Debt Management Advisor
A Debt Management Advisor is simply another term for a debt counsellor.
Debt counsellors, are those who have (through the National Credit Act) been given the power to place over-indebted South African consumers under debt review.
All debt counsellors must be registered with the National Credit Regulator (NCR). When seeking the services of a debt counsellor, make a point of asking for their NCR DC number. If they cannot produce it, immediately stop all dealings with them.
Sadly, many debt management advisors/debt counsellors are very negatively perceived because of some rotten apples in the debt counselling industry. This isn’t fair, as the debt management solution of debt review has yielded positive results and helped thousands of previously over-indebted South Africans become financially free.
One of the major things a registered debt counsellor can do for an over-indebted consumer, is to negotiate the lowering of interest rates. In some instances, these negotiations between debt counsellors/debt management specialists and credit providers can see interest rates being dropped from 30% to as low 2%. This makes your monthly debt repayment on a specific unsecured debt, considerably less.
Debt counsellors/debt management advisors can also negotiate with your creditors to extend the terms of your debt repayment. Ideally, a debt counsellor/debt management advisor should restructure your debts, so that you are debt free in under 60 months.
National Debt Advisors is the leading debt counselling company in South Africa. We have an abundance of debt counsellors/debt management advisors. In addition, we have legal and support staff who are NCA compliant, NCR registered (where necessary) and committed to getting you out of the vicious cycle of debt.