Most SA consumers are unable to pay off their debt in proportion to their income.
This month, there was an increase in demand for debt review and counselling. The National Credit Act’s implementation has compelled lenders to make credit decisions based on rigorous criteria, but many of them still do so carelessly. Meanwhile, many consumers do not reduce their spending or prioritize which costs are necessary versus those that are not.
Consumers can escape this oppressive reality with debt assessment. Consumers who are over-indebted and unable to pay their monthly debt obligations might seek help from a licensed debt counsellor. When a consumer’s over-indebtedness is determined after a financial assessment, his monthly payments might be lowered so he simply makes the minimum amount that he can.
Debt review may cover bonds, auto loans, credit card payments, and all other credit options. Creditors are not allowed to seize consumers’ assets or file lawsuits while the debt review procedure is pending in court, giving consumers the chance to improve their financial situation while maintaining their possessions.
When a solution like debt review has been implemented to safeguard consumers and lower their monthly debt responsibilities, it is not worth the chance of losing your property or being placed into sequestration. Take advantage while you can of the debt review procedure, which was created with the good of the common man in mind.
If you’re struggling with your debt commitments, now is the moment to take action. Unfortunately, it will be too late for a debt review if you do not pay your monthly contractual debt obligation before creditors file a lawsuit.
For a customized financial solution plan, call Financial Debt Advisors at 0212710223 or fill out a form on our website: https://flda.co.za