Even on low income and while knee-deep in debt, the right debt review program lets you reorganize your debt and establish better money habits, leading to financial stability in the long run. But with the array of debt review companies, how do you even choose the best one? Here’s a cheat sheet of helpful pointers on finding the best debt review company in South Africa.
Feel like you’re swimming in debt? Fret not because you can work yourself out of it and achieve better financial health through help from the best debt review companies in South Africa.
Here is what you need to prioritize to find the best debt review company in the country:
All debt counsellors operating in South Africa must register with the National Credit Regulator (NCR). This ensures any company offering the services is up to par with the required quality standards.
There are a few dishonest individuals posing as debt review agencies, so take the time to do your homework and choose a company that you can rely on.
To find the best debt review company, ensure that the company is registered with the regulatory body. The easiest way to do this is by running their NCR registration number through the NCR registrants database.
When you pursue financial freedom through the help of a debt counsellor, you essentially have to give up a lot of financial and even personal information like your marital status. This data is vital in creating your debt profile and devising a strategy to help you out of the debt pit.
While debt review is one of the most efficient ways to free yourself from debt, it’s not an overnight process. Also, there’s no telling how it’ll turn out. However, working with a reputable debt review company and debt counsellor boosts your shot at getting satisfying results since they are well-versed with the nuances of debt counselling and have an established network.
Review the company’s website to see how many clients they’ve helped and how long, on average, their reviewing process takes. Note that the best debt review companies in South Africa are often awarded in the annual Debt Review Awards. Checking the winner list is also another effective way to find a top-performing counselling service such as Debt Restruct.
Read clients’ testimonials, and while at it, check out what previous clients have to say through leading customer review sites, such as Google and Hellopeter, and social media platforms like Facebook and Twitter. As for your assigned debt counsellor, an NCR registration helps confirm their experience. But you can always ask them about their experience if you’re interested in doing a thorough background check.
When you employ the best debt review company in South Africa, you’ll be required to fill a form collecting detailed information about your financial situation. This helps your debt counsellor create your debt profile and devise the best possible strategies for you. During the debt review process, the counsellor will then send out a notice to creditors to inform them of your new debt review status. In addition to requesting the certificate of balance (highlights details of your contract with your creditor).
They’ll also register you with the NCR to protect you from creditor harassment and prevent you from incurring further debt during your repayment period. From here, the counsellor will negotiate with your creditors to create a flexible repayment plan. If successful, you’ll be required to start repaying that same month. All payments are often made to a payment distribution agent who’ll then forward them to your creditors.
The best debt review companies in South Africa offer a seamless, confidential debt review process and are typically accredited by the NCR. Debt Restruct fits the bill. As one of the annual winners of the Debt Review Awards, our counsellors have the experience and tools to help you out of debt and guide you towards financial freedom.
Find out if you’re eligible to reduce your debt and protect your belongings.
Disclaimer: This website and any information herein is not intended to be, nor does it constitute, financial, tax, legal, investment, credit, or other advice. Before making any decision or taking any action regarding your finances, you should consult a qualified professional directly.