If you are feeling nervous about upcoming debt repayments and are worried about paying short or even skipping bills, I would suggest that you speak to a registered debt counsellor.
Debt counsellors can negotiate with your creditors about lengthening your repayment terms, lowering your interest rates and subsequently lowering your overall monthly debt instalments. This can definitely help ease your financial burden.
Your assets are safe from repossession under debt review, but you must be committed to the process.
Debt counselling or debt review and registered debt counsellors are regulated by the National Credit Regulator (NCR).
It is not a fly-by-night industry or process.
Sebastien Alexanderson, CEO of debt counselling firm National Debt Advisors, cautions: “Please make sure that the debt counsellor you choose is registered with the NCR, you could run into big trouble if they are not. Now is not the time to be taking chances with your money.”
The best piece of advice that I can offer at this time is to become financially informed.
Use your precious data to find out as much as you possibly can.
The options above may or may not work for you, but don’t be afraid to ask questions.
Know your financial options and your rights as a South African consumer.
* Moeshfieka Botha is Head of Research and Consumer Education at National Debt Advisors.
For more information go to www.nationaldebtadvisors.co.za.