Understanding the Induplum Rule: Protecting Consumers from Excessive Debt Debt can be overwhelming, especially when interest charges keep piling up. But did you know that South African law has a built-in safeguard to prevent interest from spiraling out of control? This safeguard is called the Induplum Rule, and it plays a crucial role in protecting
SS Debt Counsellors | Pioneering Debt Freedom Since 2008 Founded in 2008 by Erna Scott, SS Debt Counsellors has been at the forefront of debt counselling in South Africa. Erna was one of the first registered Debt Counsellors in the country (NCRDC28), cementing her legacy as a trailblazer in the industry. Her commitment to helping
The Emotional Impact of Debt | How Financial Strain Affects every aspect of your life! Debt has a way of creeping beyond bank accounts and credit statements—it impacts every facet of life, bringing with it a heavy emotional burden. For individuals, their families, and even their work environments, debt can cause an array of emotions
Debt Counselling | Introduced under the National Credit Act (NCA) of 2005 Debt Counselling Services in South Africa were established as a response to the growing issue of over-indebtedness among consumers. Introduced under the National Credit Act (NCA) of 2005, these services aim to provide relief to individuals struggling to meet their financial obligations. The
Keyways Debt Counselling Assists | Provides comprehensive support Debt counselling provides comprehensive support to clients who apply for debt review. Here are some keyways we assist: This process aims to empower clients to achieve financial stability and eventually become debt-free. Financial Assessment: Debt counsellors evaluate the client’s financial situation, including income, expenses, and debt obligations,
Payment Distribution Agencies (PDAs) | Managing the collection and distribution of funds Debt Counsellors work with Payment Distribution Agencies (PDAs), which are entities registered with the National Credit Regulator (NCR). PDAs play a crucial role in the Debt Review process by managing the collection and distribution of funds. By working with PDAs, Debt Counsellors can
The Debt Review process The Debt Review process is designed to help people manage their debt in a structured way. This process is meant to help you regain financial stability without the overwhelming burden of debt. Here’s a simplified explanation of how it works: Contact a Debt Counsellor: Reach out to a registered debt counsellor.
Debt Counsellor’s responsibilities | Ensure the process is transparent and compliant with regulations When a client applies for Debt Counselling, the Debt Counsellor’s responsibilities – notifications are sent to relevant parties to ensure the process is transparent and compliant with regulations. This notification process ensures that all parties are informed and that the client’s rights
Clients have several key responsibilities | During the Debt Counselling process During the Debt Counselling process, clients have several key responsibilities to ensure the process runs smoothly from the application date through to the final settlement of debts. By fulfilling these responsibilities, clients can make the most of the Debt Counselling process and work towards
Legal Protection | Obtaining a Court Order in Favour of Debt Review Obtaining a court order in favour of a client Debt Review, involves several legal steps Here’s a simplified breakdown: Consultation: The client meets with their legal representative to discuss the case and gather all necessary documents and evidence. Filing the Case: The lawyer