Debt restructuring in SA is a rather simple and straightforward means for consumers to make a large debt problem easier to deal with. Consumers should inform themselves of the pros, cons and processes of debt restructuring in order to better understand what debt relief services will suit them best, to allow them to make the right choice for their circumstances.
Debt restructuring in SA is still a relatively new phenomenon, with the industry only going into its sixth active year. When The National Credit Act came into effect in 2007, consumers were given the opportunity to make use of this new piece of legislation to restructure their debts with the help of a debt restructuring expert. The industry is finally finding its feet and is becoming a powerhouse debt solution for consumers who are over-indebted and in need of help with their debts.
Debt restructuring SA services entail enlisting the help of a debt restructuring expert to analyse, restructure and help manage debts and the first step in doing so is allowing them to analyse your finances in order to identify debt problem and the available amount the consumer has to pay toward debts on a monthly basis.
Once this amount has been determined, the debt restructuring service entails negotiations with creditors, designed to find a way to reduce the repayment, extend the payment period and, if possible, minimise interest on debts. These negotiations will ensure that total debt payment does not exceed the available amount that has been determined.
Debt restructuring services also include the allocation of a payment distribution agency to handle these payments on behalf of the consumer, for as long as the consumer is undergoing debt restructuring.
If a consumer can no longer make their monthly payments and are finding themselves skipping payment, deferring payment, or using credit cards to pay debts – they are over-indebted and should consider enlisting the debt restructuring services of an NCR registered debt counsellor today.