Consumer debt management, otherwise known as debt counselling or debt review, is an official legal process aimed at debt alleviation.
You will be declared over-indebted and the debt counsellor manages the process. The counsellor draws up an inexpensive repayment plan and negotiates with your credit providers. Next, the counsellor will have the repayment plan declared a court order by a Magistrate.
National Debt Advisors (NDA) is registered with the National Credit Regulator (NCR) and offers consumer debt management to over-indebted consumers. If you don’t earn enough to cover your basic monthly expenses, nor your debt payments; you are over-indebted and qualify.
Once your counsellor has declared you as over-indebted and accepts you, the following things will happen:
Also, you won’t have access to credit until you satisfy your payment obligations. At which point, your counsellor will issue you with a clearance certificate. This is a good thing! It prevents you from racking up more debt and keeps you on track. So you can become debt free sooner and enjoy complete financial freedom.