Some people pretend they are fine when they are really battling. They think they can fool others and even pretend to themselves that everything is okay. Look closer and you will see they sleep badly, are not themselves, lose their temper and become depressed. Their families and friends also suffer, they are not pleasant to be around. They are stressed. Of the 18 million credit active South Africans, 8.9 million have an adverse credit record. (That’s half of the economically active population!) This means that nearly 9 million people are at least three months in arrears with one or more accounts. On average 78% of household income goes to settle debt – leaving 22% on average to live on. South Africans are becoming more and more indebted. This is a big problem, but as you know, it is a secret problem, something we don’t talk about.
Debt is stressful but you can deal with it. I have assisted clients deal with their debt (and fix their credit record) for eleven years. I have come to understand that everyone of those people who took action is now smiling again. The key was in taking action. You need to know that there is light at the end of the tunnel, you can become financially fit again. As with so many things in life, don’t just listen, take action now. Don’t let this chance slip by. Use this challenge to start to rebuild your finances and get out of debt. Become a role model, let something positive come from this experience. Show your children and others that, with determination and perseverance, you can become debt free. If you have been making excuses, stop. You owe it to yourself. Don’t get taken advantage of any longer – you do not belong to your creditors! You can get out of debt and get back to being all you were meant to be.”
Written by Stephen Logan, Independent Consumer Attorney
I’m not quite in arrears yet, but my debt is getting out of control. Most of my salary goes towards paying off some kind of debt. I can’t sleep at night or think straight during the day because I keep stressing about how I’m going to get rid of all this debt. I don’t even have my own house yet and I’m already drowning in debt. It’s really getting to me.
Hi Thuli, have you ever considered going under debt review?
Hi,
How does it work if you go under debt review? I am drowning in debt at the moment and could not even pay all my accounts last month. This is very bad for me and my son just went to Gr. 1 (very expensive). Please I need help.
Kind Regards
Dianne
Dear Dianne ,
Thank you for your interest in DebtSafe.
For your convenience, we’ve compiled a quick reference guide pertaining to the debt counseling process. If there is anything which you feel we have not covered sufficiently in the document, you are very welcome to contact us at our call centre for further assistance: 086 110 0999
How can the debt review process help you?
• It protects your assets.
• It protects your credibility because you’re still doing the right thing, i.e. repaying your debt.
• It diminishes your debt related stress because you’re actively targeting your credit issues.
• You gain control of your finances – it no longer controls you.
• You are now able to make ends meet every month, which further reduces stress.
• You are on a journey towards true financial freedom – just keep up with those reduced payments and in time your debt is settled, your name is cleared and the stressful times are a distant memory.
The debt review process
Here’s how it works, in a nutshell:
• We assess your debt situation
• We suggest a payment solution
• We negotiate the plan with creditors
• We obtain legal confirmation of the plan
• You continue with the payment plan in the meantime
• On final settlement your record is cleansed
• If you default on payments, you will however not be allowed onto a debt review program again, regardless of the Debt Cousellor you approach.
• As the idea is to become debt free, you also cannot incur further debt during this program.
And here’s the timeline we work on….
• Response to contact form – 2 business hours
• Submission of your detail – (1 day)
• We confirm acceptance – 24 hours later
• YOU ARE NOW PROTECTED
• Payment breather (if advised)
• Notify credit providers – (5 days)
• Credit provider certificates – (25 days)
• Submit Payment Proposal (30 days)
• Payments starts (From the first month of when the application form is handed in)
What you need to know about your credit providers
• Debt review is a legal process that will protect you against aggressive creditor action because in essence debt review has been designed to help you recover from financial setbacks. Therefore such creditor actions are in contravention of the law and thus illegal.
• However, a creditor must be paid what he has loaned to you in good faith. Debt counseling is a process that allows you to honor your commitments by paying all that is due, but over a longer period.
• Should a creditor decide to take any legal action against you whilst under debt review, they need to contact us first, which mostly allows us the opportunity to address the issue before it goes to court – think of us as your umbrella on a rainy day.
