The National Credit Act ( NCA )was formed to replace the old usury act, and has at goal to firstly provide more protection and rights to the consumer. It is regulated by a governing body, known as the National Credit Regulator ( NCR ) The aim is to help consumers become less indebted so that the availability of money can once again stabilise our highly indebted economy. High loan repayments in a society, causes less available money and spending.
Debt counselling is a professional financial service regulated by the National Credit regulator to protect over-indebted consumers. Over-indebtedness means that your basic living expenses + monthly credit obligations (i.e bond, vehicle finance, credit card,loans, accounts,etc) is more than your nett income( take home pay). when you apply for debt review, your credit agreements gets frozen, while we renegotiate a payment plan with your creditors. This payment plan is a plan that you can afford, and that is acceptable to your creditors.
For 60 working days you do not have to pay your creditors, although we try to pay them a revised payment during this time. this gives the consumer a breather while we negotiate with the creditors.
The process protects your assets and they can not re-possess your property, car, or furniture.
This process should not be confused with administration, sequestration, or liquidation. In most of these you are bound by a fixed period, it is very expensive, and in certain cases your assets are sold to pay off some debts.
With DEBT COUNSELLING your assets are protected and everything is done for you to afford the repayments thereof and to keep your assets.
200 000 people have applied for debt review recently, and the national Credit regulator expects this figure to grow to 1.8 million within the next 3 years
The debt counsellor’s fee is worked in to your repayment plan, and wiill thus never leave you worse off than at present and will not come out of your already empty pocket, so rest assured, we are there to give you financial freedom and not to imprison you even further.
Proverbs 22:7: ” The rich rule over the poor, and the borrower is slave to the lender.”
Our aim is to free you from this slavery.
Contact me on 073 934 6366 or danie.crossroads@gmail.com if you require any further information.
We also offer any other kind of financial service, such as financial planning, wills, bonds, bank accounts, investment advise, etc. We are accredited under the Financial advisory intermediary service (FAIS) to give financial advise, and also registered with the National Credit Regulator (NCR) as debt counsellors.
