Debt Counselling can help reduce ever...

Debt Counselling can help reduce everything

Posted in the Credit Card Debt Forum

Zakhele

South Africa

#1 Apr 29, 2010
On the topic of being debt free there are ways of getting away from debt not going too deep into your pockets that you cant even afford to buy groceries or have money for transport.

The National Credit Regulator (NCR) and National Credit Act 34 of 2005 (NCA); which came into operation on June 1 2007 play a pivotal role on the operations of all Debt Counsellors. The purpose of the NCR is to promote and advance the social welfare of South Africans, protect consumers, promote fair, transparent, competitive, responsible, efficient and accessible credit market and industry through the NCA. One of the main purposes of the NCA is to provide debt relief to the over indebted consumer, by affording the consumer the opportunity to survive the immediate consequences of his or her financial predicament and to attain a manageable financial position. The success of the Actís provisions in this regard depends to a great extent on the effectiveness of the debt counselling process and the debt counsellor whose principal function is to assist the over indebted consumer with the process of debt review as prescribed in section 86 of the Act.

Debt counsellor in terms of regulation means a neutral person who is registered in terms of section 44 of the Act offering a service of debt counselling. A person may not offer debt counselling-services unless he or she is registered as a debt counsellor by the National Credit Regulator (NCR), the regulatory body of all debt counsellors. Only natural persons may apply to be registered as debt counsellors and must satisfy certain prescribed requirements relating to education, experience and competence, or satisfy within a reasonable time, such requirements as the NCR may determine as a condition to the applicantís registration. With regard to experience and competence, regulation 10(b) requires a debt counsellor to have at least two years working experience in any of the following fields; consumer protection, complaints resolution or consumer advisory services, legal or paralegal services, accounting or financial services, education or training of individuals, counselling of individuals or general business environment.

In addition, a debt counsellor must also have demonstrated the ability to manage their own finances when applying for registration and to provide counselling or transfer skills. Over indebtedness and reckless lending are the two main causes why borrowers seek help. Over indebtedness is caused by the general availability of credit, increase in the cost of credit, inflation, failure to budget, reckless landing, lack of financial discipline and emergencies like funeral, illness, fire loss and divorce. Reckless landing on the other hand is caused by credit grantors to conduct a credit assessment of the consumer, entering into agreements by a consumer who does not understand the cost or obligations of the credit agreement and entering into an agreement that will make a person over indebted.

Since: Dec 09

Ambala, India

#3 Aug 11, 2010
aggreed ..Understanding the basics of debt counselling can help get you out of debt and ease your mind of financial troubles.The counselors usually have good contacts in the credit industry; thus, they can negotiate better repayment terms with creditors. They even negotiate with the creditors to lower the interest rates, waive past late fees and "re-age" your past due accounts to a current "paid-as-agreed" status.

Since: Oct 10

Location hidden

#4 Nov 3, 2010
How long would you say it normally takes for a consumer to successfully complete a credit counseling program? Another possible option for consumers looking to get out of debt is debt settlement. But, not just any settlement company. I have a friend who was knee-deep in credit card debt, about $12,000 or so, and went with a debt settlement company who was no help at all. They ended up taking too many fees without actually settling any of his accounts. But, just learned that a new FTC ruling just went into effect that bans debt settlement companies from taking fees upfront. They actually have to settle at least one of your accounts before they can charge you for their services. With that in mind, debt settlement may be a great option for those looking to get out of debt. Just make sure you check out the company's credibility before deciding to work with one. A company that my friend was referred to after his bad experience was Superior Debt Services, and they were able to get him some settlements within a year of enrolling. He should be completing the program within the next year. Anyway, it's worth it for debtors who really can't keep their head above water or are dealing with a serious hardship to look into a reputable debt settlement company.
Jordanna

London, UK

#6 Mar 26, 2014
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