national credit regulator(NCR)

Debt review

NCR DEBT REVIEW HELP

Over-indebted consumers in South Africans are turning to NCR credit debt counseling help, Considering how chaotic our economy is at present, it comes as no surprise that an ever growing number of consumers are struggling to service their debts.

As the cost of living goes up and salaries shrink, credit debt that starts out as very manageable becomes barely maintainable. With the advent of the National Credit Act (NCA) in 2005, came an advanced form of debt relief, namely debt counselling, otherwise known as debt review.

MANAGE YOUR DEBTS SKILLFULLY

Nokofin debt cousellors(NCR registered) will help provide you with financial counselling that you need to manage your debts and repayments skillfully. Instead of letting your debts manage your finances and emotions!

Our friendly, professional debt counsellors will talk you through our simple process and give you expert advice on how to make debt review really work for you. you will be debt free in no time.

PROTECTION FROM CREDITORS

Debt review(debt counseling) protects you from creditors, aggressively pursuing you for payment, while under our NCR debt review approved program creditors wont be able to harass you as you will be protected.

Your Nokofin debt counsellor will liaise with your creditors to get them to agree to more manageable and affordable repayment plan  suiting your circumstances.

If left too long your debts may have become unpayable for someone in your position – earning an inadequate income and probably supporting yourself and others.

HOW DO YOU KNOW WHEN TO APPLY FOR NCR DEBT REVIEW?
If your accounts are 2-3 or more months behind  in arrears. If you are struggling to pay your monthly instalments and you don't know what to do.If you have received final demand letters from credit providers and lawyers.If you are getting endless calls from credit providers and lawyers demanding payments. If after deducting your household living expenses from your  income you have less cash left over than the monthly repayments on your debt then you may apply for debt counselling.

HOW DOES NOKOFIN HELP YOU WITH DEBTS?
Nokofin's services are national and they will negotiate with your credit providers so that you pay lower affordable monthly installments.
Consolidate all your debt into one reduced monthly re-payment t. Become debt free without losing your assets, i.e home and motor vehicle, Avoid being blacklisted,Avoid large legal costs. You benefit from the lowest legal fees in the industry.Develop a workable household budget that you can live with.

Debt counselling or Debt Review was instituted in June 2007 with the implementation of the National Credit Act. Debt Review is a highly effective way to manage your finances and ensure that your monthly debt repayments are met while making sure your essential household needs are taken care of.

A client needs to speak to a ncr registered Debt Counsellor in order for the Debt Counsellor to assess the consumer’s personal financial affairs. The Debt Counsellor will then determine if the consumer is over-indebted. If a consumer is found to be over-indebted by the Debt Counsellor, then it is highly recommended that the consumer be placed under Debt Debt Review.

Consumers that are placed under Debt Counselling/ Debt Review by a Debt Counsellor are protected though the National Credit Act from Credit Providers taking Legal action against them such as repossessing property or obtaining a garnishee order against the consumers salary.

Apply

Start with a free quote on your personalised financial recovery plan – no-obligation

Restructure

Get a new, reduced and consolidated, repayment plan that fixes your payments in arrears.

Pros and cons of debt review

1 - The Debt Counselling Fees are part of the reduced negotiated installments you pay to your Creditors through Debt Review; therefore you do not pay any additional fees to the Debt Counsellor for Debt Review.
2 - You pay 1 affordable instalment per month for all your debt that is under Debt Counselling
When you are under Debt Counselling you will be able to pay for essential expenses such as rent, food and school fees
3 - You no longer have to be stressed by your debts or Creditors as your Debt Counsellor will be dealing with Credit Providers on your behalf.
4 - Credit Providers cannot take legal action against you once you have applied for Debt Counselling/ Debt Review.
5 - Once your Credit Providers have accepted the repayment plan or a Debt Review order is granted through the Magistrates Court then you cannot lose your assets or get black listed for the debts that are included in the debt counselling/ debt review unless you default on the agreed debt repayments.                                                                                                                                      6 - Please note that once under debt review credit providers will not offer you loans

 

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