Debt Settlement

November
21

How does life look after debt counselling?

So, you’ve reached the end of the debt counselling journey – a fantastic achievement. Like many who have been part of the programme, you are probably wondering what’s next and how your life is going to change after the programme.

Here is what you should expect:

Once all the necessary paid up letters from your respective credit providers have been received, your debt counsellor will issue you with a clearance certificate which is also known as a Form 19. This certificate confirms that you have settled all your accounts listed under the debt counselling agreement and that all of your accounts are paid up – this excludes your home loan, which just needs to be up to date with payment.

Once all the paid up letters have been obtained, the clearance certificate must be issued within seven days of finishing the programme. The debt counsellor will ensure that the credit bureaus receive the certificate so that you are no longer flagged under debt counselling.

Can you apply for credit?

Since you have been rehabilitated, you can apply for credit as soon as the debt counsellor hands you your clearance certificate. Your status as someone who was under debt counselling will not have a negative impact on how the creditors perceive you. If anything, they will perceive you as a responsible consumer who realised that they were overindebted and acted accordingly.

It is highly advisable that you set up a realistic budget and draw up a financial plan before you attempt to take out any new credit. Your debt counsellor and/or a financial advisor will be happy to assist you with this budget as well as a sustainable financial plan for the future.

How will your credit score be affected?

Naturally, your credit score will be low after debt counselling. But you can rebuild it by ensuring that you pay your accounts on time. Creditors always look at your payment history when they are risk profiling you for credit. Make sure that service agreements such as DStv, Telkom accounts, and phone contracts are up to date.

After you have completed the debt counselling programme, pull up your credit report to see if it is updated. If not, immediately inform the bureau, so that they can correct any mistakes. Those mistakes could cost you your credit score.

Can you apply for debt counselling for a second time?

You can apply for debt counselling any time you feel over-indebted. However, the debt counsellor must also do an assessment to determine if you are indeed over-indebted.

DebtBusters has a trained team of consultants who will help you negotiate debt settlement discounts with your creditors. If you are struggling to pay your monthly instalments, do not hesitate to call us on 086 999 0606.

August
30

Why you should utilise our Debt Settlement Service

On occasion, you may find that you come into a lump sum of money and are not sure what to do with it… There may be a few good and sensible places to put a lump sum of money, such as putting it towards a savings account or investing it, but when you have a substantial amount of debt or are under debt counselling, putting the money towards settling all or part of your debt can be greatly beneficial.

Here is why:

You can get discounts on your debt
DebtBusters will negotiate with your credit providers in order to obtain the best possible discount on your debt. On average, DebtBusters saves clients 25% of their total settlement amount through the Debt Settlement service. This is a great way to save money, and settling your debt prematurely will also save you interest and fee costs in the long run.

DebtBusters offers a professional service
DebtBusters are debt experts and are therefore able to offer an expert service by facilitating the debt settlement process, ensuring it is fair. DebtBusters will also advise and prioritise which debt should be settled. As a client, you will receive a detailed breakdown of the settlements, discounts and the savings that were achieved.

Debt Settlement could be the best gift you give yourself
When you come into a lump sum of money, it may be tempting to spend the money or to spoil yourself, after all you do deserve it! But Debt Settlement could be the best gift you give yourself. You will be a few steps closer to debt freedom and complete peace of mind with your finances, and you will reduce your monthly repayment amount, saving yourself monthly interest and administration fees, as well as freeing up cash flow.

To discuss a Debt Settlement opportunity, contact us on csu@debtbusters.co.za or log in on your Smartcents client portal (www.smartcents.co.za).

September
6
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Spring into action with Debt Settlement!

Spring represents a new beginning and the start of all things warm. It is also that time of year when everyone starts gearing up for a new summer wardrobe and the December holidays that are fast approaching. It’s out with the old and in with the new, but have you considered the impact on your financial situation?

March
3
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Bonus: Best Bet to settle your debt

Struggling to pay off your debt can lead to over indebtedness and even worse, defaulting! It is important that you prioritise your debt repayments in order to free up cash in your budget and take a systematic approach to becoming debt free!

July
24

DebtBusters, South Africa’s Top Debt Counsellor for 2014

DebtBusters, South Africa's Top Debt Counsellor for 2014 - The first ever Debt Review Awards was held on 19 July 2014 in Cape Town, to celebrate business excellence in debt review and to make heroes out of those who are responsible for leading the industry. Credit providers, debt counsellors and payment distribution agencies from South Africa were nominated in order to ensure that all parties in the industry were acknowledged for their efforts. The awards were separated into two categories; Public Voting Awards and Industry Panel Awards. The IDM Group, the holding company for both DebtBusters and Consumer Debt Help, is proud to announce that both respective companies walked away with awards.

April
1
DebtBusters Anniversary Cake

10 Years of Intelligent Debt Management

10 years of Intelligent Debt Management (The IDM Group). DebtBusters was founded by Ian Wason, CEO of the IDM Group, in 2008. Today marks Intelligent Debt Management's 10th Birthday!

March
28
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Credit Amnesty – What does it mean for you?

2014 Credit Amnesty and 3 things it means for you! 1. The credit amnesty does not clear your existing debt 2. If you are under debt counselling or debt administration or have been through sequestration or liquidation, these statuses will remain on your credit record. 3. The credit amnesty does not allow you to access credit as this should be based on a calculation of your affordability alone

March
20
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Debt repayments too high? We Want To Help You!

Are your debt repayments too high? Are you looking for a loan? Are your credit card and store card bills, mortgages, vehicle finance repayments and other monthly bills pushing you over the edge? If you are cash strapped at the end of the month, we can put more money in your pocket before it's time to pay your bills! It's quick and easy! And best of all, we bust your debt, not your budget! Contact DebtBusters on 086 999 0606 to find out how!