What are debt counsellor processes in Cape Town?
As form of rehabilitation, debt counselling is a series of steps that a consumer follows to recover from bad debt:
- Recognise your need for help and apply for a debt review
- Have your finances reviewed by a debt counselling company and follow their guidance
- Work with the counsellor to restructure your budget - being as honest and forthcoming as possible
- The debt counsellor will negotiate with your creditors and inform them that you are undergoing debt review
- Together with a Payment Distribution Agency, your income is appropriately distributed each month
- Once debts are paid up, you are given a debt clearance certificate