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Question:

Why should I trust DebtBusters?

30 May 2023

When you’re in debt and you’re trying to get out, you often need assistance. One of the best options for this kind of help is a debt counsellor.

That being said, not all who present themselves as debt counsellors are legitimate, and it’s important to ensure you’re working with reliable and trustworthy people. After all, it’s your financial future that is at stake.

DebtBusters is registered with the National Credit Regulator (NCRDC2482). The debt management solution we offer is regulated by the National Credit Act, and is thus legally compliant.

But that’s not the only reason you should put your trust in us. We explain more in this article.

Who are DebtBusters?

DebtBusters is South Africa’s largest and debt management company. It was launched in January 2008. DebtBusters plays an integral part of The IDM Group (IDM) and offers a new approach to dealing with financial issues and assisting clients with solving their debt situation.

We believe in giving South Africans a second chance to build a brighter financial future. We do this by helping clients take back control of their finances through our debt management solutions, such as debt counselling and debt consolidation. The most rewarding part of doing this is hearing our clients’ stories: how they transform their lives through debt counselling.

The history of IDM

IDM has grown from a small business entity in 2004, to the leading and largest debt management company in South Africa. The company’s history has been more than 16 years in the making, as it has been the founder and CEO, Ian Wason’s dream to transform the approach to home loan refinancing and debt management in South Africa and become the industry leader.

They offer comprehensive advice and a host of highly effective solutions to South African consumers who are facing financial difficulties and struggling with debt.

IDM operates from a centralised office in Cape Town, South Africa, from which hundreds of employees service clients nationally.

What does the IDM group do?

IDM aims to help clients from all demographics and economic segments.

They provide various services including:

1. Debt Assessment

A credit report is generated to help the client to understand their debt situation. All clients are taken through a budgeting process to determine their debt to income ratio. Clients are also advised on how to cut back on non-essentials. They are also prompted to start paying off debt as quickly as possible and are advised on what debt to prioritise repaying off first and where relevant, to use additional income to overcome their debt quicker.

2. Debt Management

Debt Management is the solution most proposed for consumers who have a fair amount of debt and are finding their budget constrained by this, but are not necessarily over-indebted. Effective management of debt can prevent an individual from becoming over-indebted. On average IDM provides free and partial advice to 15 000 consumers each month and provides them with budgeting tools, credit reports and financial education.

3. Debt Counselling

Debt Counselling is the remedy that is best suited to individuals or couples who are over-indebted and struggling to make regular monthly payments towards their debts. Debt Counselling is a legal process that assists customers in repaying their debt by allowing the debt counsellor to renegotiate the terms of the debt repayment with the consumer’s credit providers which brings their repayments in-line with their affordability and strips out costly fees and reduces interest.

4. Financial Education

Financial education is at the heart of everything IDM does and carries through into our interaction with our clients, whether it is explaining how interest rates work or reaching them to budget. A large part of our education happens through our client portal, where we are able to present clients finances to them in a simple, easy to understand visual format. Whether through our corporate partners or through our own newsletter or online channels, we provide free financial education to South Africans. Our educational content ranges from how to get out of debt to building a financial plan.

5. Credit Repair

By analysing data from up to four credit bureaus and representing it in a simple, but powerful comparative report, individuals will have a clear picture of their creditworthiness, account activity, and potential trouble areas.

This type of credit analysis helps consumers to identify phenomenal opportunities they never knew they had. Instant, online credit reports with financial management tools form part of the credit repair offering, to help improve, monitor and protect clients’ credit status.

6. Insurance Reviews & Financial Planning

Financial planning services and insurance reviews can be carried out for consumers who have a small amount of debt but need to free up additional cash flow for day to day living. IDM offers a comprehensive range of life and non-life insurance products as well as Financial Planning services, under the guidance of our in-house Certified Financial Planners. As part of the IDM debt management process, all clients undergo an Insurance Review to ensure that they are correctly covered at an affordable premium

Need debt counselling or consolidation?

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IDM has good relationships with credit providers and insurers

IDM prides itself on being a key player in shaping the development of the industry and this is helped by both its extensive relationships with credit providers and insurers (up to the highest level) and a market share in excess of 15%.

Why trust IDM?

IDM believes in giving clients a second chance to build a brighter financial future. IDM aims to improve the quality of people’s lives and educate consumers so they are in a position to generate wealth and contribute to the positive development of South Africa.

The history of debt counsellors in South Africa

The idea of debt counselling came about as a result of the implementation of The National Credit Act of 2007 (NCA). It was put into place to allow a smoother route to the end of debt, and to ensure that consumers are not taken advantage of.

In the past, the majority of debt counsellors were individual operators and not companies. These individual counsellors took their clients' first fees and then left them stranded.

Now, with the NCA in place, debt counsellors have a much more formal process to follow and they have legal obligations to clients. They cannot leave people stranded.

What makes DebtBusters different?

DebtBusters, is South Africa’s leading and largest debt management agency. We are a reputable and well-known brand and are registered with the National Credit Regulator.

We have relationships with creditors and other businesses in the finance industry, making our negotiations for your lowered interest rates more reliable.

In addition, our consultants are all professionally trained and go through specialised courses to ensure they are ready to provide you with the best assistance possible.

How to know if you can trust a debt counselling service?

To ensure that you are choosing a reputable debt counsellor, ensure that you tick these things off your list:

  1. The debt counsellor can thoroughly explain the process to you.
  2. The debt counsellor protects your personal and financial information.
  3. The debt counsellor follows the fee guidelines set out by the NCR.
  4. The debt counsellor is registered with the NCR.
  5. The debt counsellor uses a reputable payment distribution agency (DebtBusters uses Hyphen).
  6. The debt counsellor is willing to assist you with queries or issues that may arise.

DebtBusters reviews and client testimonials

DebtBusters has helped more than 500 000 South Africans. Here are two testimonials from clients who successfully completed the process and received their clearance certificates.

Nawaal:

Joshua:

DebtBusters in the news

DebtBusters is often featured on the news, for our valued insights on the economy and the finances of South Africans.

SABC:

eNCA:

The debt review process that DebtBusters delivers is often viewed in a negative light due to a lack of understanding. The following animation clearly explains the debt counselling process and how DebtBusters deploys it:

 

For more information on Debt Counselling and DebtBusters contact a debt counsellor on 086 999 0606. With these tips in mind, as well as by not excluding your home loan from your debt review, you will be debt free and stress free in no time.If you are struggling to pay your debt, contact us for assistance!

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Contact Us

5th Floor, 11 Adderley Street, Cape Town, 8001
info@debtbusters.co.za

Operating Hours:

Mon-Thu: 07:00 - 21:00
Fri: 07:00 - 18:00
Sat: 09:00 - 12:30

Call our experts now on 0861 365 910 Registered debt counsellor NCRDC1801 NCRDC2374 NCRDC2499 A member of the National Debt Counsellors Association