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South African consumers are protected by the country’s National Credit
Act. The act stipulates that all South Africans have the right to apply
for credit or loans, it also states that consumers have the right to seek
assistance with their debt if necessary. This is necessary when consumers
find themselves over-indebted before they run the risk of being blacklisted.
Debt assistance is provided in the following ways:
Debt Review
The debt review process involves the assistance of a debt
counsellor who will act as an intermediary between the
individual applying for the debt review and their creditors.
Debt
Consolidation
The amalgamation all debts into one large
loan is essentially what debt
consolidation
entails. It means that instead of paying off
numerous small loans each month, one payment is made to
cover all outstanding monies.
Debt Counselling
All debt review processes in South Africa should be accompanied
with debt counselling. Qualified and experienced debt
counsellors are available to assist consumers become debt
free. The underlying cause of the over indebtedness must
be addressed and solved if the individual desires
to be completely debt free in future.
Regardless
which debt solution you decide to embark on, remember
that with the discipline and commitment
you too can become debt free.
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