Scag Debt
Counsellors - Pretoria
If you struggle to pay all your debts
every month we can assist you and restructure
your debt obligations
in such a way that you
will be able to afford your debt and still be
able to cover your monthly living expenses with
ease.
Don’t wait until your fingers get snapped by the
trap of over-indebtness. Act proactively.
You will be rewarded with a life free from
credit providers and Lawyers being on your case
about your debts everyday.
You can live with a
smile.
This restructuring of your debt is done in
accordance with the National Credit Act. The
main aim of this act is to
- Protect consumers from reckless credit;
and
- Provide over-indebted consumers with a
comfortable solution to pay off their debts in
an affordable and responsible way.
The debt counsellor has undergone specialised
training, as prescribed by the National Credit
Regulator (NCR), to do
the restructuring of debt
and to perform the role of a mediator between
the consumer, credit providers and credit
bureaus.
What is the difference between Debt
Counselling, Administration, Sequestration and
Debt Consolidation:
1. Debt Counselling: You still have control
over your finances. You are enabled to keep
your assets and pay
off your debt in a
structured manner and in as short as possible
time. No legal action e.g. repossessions or
garnishee orders may be instituted against you
once you have applied for debt counselling.
2. Administration: You no longer have control
over your finances as you hand the control
over your finances to a third party. You pay
the debt over a long period of time and end up
paying a lot more than the original debt.
3. Sequestration: If you are sequestrated your
assets are sold to cover your debts.
This
leaves you with no assets which in turn make
it difficult for you to obtain credit.
4. Debt Consolidation: You no longer have
control over your finances as you hand the
control over your finances to a third party.
You pay the debt over a long period of time
and end up paying a lot more than the original
debt.
What you can expect from the process of debt
counselling:
- The first step is to have a meeting with
the Debt Counsellor to determine your level of
indebtedness.
- If you are not able to satisfy all your
obligations under your credit agreements in a
timely manner or it is clear that you will not
be able to do so in due course, you may apply
for debt review.
- You are then required to provide all the
information needed.
- The debt counsellor will then
- Determine the payments
that you can afford per credit provider.
- Contact the credit bureaus
and
- your credit providers on
your behalf and
- negotiate the proposed
monthly instalments with each credit
provider
- Provide a maintenance and
aftercare service until all your debt is
paid in full.
- Issue a clearance
certificate to you after your debt has been
paid in full as proof that you are debt free
and you can go on with your life.
- You will be required to sign a stop order
for the deduction of the new total monthly
payments to your credit providers and ensure
that the funds are available on the agreed to
payment date.
- The money will be paid to an independent
“Payment Distribution Agent” (under
supervision of the NCR) who will distribute
the funds to the respective credit providers.
- You will be updated on a monthly basis
with regard to your debt payoff progress.
You will now be able to live your life free
from worries about your creditors being on
your back the whole time.
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