Global Debt Solutions are Registered Debt Counsellors accredited by the National Credit Regulator (NCRDC 2584). The Attorneys employed are registered with the Law Society of South Africa. Let the best in the industry help you.
WHY SHOULD I SIGN UP FOR DEBT COUNSELLING | DEBT REVIEW
The Debt Review Steps & Process Explained
WHY SHOULD I SIGN UP WITH GLOBAL DEBT SOLUTIONS FOR THE DEBT REVIEW PROGRAMME?
We Have Helped Thousands Of South Africans With Debt Problems. Debt Review Will Ensure That You Have More Money To Live. Our Debt Counsellors will create a New Payment Plan with your Creditors. Say Good-Bye to Money Stress. We Provide Assistance Anywhere In South Africa
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Q's and A's
Find Answers to the most Commonly Asked Questions
– You are left with little or no money when you get paid;
– You have missed a payment or more in the last 3 months;
– You have taken out personal loans to supplement your lifestyle;
– You have maxed out your credit card/s;
– You do not have any money in your bank account;
– You have multiple debit orders that deduct most of your salary leaving you with no funds;
– Debit orders are returned as unpaid resulting in unnecessary bank fees;
– Creditors are calling you for payment;
– You have received a s129 letter (Letter of Demand) ****
– You have received summons or judgement has been taken against you *****;
– Your salary has been Garnished by a Credit Provider;
– You have been blacklisted and cannot take out any further loans.
Debt Counselling was introduced in 2007 and is governed and regulated by the National Credit Act 34 of 2005. Under section 86 and 87 of the national credit act, a consumer may approach a debt counsellor to be placed under debt review if he/she is unable to pay his debts in a timeous fashion.
A debt counsellor is a person who is trained and accredited by the national credit regulator to deal with debt review matters. They negotiate lower interest rates, lower installments and longer terms with credit providers. The debt counsellor restructures all the consumer’s debts and consolidates them into one lower monthly payment.
You have a legal right under the National Credit Act to have your finances re-arranged so that you are able to make payments that you can afford. These days loans are so easy to obtain which often results in unrealistic repayment terms. We at Registered Debt Counsellors are dedicated to saving homes and cars from repossession and we strive to get consumers out of debt. Even if you are blacklisted or behind on any loan repayment, we may be able to assist you.
The first step is assessing whether you are over-indebted. A common sign would be when there is little or no money left at the end of the month after paying for your monthly debt obligations. Currently more than 11 000 000 consumers are over-indebted and have missed three or more payments.
After an assessment is conducted with you, we will be able to determine the best solution to your debt problem.
Global Debt Solutions (Registered Debt Counsellors ) was formed with one goal in mind – to assist over-indebted consumers who need to get out of debt.
We wanted to create a platform for a consumer who is struggling with their debt situation. In South Africa credit has become all too easy to obtain. What’s worse is that the cost of living keeps rising yet salaries remain the same. In order to maintain a lifestyle a consumer may access credit repeatedly. This leads to multiple debt being owed to various financial institutions. It becomes impossible to maintain the debt repayments and a consumer may start using loans to pay off other loans. This does nothing but sink them deeper into debt. Sooner or later the debt creeps up and prevents a consumer from accessing more credit due to their bad credit history or non payment of their debt. This is where we step in.
We immediately set up a new payment plan and begin negotiating with creditors. They will no longer be allowed to call you or harass you. Your salary cannot be garnished either as the debt counselling program will protect you.
What sets us apart from our competition is that we have an in-house legal team which ensures our client’s rights remain protected at all times. Our team of Debt Counsellors and Attorneys work together throughout the process. Combined with our years of experience in the industry, we have become a formidable opponent to credit providers. Our PDA software automatically links to our payment distribution agent which ensures that accurate and timeous payments are made on behalf of our clients to their credit providers.
We advise our clients to open a new bank account as this prevents “money grabbing by credit providers”. Some credit providers will still try to debit your bank account even after we notify them that you have applied for debt counselling. Opening a new bank account will ensure that only one debit order goes off your account.
Whilst under deb review, you cannot take out further credit. The reasoning behind it is that you should clear out all debt before looking to take out any further loans.
Your assets cannot be repossessed under debt review. You are granted legal protection through-out the process provided you maintain your monthly payment to your credit providers.It is important to apply before it’s too late.
The National Credit Regulator regulates the fees that may be charged for debt counselling. The first month goes toward the debt counselling fee up to a maximum of R9000. The second month goes to legal fees as an attorney is required to represent you at court to obtain an Order. This Order will grant you legal protection and will confirm the payment plan that your debt counsellor has recommended.
The law at present requires a joint application to be made if a consumer is married in community of property. Spousal consent will therefore be required. If you are married with an anti nuptial contract then a single application may be made.
After the debt counsellor has finalised your debt review proposal, he or she will forward it to an attorney. The attorney will draft an application to Court and will request the Magistrate presiding over the matter to confirm the payment plan. This will ensure that credit providers adhere to the payment plan and prevents any legal action from being taken against you during the debt review process. Once all your debt is settled , the debt counsellor will issue you with a clearance certificate which will remove you from debt review.
Yes we can still assist. In fact most of our clients are in arrears when they decide to sign up for debt review programme. If legal action has already commenced we may still be able to assist you.