Objectives of Debt Counselling
The Objectives of a Debt Counsellor is to:
- Assess the full extent of your debt situation
- Assess your assets that may be taken into account
- Provide a debt remedy that gives you with an acceptable standard of living while repaying your debts according to your affordability – this includes retaining the home and a vehicle where possible;
- Provide you with an agreed, affordable and realistic monthly budget in order to resolve the situation in the shortest possible time;
- Provide a repayment scheme acceptable to your creditors and confirmed by the Court;
- Prevent repossession of assets where possible.
- Rehabilitate you without detriment for the future; and
- Allow you to get on with your life.
The Objectives for YOU should be:
- To work honestly and openly with the debt counsellor;
- Declare all assets and liabilities – including all incomes and debts, and including bonuses and salary increases;
- To pay the registration and debt counselling fees as disclosed at the first meeting;
- To adhere to the agreed instalments and to pay these at the agreed dates;
- To keep in regular contact with the debt counsellor for the Africa casinos full length of the agreement; and
- To agree and commit to the debt remedy – this may include surrendering credit cards, closing accounts and realizing some assets.
The Objectives of your Creditors should be:
- To work with the debt counsellor to assist in the normalization of the debt;
- To favourably consider the repayment proposal;
- To ensure the consumer is assisted in a fair and unbiased way throughout the process of repayment;
- To assist the consumer to rehabilitate as soon as possible; and
- To assist the consumer to restore his/her credit worthiness as soon as possible.
Will I have to pay for the service?
Yes – the service is not free, there are recommended fees that are laid down by the National Credit Regulator (NCR) and the fee guidelines are available from the NCR website at www.ncr.org.za