A bit of help and self-control can get you out of debt.
With the cost of living on the increase, having money towards the end of the month is challenging. Debt is inevitable for most people, albeit at a manageable level, and particularly when making large purchases such as cars or property. But, sometimes unexpected expenses, such as medical bills or urgent home repairs, can throw you into a debt spiral that is difficult to get out of. This gets even worse when your expenses exceed your income and the interest charges mount. Fortunately, the National Credit Act (NCA) makes provision for helping consumers get out of trouble in a way that will rescue your finances and credit record. Once completed, this leaves you debt-free. Whether you opt for debt review or debt consolidation, you can regain control of your finances, and start over.
ACKNOWLEDGE YOUR DEBT
You can choose the debt review route to tackle your money woes. “Debt review is a legal process to assist over-indebted consumers to repay their debt in an affordable way. This is done by reducing the instalments and extending repayment terms while protecting them from legal action,” says Debt Review CEO, Neil Roets. “A debt counsellor negotiates on behalf of the consumer on all their credit obligations, as mandated by the NCA.” You can enter into this process voluntarily – it is a legal, proactive step to seek help in a constructive way that will help you recover. No creditor can force you into debt review.
This story is from the June 2017 edition of Bona.
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This story is from the June 2017 edition of Bona.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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