Debtfree Issue 202402 - DB
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
WILL DEBT REVIEW WORK FOR YOU?<br />
A LEGAL<br />
PROCESS<br />
When the National Credit Act was introduced in 2007,<br />
it did something that many other countries were still<br />
only thinking about. It had an amazing new process<br />
for consumers who were unable to meet all their debt<br />
obligations in a reasonable way.<br />
It offered protection from collections agents and harassment. It had<br />
a way for people to take back some of the power from the banks and<br />
avoid getting judgements against their names. This new process was<br />
called Debt Counselling<br />
A trained professional who is registered with the National Credit<br />
Regulator (NCR) would now be able to do a review of a person’s debt<br />
(a “debt review”) and make proposals to a court on how the debt<br />
could rather be repaid. The debt repayments would be reasonable and<br />
manageable.<br />
So, this was not just some random person trying to deal with their bank<br />
- begging for another few days to come up with the money. No, it was<br />
a professional and legal way to get protection and pay off debt.<br />
Debt review is a law. One that consumers, who qualify, can use to help<br />
bring their finances under control.
Change language