Thursday, November 20, 2014

How does the Debt Counselling process work?








 The term of the National Credit Regulator (NCR) you may officially implement to a debt Counsellor for debt consolidation if you are unable to meet your financial responsibilities under credit agreements each month. The debt Counsellor must assess if you are over-indebted. The process is as follows:

Step 1
 Provide information of your income, per month price range and debt responsibilities to the debt Counsellor. You will need copies of your pay slip, ID and the latest statements of all your financial obligations.
 
Step 2
The debt Counsellor will do an initial assessment to check if you are over-indebted and then arrange for a assessment with you. This could either be a experience to deal with or a telephone assessment.

Step 3
During the assessment, the debt Counsellor will confirm your budged and your existing debt responsibilities. A new price range will be agreed upon to determine the quantity available for debt pay back. At this stage the debt Counsellor will also offer you with information of all the costs involved, as well as an temporary debt pay back schedule.

Step 4
The debt Counsellor will contact all your Credit score Suppliers as well as the Credit score Agencies to confirm your financial obligations. You will also be listed on the Credit score Agencies as being under debt Guidance and the record will stay there until you have repaid your financial obligations in complete, only where after the record will be removed. The debt Counsellor will, where possible, negotiate the suggested debt pay back schedule with your Credit score Suppliers.

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