CHETTY & ASSOCIATES

WHAT IS DEBT COUNSELLING 

In the current economic cycle many individuals are struggling to cope with debt. The same debt that was easy to managed previously is becoming too much to handle with cost of living increasing and income shrinkage month on month.

Banks and other creditors have been very aggressive in lending to consumers, but the consumer is finding it very difficult to make full monthly payments to creditors. Many consumers are finding that they are over in debt and cannot manage their monthly debt payments anymore.

therefore the NCR has come up with the solution of debt counselling, where a debt counsellor will take full control of your debts by communicating with your credit and getting you one lower installment so that you may live a comfortable life whilst all registered accounts gets settled.

The consumer benefits, because he gets to pay more manageable monthly payments and the creditor benefits from not having to take expensive legal action. Most of the times not recovering any debt at all. So the banks are also looking for alternatives to repossession and don’t want to repossess your assets unless they need to.

 The debt counselling process can take time to resolve the consumer’s debt problem. The debt counselling application process takes up to 60 working days. This is a long process, but the consumer is protected within 5 working days during the application phase. The debt counsellor will negotiate with the creditor on the consumer’s behalf during the application phase.