In this Ronel Talks Money interview we discuss debt review / debt counselling. Why do people end up having too much debt? When should you seek help when you have too much debt? What would a debt review process entail and what are the costs involved? I talk to Neil Roets, the CEO and founder of Debt Rescue. Debt Rescue is registered with the National Credit Regulator (NCR). Debt Rescue has received multiple awards over the years.
Learn more: https://debtrescue.co.za/

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This channel aims to provide financial education and this does not constitute financial advice. We cannot be held responsible for any financial decisions you make or financial losses you might incur as we don’t guarantee any results. We are sharing financial knowledge to help you make better financial decisions, but it is always best to consult with your financial advisor to ensure your personal situation is taken into account before making important financial decisions. Although we do everything in our power to ensure we interview reputable, knowledgeable and legitimate companies and individuals, we cannot take responsibility for the information and opinions shared by them.

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I wish I knew this about Debt Counselling before I applied.
Known as debt review or debt counselling, debt relief measures like debt review offers debt relief to borrowers in South Africa who are over-indebted. To prevent consumers from being blacklisted, the National Credit Act (NCA) introduced this process in 2007.

An income-constrained South African can benefit greatly from the process if they are finding it difficult to make ends meet. Especially for those who cannot keep up with monthly debt payments after falling further into debt. Debt review is safer, cheaper, and more effective than consolidation loans, which tend to be short-term and can end up getting consumers deeper into debt.

Are you having difficulty paying your debts on time and in full? Does it take a lot of effort to pay for your basic needs? Then you need a debt review.

A debt counsellor can help you with the legal process if you are over-indebted. To get help with debt, you need a debt counselor registered with the National Credit Regulator (NCR). Get in touch and I will recommend a few for you.

??TIMESTAMP??
00:00 Introduction
00:50 The reasons people seek Debt Review
01:24 Reckless Lending Explained
01:43 The biggest mistake people make with Debt Review.
01:59 Debt counseling: All you should know before applying
02:41 How Debt Counselors exploit poor consumers
03.15 In what ways do Debt Counselors help?
02:38 Don’t lose your Assets
03:46 Authors experience in Debt Review
05:34 Who is eligible for Debt Review
06:02 What is Debt Review
06:31 Significance of Interest and Budget in Debt Review
06:56 Reasons to apply for Debt Review
07:52 The purpose of Debt Review
09:22 Wrong reasons to join Debt Counselling
10:53 Clearance Certificate
11:55 What should you do after this advice?
12:53 Payment Distribution Agency (PDA)
15:50 Contact Details.

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The National Consumer Regulator says it has received complaints from consumers who have been placed under debt review without their knowledge.
And it has blamed this on false advertising on the part of debt counsellors and credit providers.
The NCR has called on consumers to know what they are getting themselves into when applying for debt consolidation and restructuring.

For more news, visit sabcnews.com and also #SABCNews #Coronavirus #COVID19News #Covid-19Vaccination #Vaccine on Social Media.

Iibhalansi zakho ZINOKWANDA ngeenyanga zakho zokuqala phantsi koqwalaselo lwetyala. SUKOYIKA! Oku kuhambelana nenkqubo kwaye KUYA KUTSHINTSHA.

EMzantsi Afrika ababoneleli ngetyala, iibhanki, abaqokeleli bamatyala kunye nabacebisi ngamatyala abasoloko belungelelaniswa kwezobuchwephesha.

NCEDA uzive ukhululekile ukunxibelelana nathi kule nombolo 021 003 8733, kwiphepha lethu labacebisi ngezeMali kuZwelonke kuFacebook okanye ugcwalise ifom yoqhakamshelwano kwiwebhusayithi yethu ethi www.nationaldebtadvisors.co.za

You may find your balances increasing in the first few months of debt review. Do not panic.

This is process-related and will change. In South Africa, credit providers, banks, debt collectors and debt counsellors are not always technologically aligned.

Debt review is not a quick-fix solution to your debt problems. Falling off the system after a few months makes no sense.
Becoming financially free requires you to stay committed to the process, make your payments timeously and trust us as your debt counsellors.

PLEASE FEEL FREE to contact us on 021 003 8733, on our National Debt Advisors Facebook page or fill out a contact form on our website at www.nationaldebtadvisors.co.za

In this video I’m talking about the disadvantages and advantages of debt review and how people are signing up for debt review without knowing or understanding the process.

To get your name removed from debt review please click the link below and a consultant will be in touch.

https://clpro.co.za/brooklyn/

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When should you consider debt counselling?
Even before lockdown, many people were finding it difficult to meet their debt repayments and facing the prospect of defaulting. Once you are in default the collection and legal fees mount and debt that you were already struggling to repay could easily double. You could even risk losing your car or home.

One of the options available is debt counselling where you select to go under debt review and are protected against legal action by creditors.

A debt counsellor provides a court-issued agreement stipulating the repayment plan. Consumers make one affordable, payment each month, to an independent Payment Distribution Agency (PDA). This in turn is distributed to the creditors as per the agreement.

Once under debt review you may not apply for any credit until all the debts, as per the court order, are settled. Once settled, the debt counsellor will issue a clearance certificate confirming that all the accounts listed under the agreement are paid up. Home loans are the exception and do not need to be fully paid up, but must be up to date. The debt counsellor must ensure that the credit bureaus receive the certificate.

While there are many satisfied customers in debt counselling, there are just as many who have had a negative experience. Make sure you are working with an ethical provider who is a member of the Debt Counsellor Association of South Africa or the National Debt Counsellors Association.
When working with a debt counsellor make sure they create a repayment plan that can be settled within five years. This can be done if the debt counsellor negotiates lower interest rates with the creditors.
According to the National Debt Counsellors Association reputable debt counsellors use an industry standard called the Debt Counselling Rule Set or DCRS that allows them to negotiate significant interest rate reductions on consumers’ debt.?
For unsecured lending such as personal loans and credit cards, DCRS allows for renegotiation of the interest rate as close to zero percent as possible. This is a significant saving on credit agreements that can have interest rates as high as 23%.
Debt counselling can be a great solution, but do your homework before you enter any agreement as once the agreement is in place, you are legally bound to it.

Debt Review Awards founder Zak King shares a little about the history of the Awards and the peer review process.

For more info head over to: www.debtreviewawards.co.za
#debtreviewawards2021

The Annual Debt Review Awards 2021 – Live Stream

WELCOME to the Annual Debt Review Awards Live Stream.
For more info: www.debtreviewawards.co.za
#debtreviewawards2021

Agenda:

Pre-Show: 11am – 2pm
Welcomes & previews
Attorneys Discussion
Webinar Highlights
Product Demos

Awards Show: 2pm – 4pm
Welcomes
Mentalist & Memory Expert Michael Abrahamson
Technology Adoption Award
Significant Contribution Awards
The Debt Review Process
NCR & NDCA Speeches
Annual Peer Review Results (Awards)
Best Photos
Thank You & Farewells

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