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Debt Counselling News

Differences between Debt Counselling and Debt Consolidation

Debt Counselling serves to instil in the mind of the client, a cash only life style and concentrates on the repayment of existing debt over a period of time, through a structured payment plan without pressure from credit providers or threat of repossession of assets! You are protected from your creditors under debit review which was set out by the National Credit Act!


Debt Consolidation puts together all your existing debt into a single facility which is obtained from a credit provider. You then make a single monthly payment to a single credit provider. The interest rate may be lower than, for example, credit card rates, but the repayment period will be longer. The down side of consolidation is that the credit provider will require collateral for the facility and will insist that you bond or re-bond your property or other suitable asset. If you default you will lose all your asset/s which will be sold off to repay the consolidated loan.

 

PMB & Natal Midlands

We are able to assist you!
  1. Pietermaritzburg
  2. Ashburton
  3. Camperdown
  4. Hilton
  5. Cedara
  6. Tweedie
  7. Merrivale
  8. Howick
  9. Nottingham Road
  10. Mooi River

If you feel you are over-indebted, do not wait until it is too late. Our offices are centrally located in Pietermaritzburg for your convenience.
Contact Us Now!

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Download Application Forms PDF Print E-mail


When applying for debt review, you will be required to complete a Form 16 and submit it to us.


CLICK HERE to download your Form 16 now (PDF Format)


When submitting your Form 16 to us, you will also need to supply us with the following documentation before we will be able to submit your application:

  1. Copy of your South African ID book
  2. 3 months bank statements
  3. Copy of your payslip
  4. Statements of Accounts of all your debt obligations that you wish to submit for debt review

If you are married In Community of Property, your spouse will also be required to provide the above documentation, although you will only need to complete one application form.
 

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