Debt is a widespread problem in South Africa that is rapidly increasing through the country and the majority of consumers are now in need of debt counselling Determining whether you are in debt and in need of debt counselling can be done by asking yourself the following questions:
If you get divorced while you are under debt review and you have the debt review court order in place, then this will need to be rescinded and for new applications to be started as it will now need to be seen as two single applications.
If the client’s proposal solves under the debt counselling rules engine (DCRS), as per 80% of proposals do, then the banks will reduce the monthly fees & interest rates on their system, upon acceptance by the creditor.
If a client has missed previous debt payments or has had legal action implicated against them, then a debt consolidation loan will not be an option, as no credit provider will lend the client money at a reasonable interest rate.
In January 2008, DebtBusters the innovative, reliable and established debt management company was launched in South Africa. DebtBusters plays an integral part of the Intelligent Debt Group (IDM) and offers a new approach to dealing with financial issues. DebtBusters has more than 12,000 satisfied clients to date and has developed strong relationships with reputable credit providers.
When going under debt counselling in South Africa, certain individuals have faced a number of difficulties in the past with regards to employment opportunities. This is due to the fact that when the debt counselling process was introduced in South Africa, many employers did not have the correct understanding of how it actually worked. However, today, signing up for debt counselling should not have any impact on your current job or on future employment opportunities and prospects.
All debt review cases must either go to the Magistrate's Courts or the National Credit Tribunal, in order to be rubber stamped, as per the National Credit Act. However, there is the possibility that client may need to be present in court.
Once you have finished paying off your unsecured debt, settled your vehicle finance account/s and your home loan account is up to date you will qualify to receive a clearance certificate. All DebtBusters requires are the paid up letters which prove all the accounts included under Debt review are now settled.