NCR Debt Help
NCR Debt Help Is Your Best Way To Becoming Debt Free
Getting help from the NCR could be your best solution if you are coming under increasing financial pressure to meet your monthly payments & debt commitments.
While the National Credit Regulator (NCR) & registered debt counsellors may be able to ease your financial burden it is not a facility to obtain extra credit.
To help your situation you will need to commit to the NCR Debt Counselling process & agree to go under debt review with the help of one of the Debt Counsellors who have been registered with the NCR.
This will mean that if you are really serious about making a positive difference in your financial circumstances you will need to make certain lifestyle changes in accordance with how your debt counsellor manages to restructure your debt obligations.
You can rest assured that any debt counsellor who is registered with the National Credit Regulator will have complied with all the provisions of the National Credit Act & will have undergone the training requirements of the NCR.
Furthermore the NCR debt councelling process will entail conducting independent enquiries into the consumer’s financial circumstances & make recommendations to the courts concerning the debtor’s debt restructuring & for the suspension of reckless credit agreements.
National Credit Regulator (NCR) & the Rights of the Consumer
The National Credit Regulator (NCR) was established as the regulator under the National Credit Act 34 of 2005 (the Act) & is not only responsible for the regulation of the South African credit industry, but also for the registration of credit providers, credit bureau & debt counsellors.
Furthermore as a consumer & in accordance with the National Credit Act you have the right to the following;
- an understandable credit agreement in plain language
- a quote as well as a pre-agreement statement, binding for a period of 5 days
- advertising & marketing containing all the information on the cost of credit
- limited credit sales while you are at home or work
- feedback as to why a credit application was unsuccessful
- the regulation of automatic credit increases
- the prohibition of reckless lending
- regulated fees & interest on all credit agreements, including micro-loans
- regulated credit bureau & the right to one free credit report every year
- assistance when you’re over-indebted & to be able to negotiate with your credit provider or debt counsellor
- debt counselling to enable you to restructure your debts into manageable payment terms
NCR Debt Help – Conclusion
In conclusion, if your financial situation is such that you can no longer service all your debt & you are struggling to meet your monthly payments you should do the following;
- firstly contact your creditors to negotiate an affordable payment plan
- and then if this is unsatisfactory you will need to contact one the registered NCR Debt Counsellors to start the debt counselling process to restructure your debt & come up with an affordable payment plan