the correct documentation to your debt counsellor and your application has been accepted he or she can begin the debt review process. The first thing they will do is contact your various credit providers and negotiate lower interest rates and repayments to service your credit agreement. Your creditors will then be aware of your debt review status and not be able to institute any legal or other action against you. Your new repayment plan will then be submitted to the National Credit Agency to whom you will make all future monthly payments. These payments will be redistributed amongst your creditors.
The various credit agencies will also be informed of your debt review status and your records will reflect your standing so that all creditors are aware that you are undergoing debt counselling. In the event that any of their records are incorrect, a registered debt counsellor can assist you in remedying the situation. You will not be able to receive these and other benefits unless you use a registered debt counsellor.
To find a registered qualified and experienced debt counsellor who can offer you the best advice as well as all the services provided for in the National Credit act, please contact us.