Understanding Debt Counselling: Who Can Apply?
Are you struggling to keep up with your monthly debt obligations? Do you find yourself constantly worrying about how to pay off your debts? If yes, then debt counselling might be a suitable option for you.
Debt counselling is a process that helps consumers who are struggling with debt to find a way out. It is a legal process that is regulated by the National Credit Regulator (NCR) in South Africa. Debt counselling is designed to help consumers manage their debt in a way that is affordable and sustainable, so they can regain control of their finances.
Who can apply for debt counselling?
Consumers who are struggling to meet their monthly debt obligations qualify to apply for debt counselling. These consumers should have a distributable income, which will be used to offer reduced payments to their credit providers. The debt counsellor will assess your financial situation and determine whether you qualify for debt counselling.
If you are married in community of property, you must jointly apply for debt counselling. This means that both you and your spouse will have to participate in the debt counselling process. This is because both of you are responsible for the debt incurred during your marriage.
Debt counselling is an excellent option for consumers who are struggling with debt. If you find yourself in this situation, it is important to seek help as soon as possible. Debt counselling can help you regain control of your finances and live a debt-free life. Remember, there is always a way out of debt, and debt counselling is one of the ways to achieve financial freedom.
​​If you have any questions about debt you currently have, please feel free to reach out to a member of the Libertine Consultants team. We are here to provide you with judgement-free support and advice.
Need advice? We can assist with that too! Submit your inquiry to us via email advisors@libertineconsultants.co.za and we will provide you with sound insights on the best way forward. In the meantime, keep an eye on our YouTube channel to get more practical advice on managing the financial stress of the pandemic.
