DEBT COUNSELLING IS PRESCRIBED BY THE NATIONAL CREDIT ACT 34 OF 2005 AND
REGULATED BY THE NATIONAL CREDIT REGULATOR (NCR)
� Complete the application form below, and return it as soon as possible, so we can do a FREE EVALUATION of your debt situation.
� OR complete your contact details above, and we will contact you as soon as possible .
Debt counselling is FORCED ONTO CREDITORS by the National Credit Act, and they cannot refuse your application, if you make a reasonable offer, to repay your debt.
IS YOUR PERSEPTION THAT DEBT COUNSELLING IS EXPENSIVE?
Think again: Statistics show that
DEBT COUNSELLING IS THE CHEAPEST WAY OF DEBT COLLECTION IN SA!
*Statistics provided in the December 2014 DCASA (Debt Counsellors Association of SA) Newsletter
� Debt Counselling Fees, as a percentage of repayments, amounts to 4.56%.
� With Legal Fees, the cost to Consumers increases to 7.42% of repayments.
� Normal Credit Provider Collection Costs range from 17% to 23%.
� The Cost of Debt Counselling is however Reduced by the Negotiated Industry Concessions,
which is part of theTask Team Agreement.
� In terms of this agreement Credit Providers agreed to:
o Reduce Fees to zero and to
o Reduce Interest rates to zero% on unsecured and
o Repo + 2% on secured debt (now 7.75%)
� A full reduction, according to these concessions, would Reduce Payments by 39%.
� In cases where interest is reduced (say from 31% TO 28%) this reduction
fully covers the debt counselling fees (3% reduction covers ALL fees!).
– BUT remember, debt does not make you a �bad� person in any way, just unfortunate.
� We have clients under debt counselling, over the total spectrum of life � from rich to poor – cleaners to doctors, advocates and people you would never suspect having financial difficulty.
� Creditors use the law, to retrieve their money. The National Credit Act states that after only 20 days in default of your accounts, and creditors can start with legal action.
� Use the same Credit Act against your creditors, to repay your debt, according to what you can AFFORD. Debt counselling is FORCED ONTO CREDITORS by the Credit Act, and they cannot refuse your application, if you make a reasonable offer, to repay your debt.
Since very early times, there is reference to poor and over-indebted people, which has not changed over the centuries. Every era and culture had their own way of dealing with debt � just look at these two examples:
o Debtors and creditors are mentioned even in the Bible! The difference however, was that creditors were much more lenient towards debtors during Biblical times. In Exodus 22:25 [God says] �If you lend money to any of my people with you, who is poor, you shall not exact interest from him; If ever you take your neighbor�s garment in pledge, you shall restore it to him before the sun goes down.
o The Roman Law provided that a debtor, who failed to make good payments to his creditors, could be �in parti secant� (his flesh could be cut!), or sold into slavery.
o Sections 65A to 65M of the South African Magistrates’ Courts Act provided for the imprisonment of judgment debtors in certain circumstances, until it was found in 1995 by the Constitutional Court to be inconsistent with the right to personal freedom provided for in section 11(1) in Chapter 3 of the Interim Constitution.
FORTUNATELY YOU NOW HAVE THE NATIONAL CREDIT ACT TO PROTECT YOU
o According to statistics recently released by the NCR, the number of consumers with impaired records in SA keep to rise. According to the report, consumers with impaired credit records increased by 119 000 in the last quarter, to 9.5 MILLION � which is a dramatic jump.
o About 15 000 consumers apply new for debt counselling every month.
BY READING HERE, YOU NOW HAVE TAKEN THE FIRST STEP TO DEAL WITH YOUR DEBT � AND THIS IS TO
ADMIT YOU HAVE A DEBT PROBLEM, SO NOW YOU NEED TO ASK US TO HELP YOU
� Nobody outside debt counselling ever needs to know you have applied for debt counselling � everything is very confidential � no salary deductions.
� Debt counselling fees are prescribed by the NCR, and debt counsellors cannot receive more than these fees.
� A debt counsellor is not allowed to receive your monthly payments, and distribute it to your creditors.
� Our debt counsellors are well trained, have an excellent reputation, and are consumer activists..
One of our clients recently said: �You changed our lives 120%�!
FREE EVALUATION of your debt situation .
Court rulings are heavily skewed in favour of creditors, where consumers cannot repay their debt. Millions of summonses, judgements, sales in executions and salary attachment orders are issued every year.
Apply for debt counselling today, before you become one of these statistics.