The right knowledge to get out of debt

Follow Debt Rescue and make the right choices

We are excited to announce a new and improved Debt Rescue on Facebook, Twitter, LinkedIn, Google Plus and YouTube. Debt Rescue will be using these tools as a way to help our fans to successfully conquer their sea of debt and live debt free once again.

Why use Debt Counselling?

Debt Counselling was formally introduced by the National Credit Act (NCA) to help over-indebted consumers, especially in our current economic crisis. The goal of Debt Counselling is to develop a repayment plan which is affordable to you, as well as acceptable to all your credit providers. It is there to help you, so why not make use of it?

How long will it take before I actually experience relief?

You will immediately experience the relief that Debt Review offers. Your Credit Providers will be informed of your application immediately. Debt Rescue will work out a provisional and affordable repayment plan for you within the first five days of your application. You will make a single payment to a Payment Distribution Agency, who will distribute the money to your Credit Providers according to your formulated payment plan. Your Credit Providers will not be allowed to implement legal action against you during the first 60 working days. It is during this time that Debt Rescue prepares your final repayment plan.

Know your debt terms

Here are some definitions of debt-related terms that will empower you to take a hold of your debt situation:

• Arrears – overdue debt.
• Certificate of Balance (COB) – confirmation from a Credit Provider of the actual outstanding balance, the monthly instalment and the interest charged.
• Credit Providers – companies registered with the NCT that provide consumers with credit.
• Debt Clearance Certificate – a certificate that is issued once a consumer’s debt is repaid under Debt Review. A clearance certificate allows a consumer to apply for debt once again.
• Debt Counselling – helps consumers deal with debt through a debt counsellor negotiating with Credit Providers – allowing consumers to pay off debts while still covering their monthly expenses, in terms of the NCA.
• Default – when a consumer misses an expected payment.
• Insolvent – when a consumer is unable to pay debts or meet their financial obligations.
• Judgements – a situation where legal action is taken against consumers with unpaid debt.
• National Credit Act (NCA) – legislation regulating the credit industry.
• National Credit Regulator (NCR) – regulates the credit industry in South Africa.
• Over-indebted – when consumers’ monthly debt repayments exceed their funds available after paying living expenses.
• Payment Distribution Agency (PDA) – a company used to distribute a consumer’s (who is under Debt Review) money to Credit Providers.
• Sequestration – surrender of an estate (with/without property) to pay off debts.

Ask us and we will help you

Have any questions about debt? Just ask us. Need help on setting budgets? Our experts are here to help you. Speak to Debt Rescue today and let us help you conquer your sea of debt. It’s better to be safe than sorry. Grab onto the Debt Rescue lifeline today!