A Fin24 user is looking for help in his struggle to repay his debts. He writes:
I am one of those who battle to pay my debts. I work at a government department and would be glad if I could be assisted.
Fin24 debt expert, independent debt counsellor Renee Marais (NCRDC1780) responds:
By admitting that you need help to repay debt is the first step to financial freedom. There are several options from which you can choose.
You can contact a debt counsellor in your area that you can meet for a face to face consultation. A debt counsellor first has to determine if you are over-indebted. If you are not over indebted, the debt counsellor may assist you in restructuring your budget as sometimes that is all it takes.
If you are indeed over-indebted, debt review might be an option. Then the debt counsellor will explain the process and prepare a debt rearrangement plan in line with the requirements of the National Credit Act.
That repayment plan will reduce the monthly instalments on your credit agreements and extend the repayment term to include all costs, fees, charges and interest still outstanding on the original credit agreement.
Another option is to apply for a consolidation loan, which may be granted in certain circumstances to consolidate all your loans and outstanding debt into one facility. You can also apply for sequestration, which may only be done by a lawyer.
You can find a debt counsellor registered by the National Credit Act (NCA) here.
Please note that only a debt counsellor may offer advice and restructure your debt and not a case manager, portfolio manager or administrative clerk, who is not registered in terms of the NCA.
A debt counsellor must provide you with their NCRDC number, which you can verify on the NCR website. You are also allowed to ask the debt counsellor to provide you with a copy of their NCR registration certificate.
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