Everyone knows the saying “too little too late”. But when it comes to debt review, when is it too late to apply?
Debt review or debt counselling is a process in terms of the National Credit Act, Act 34 of 2005, where a consumer who is over indebted (a consumer who is unable to satisfy timeously all the obligations under all the credit agreements to which the consumer is a party to) applies to a debt counsellor to assist him or her in restructuring his or her debt with credit providers by reducing the monthly installment and extending the term of the credit agreement.
According to statistics approximately 54% of all credit active consumers are over indebted with some statistics saying it is more than 60%.
These over indebted consumers …
Read the full article at: http://www.iol.co.za/business/personal-finance/financial-planning/financial/sponsored-content-get-help-for-your-debt-before-its-too-late-2088734