Debt Rescue CAN make debt your friend

ADVERTORIAL

Johannesburg - Debt councelling has specifically been introduced to help over-indebted South Africans out of their financial predicament, says Debt Rescue CEO Neil Roets.  

What is debt counselling?

Roets, founder of national debt counselling company Debt Rescue, explains that debt counselling was introduced in 2007 with the implementation of the National Credit Act. It offers the client a solution to escape the debt trap.
 
“The consumer can now approach a registered debt counsellor for assistance with the repayment of their debt obligations. It also affords the consumer a lot of protection during this process as the credit provider cannot proceed with legal action against the consumer in the first 60 days,” says Roets.

This 60 day period provides the debt counsellor with the time needed to reach an agreement with the consumer’s credit providers, thereby finding an amicable and holistic solution to the consumer’s debt problems.

Why was it implemented?

Nearly 48% of all credit active consumers in South Africa are considered to be over-indebted, based on the fact that they have one or more credit agreements that are at least 3 months in arrears. Statistics show that the average consumer has fourteen unsecured accounts, one vehicle, and one property, and this figure is increasing on an annual basis, especially in respect of the number of unsecured debts.  

Due to these statistics it was clear that there was a need to find a solution for these consumers. Consumers needed assistance to ensure that they become debt free.

Who can apply for debt counselling?

Any person who is over-indebted and has the financial means to repay his debt, can apply for debt counselling. A consumer is over-indebted if he finds himself in a position where he can no longer satisfy his monthly debt repayments after he has made provision for his basic living expenses.

When is it too late?

If a credit provider starts the legal process on an account, the account may no longer form part of the debt counselling application. The legal process starts when a summons is served to the consumer by the Sheriff of the Court.  

“Once the legal action commences the credit provider may refuse a debt counselling application which leaves the consumer in a terrible predicament,” says Roets.  

Once a credit provider started the legal process on an application it becomes extremely difficult to assist the client. The ideal is that a consumer must apply for debt review the moment that he starts to experience financial difficulties. He should not wait until he falls in arrears with his payments.

Why Debt Rescue?

Says Roets: “We are proud to have assisted over fifteen thousand customers over the years. As a customer orientated company we understand that they are going through a stressful time and we attempt to make the process as painless as possible.”  

Debt Rescue’s aim is to assist customers to become debt free in the shortest possible timeframe. The staff are specialists in the field and comprises of debt counsellors, lawyers, accountants and ex-bankers.  

“During the years we have worked hard at achieving strong working relationships with credit providers and we are the preferred debt counsellor of 90% of the credit providers. Our proposal acceptance rate is above the norm, placing us in the top five debt counsellors nationwide. This is beneficial to the consumers as they can rest assured that we are experts in the field, and have proven that Debt Rescue can make debt your friend”, says Roets.

Any consumer that finds themselves in a financial predicament can contact Debt Rescue on 0861 800 009 or visit www.debtrescue.co.za for expert assistance.

* This article is an advertorial from Debt Rescue.