• By law your creditors cannot repossess any of your assets while under debt review, provided that they have not commence with legal action prior to your application for review.
• Consider debt review the moment that you start to fall behind with your payments, or if you anticipate that you are about to fall behind. Creditors are quick to institute legal action against clients, and once they do we cannot help you because the process is irreversible.
What you need to know about your credit record
Debt review is a temporary situation, and all the details of your case is kept confidential. We only contact the persons related to your debt. Remember that you cannot get a permanent ‘bad’ record when under debt review. In fact, your record is completely cleared upon final settlement.
Should you be interested in applying for debt review, please send us a mail at info@debtsafe.co.za or sms DEBT to 31022 and we will contact you.
Hi! I would like to find out more about debt counselling! I am not behind in payments yet, but are struggling to make ends meet. One of my questions is once I’ve applied for debt counselling, do I need to accept the counselling or do I have a choice not to accept?
Dear Robert,
I’m not sure what you mean with “the counselling”. Herewith more information regarding debt review that we offer:
For your convenience, we’ve compiled a quick reference guide pertaining to the debt counseling process. If there is anything which you feel we have not covered sufficiently in the document, you are very welcome to contact us at our call centre for further assistance: 086 110 0999
How can the debt review process help you?
• It protects your assets.
• It protects your credibility because you’re still doing the right thing, i.e. repaying your debt.
• It diminishes your debt related stress because you’re actively targeting your credit issues.
• You gain control of your finances – it no longer controls you.
• You are now able to make ends meet every month, which further reduces stress.
• You are on a journey towards true financial freedom – just keep up with those reduced payments and in time your debt is settled, your name is cleared and the stressful times are a distant memory.
The debt review process
Here’s how it works, in a nutshell:
• We assess your debt situation
• We suggest a payment solution
• We negotiate the plan with creditors
• We obtain legal confirmation of the plan
• You continue with the payment plan in the meantime
• On final settlement your record is cleansed
• If you default on payments, you will however not be allowed onto a debt review program again, regardless of the Debt Cousellor you approach.
• As the idea is to become debt free, you also cannot incur further debt during this program.
And here’s the timeline we work on….
• Response to contact form – 2 business hours
• Submission of your detail – (1 day)
• We confirm acceptance – 24 hours later
• YOU ARE NOW PROTECTED
• Payment breather (if advised)
• Notify credit providers – (5 days)
• Credit provider certificates – (25 days)
• Submit Payment Proposal (30 days)
• Payments starts (From the first month of when the application form is handed in)
What you need to know about your credit providers
• Debt review is a legal process that will protect you against aggressive creditor action because in essence debt review has been designed to help you recover from financial setbacks. Therefore such creditor actions are in contravention of the law and thus illegal.
• However, a creditor must be paid what he has loaned to you in good faith. Debt counseling is a process that allows you to honor your commitments by paying all that is due, but over a longer period.
• Should a creditor decide to take any legal action against you whilst under debt review, they need to contact us first, which mostly allows us the opportunity to address the issue before it goes to court – think of us as your umbrella on a rainy day.
• By law your creditors cannot repossess any of your assets while under debt review, provided that they have not commence with legal action prior to your application for review.
• Consider debt review the moment that you start to fall behind with your payments, or if you anticipate that you are about to fall behind. Creditors are quick to institute legal action against clients, and once they do we cannot help you because the process is irreversible.
What you need to know about your credit record
Debt review is a temporary situation, and all the details of your case is kept confidential. We only contact the persons related to your debt. Remember that you cannot get a permanent ‘bad’ record when under debt review. In fact, your record is completely cleared upon final settlement.
Please let us know should you need more information or feel free to email us at info@debtsafe.co.za
Hi,
I’m currently in a lot of debts and ended up taking loans everywhere even going to the loan sharks and now my furniture is about to repossesed because I’ve been making arrangements and failed to honour them each month.This is affecting me so badly that I’m not coping at work and home and my family has to suffer.Please help…
Dear Mamo,
Please contact us urgently at info@debtsafe.co.za and provide us with your contact details.
Regards DebtSafe