The following steps map out the process involved with purchasing an item on credit, applying for a loan, or extending the credit limit on your store card and the actions taken by credit providers and credit bureaus.
As per the National Credit Act the credit providers do not have to reduce interest rates. The good news is that many credit providers are willing to reduce interest rates so that a consumer can get out of debt in a reasonable period of time.
Clients should never make any promises or arrangements with a credit provider without first discussing the matter with DebtBusters. This tactic is often used by credit provider staff who are working under commission, or by debt collection firms working on behalf of the credit providers.
DebtBusters operate nationwide, from a central office as common practice, as all banks operate from central offices. Operating from one place helps DebtBusters better control business processes and develops them when the need arises.
Debt review, Administration and Sequestration are viable debt solutions, offered by DebtBusters to South African consumers struggling to make their debt repayments are faced with financial difficulty. All debt solutions are implemented through DebtBusters systematic business processes, however they have several differentiating factors.
DebtBusters does not recommend that you exclude your home loan from the debt review process. . The National Credit Act implemented the inclusion of your homeloan in the debt review process, to assist consumers with keeping their homes. The NCA requires that all debt agreements are included in the debt review.
A formal interview conducted on the DebtBusters premises is not required in order to purchase a debt solution. Most debt related processes can be handled over the phone, however certain documents need to be signed by clients and returned to the debt counsellor.