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1.
Why use a debt counsellor? |
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Debt Counsellors were formally introduced by
the National Credit Regulator (NCR) to help
consumers who are having trouble with their
debts. We are here to negotiate with your
credit providers on your behalf to get you a
manageable debt plan that you can afford. |
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2.
How do I know this is right for me? |
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If you are struggling to make your monthly
payments or don’t have any cash left at the
end of the month, then a debt review could
be your best option for reducing your debt
payments. Your debts are repaid in a
controlled manner at a rate you can afford. |
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3.
Is this a Loan |
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No we do not lend you money. This is a
payment plan allowing you to repay your
debts back at a rate you can afford. |
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4.
Will my details be sent to the Credit
Bureaus and my Creditors? |
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Yes. Upon completion of your application,
all credit bureaus and Creditors will be
advised providers will be advised that you
have applied for a debt review. We will then
update the credit bureaus depending on the
outcome of the debt review. |
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5.
Will I receive a default notice? |
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By lowering your monthly payments to your
Creditors, you will be in default of your
original agreements with your Creditors and
as a result may be issued a default notice.
Creditors send out Default Notices in order
to protect their legal position. |
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6.
Can I apply if I already have judgements? |
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Yes. Please ensure we know your complete
situation so we can help you. |
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7.
Can you cover all my debts? |
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We deal with all your debts (bond, car
finance, credit card, store cards, personal
loans, etc.), whilst making provisions for
you to maintain your household bills etc. |
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8.
Do I have to be a homeowner to apply? |
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No. Anyone can contact us. |
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9.
Can I apply for credit or still use my
credit cards etc., whilst on a debt plan? |
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No. Your cards should be destroyed and
returned to the credit providers.
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10.
Do my Creditors have to accept the debt
plan? |
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No. Your credit providers have the right to
reject the debt plan and if this happens a
magistrates order will need to be obtained.
Experience has shown that Creditors are
likely to accept a reasonable offer that
shows you are committed to get out of debt. |
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11.
Can the Creditors change their mind once
this has been agreed? |
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No. As long as you maintain your agreed
payment, they are not able to take further
action. |
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12.
How much will I have to pay each month? |
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The monthly payments are based around what
you can realistically afford, having taken
into account all of your day to day living
costs. |
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13.
Do I have to attend an interview? |
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No. We organize most things by
post/telephone. |
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14.
Will I have to change my Bank Account? |
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If you currently have any debt with your
existing bank, we strongly advise you to
open a new account, with a bank where you
have no debts. This protects your income and
gives you full control of your finances with
the assistance of LDS. |
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