If you are struggling to pay your bond consider contacting an NCA Debt Counsel
The vast majority of bond payers do not as yet know that the National Credit Act has made provision for debt counsellors who have the systems and the authority to help an over-indebted person (i.e. someone whose expenses are higher than his income) through his difficulties.
If you are finding that you can no longer meet your debt obligations, said Tony Clarke, MD of Rawson Properties, do not be too proud to call for the help that an NCA counsellor can give you. It could save you from sequestration.
The usual practice in debt counselling, said Clarke, is for the counsellor to go through all the clients debts. He will then decide whether the client is over indebted and work out a repayment plan (paying back smaller amounts over a longer period) which will be submitted to the various creditors. If the creditors refuse to accept this, a Magistrate Court Order can be applied for which binds creditors and consumers to the agreement. The counsellor will also investigate whether, before making the loan, the debtor was in fact able to repay it. If not, the creditor could be charged with reckless lending and the clients debt may be scrapped.
Once the magistrates agreement is in place, no creditor is allowed to harass or to sequestrate the debtor, provided he meets his monthly payments. The debtor, for his part, is prevented from making any further purchases on credit and has to make one monthly payment (as calculated by the debt counsellor) to a payment distribution agency, who in turn pays all the creditors.
Clarke added that a major advantage of going the debt counselling route
is that it prevents a person being blacklisted. He will, therefore,
be able to apply for credit again, once the current debt is paid off.
Over-indebted individuals can contact the National Credit Regulator
on 0860 627 627 or email firstname.lastname@example.org
for names of accredited counsellors.
Article by: www.rawson.co.za