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DEBT CONSOLIDATION

A Debt Consolidation Loan may be the answer to your problems or is it simply a quick fix that will result in you being worse off financially?

So what are the advantages?

  • You have one monthly instalment which is generally lower than what you are currently paying.

What are the disadvantages?

  • All the interest you have paid on your current loans will be lost.
  • You will have to pay interest on your new loan again (in effect paying interest upon interest)
  • Has all your debt been settled?
  • Although the consolidation loan has helped can you really afford the new payment?
  • It will take longer to pay your debt off.
  • There’s a good chance that you will start using your credit/store cards again.

What’s the alternative?

Debt review will consolidate all your debt whilst reducing your current monthly instalment and interest rates that you are currently paying. We will help you regain financial freedom without the fear of being unable to pay your monthly bills by building a budget that works both for you and your creditors.

Our consultants are waiting to help solve your financial woes. There are no initial costs so take that first step towards financial freedom and contact us today.

NATIONAL CREDIT REGULATOR

The National Credit Regulator is the Governing Body established to monitor the Credit Industry and protect all consumers in South Africa.

One of its tasks is to regulate the Debt Counselling Industry to ensure fairness to all consumers by enforcing strict guidelines and the monitoring of fees that need to be adhered to, allowing you peace of mind, knowing that you are fully protected by the National Credit Act.

WE DEAL WITH THE FOLLOWING TYPES OF DEBTS
  • Store Cards
  • Credit Cards
  • Personal Loans
  • Bank Overdrafts
  • Hire Purchases
  • Bonds
KEY FEATURES OF OUR DEBT COUNSELLING PROGRAM
  • Free Advice
  • Quick and Easy
  • No interviews in person
  • In complete confidence. your employer or work colleagues will not find out
FREQUENTLY ASKED QUESTIONS

Quick FAQ - Debt Consolidation

Can I go under debt review if I’m still in a divorce process and married COP?

We can get everything prepared with all the documentation, prepare of your budget etc, but we will have to wait until you are officially divorced until we can legally place you under debt review without your spouse. When your divorce is final we will process the legal part of debt review.

Can I still use my credit cards, store cards and overdrafts?

No, while you are under debt review you will have to cancel your credits and cut up your credit and store cards. Lower monthly payments will be negotiated for you and you should have no need for extra credit or overdrafts. Credit is generally what caused your debt problems in the first place. When your debt review is complete and you are debt free you can apply for credit again.

How long will it take for my situation to improve?

Immediately. You will benefit from a realistic budget which will allow your creditors to be paid at a rate which is affordable to you.

How will this affect my bond?

In the majority of cases the Banks will accept a reasonable offer, usually around 80% of your bond, but in some cases we will keep normal installments on your bond. We will certainly make sure your bond is treated as the highest priority debt in order to make sure your home is secure.

I’ve been summoned to court by one of my creditors, does debt counselling take care of this?

No, however it is our experience that most attorneys and creditors will respond to the debt review programme favourably and agree to have this included in the debt review.

If I already have judgements against me – can I go under Debt Review?

Yes you can, but we may not be able to include the accounts you have judgements on if the legal process has gone too far. We will include all other accounts and this should ensure you can cope with all your debt repayments. Fill out an application and talk to one of our consultants – they will be able to assess your situation and advise accordingly.

If I already have judgements against me – can I go under Debt Review?

Yes you can, but we may not be able to include the accounts you have judgements on if the legal process has gone too far. We will include all other accounts and this should ensure you can cope with all your debt repayments. Fill out an application and talk to one of our consultants – they will be able to assess your situation and advise accordingly.

Is a Debt Consolidation loan better than Debt Review?

If you are in arrears and/or are experiencing problems with your monthly debt repayments then it is not wise to take on even more debt, and it’s likely you will not qualify for a loan. Debt Review is then your best option in order to sort out your situation. When you have cleared all your debt then you are free to apply for credit again.

Is Debt Review the same as a Debt Consolidation loan?

No we do not give you a loan, but we will consolidate your debt without you having to take out another loan. What we do is negotiate reduced monthly payments with your creditors in order for you to cope with your monthly debt commitments. You will only have to make ONE single payment each month directly to a Payment Distribution Agency, which will then distribute your funds to your creditors.

Will the plan cover all my debts?

Yes, we will deal with all your unsecured and secured loans. When we analyse your finances, we will make appropriate allowances for you to be able to afford your day-to-day expenses before we calculate how much you can afford to pay your creditors.

Find Us

Get In Touch

Call Us: 086-11-11-863

Debt Therapy (Pty) Ltd
Unit 9
1st Floor
Time business park
37 Blaauwberg Road
Cape Town
7441 Debt Therapy