DEBT ASSIST SOLUTIONS

By: Debtassist24  11-11-2011
Keywords: debt, Debt Counselling, Debt Management

At DEBT ASSIST 24 we offer a range of solutions for clients, as individuals have unique debt problems and situations they should not be all squeezed into one solution. As part of our 'Best Advice' model by contacting us and following our process we will be able to analyse your current situation and recommend the best solution for you.  DebtAssist24 offers the following solutions:   

Debt Management

  - Informal arrangement with your credit providers read more..  


Debt Counselling

- Formal debt rehabilitation process under the National Credit Act read more..  

NDMA

- Formal Debt Mediation with credit providers read more..

Sequestration

- A form of personal bankruptcy or insolvency 

Debt Management


DEBT ASSIST 24 offers a debt management program for clients who are struggling to pay their debts. Our debt management consultants help by organising an affordable monthly budget (debt repayment plan) and giving clients the independence to speak to their creditors and take control of their finances.

Benefits of our debt management programme:
· Our consultants will develop a monthly budget for each client· Receive an affordable debt plan that clients can use to negotiate payment terms with their creditors DEBT ASSIST 24 have friendly and qualified experts who will listen to your situation and concerns· The first step to taking control of your finances

DEBT ASSIST 24 are helping people every day to reduce their debts. Read some of what our customers say about us in our Case Studies section.

If you would like to find out more about how debt management could help you contact
DEBT ASSIST 24 today on the number below or use the free call back form on this page.

Debt Counselling


Why use Debt Counselling?


Debt Counselling is a highly effective, closely managed solution for people with more serious debt problems. If you are struggling to make your monthly debt repayments, and are being hounded by the creditors or you are struggling to make your day to day payments, use DEBT ASSIST 24 to undergo Debt Review  and take control of your finances again.


What is Debt Counselling?


Debt Counselling is NOT personal administration or bankruptcy. It is a formal debt rehabilitation programme specifically introduced by the National Credit Act to prevent individuals from being placed into personal administration and having to deal with the long term effects. Like Debt Management, the process allows clients to enter into a debt repayment plan with their creditors and emerge debt free after a period of time.


How do I apply for Counselling?


For clients to be eligible for Debt Review they require a registered Debt Counsellor to formally review their finances and declare that they are over-indebted. The legal determination of over-indebted as per the National Credit Act is "if taking all financial circumstances into consideration a client is deemed to be unable to repay their debts". The client must also be employed and earning an income. To see if Debt Counselling is right for you , contact a DEBT ASSIST 24 consultant using the Call Back service opposite or call us on 0861 5000 51

NDMA


National Debt Mediation Association (NDMA)


The NDMA is a credit provider sponsored non-profit organisation designed to assist over-indebted consumers by resolving where possible, through debt mediation their current over-indebted situation and to prevent potential financial problems with the help of debt counsellors.
Through negotiated agreements between the NDMA and its affiliated credit providers, consumers can now take advantage of significant concessions, beyond what is required in law, to assist eligible over-indebted consumers. Consumers who consent to enter the programme and meet their restructured obligations will rehabilitate their financial situation using:
• Repayment term rescheduling
• Interest rate and fee reductions; and
• Temporary payment holidaysWhilst the NDMA will not be able to assist all clients with debt problems it does offer another potential solution. At DEBT ASSIST 24   we analyse your situation and see which solution is the most appropriate for your situation.

Sequestration


Insolvency: Sequestration vs. Liquidation

  If you are an individual and want to declare yourself insolvent, you need to file for sequestration. If you are applying for Insolvency on behalf of a company or business, you will file for liquidation. Why declare yourself insolvent?  
• Sequestration (Personal Insolvency ) If you do not have a business, but as an individual cannot pay your debts , one or more of your credit providers can apply to have your estate sequestrated. Alternatively you can apply for voluntary sequestration. In instances where you have a large amount of debt, which is going to take over 10 years (excluding your home loan) to pay back, then sequestration may be a better option than Debt Review or Debt Management • Liquidation (Business Insolvency) It is a sad fact that up to 80% of small and medium-sized businesses in South Africa will fail in the first 2 years of their existence. When a business fails and is unable to pay its debts it is usually placed in liquidation, where a liquidator will take charge of the estate and all of the business assets are sold by way of public auction. In many instances these auctions do not generate enough cash to pay back the debts and therefore the credit providers look to the personal sureties (usually the directors or members of the business) to pay the remainder of the outstanding debt. If the directors or members cannot settle the outstanding debts, then they have the option of including these debts under Debt Review or applying for sequestration in their personal capacity.

What is sequestration? 

Sequestration should not be taken lightly - you will lose all your assets, sold to the highest bidder and it has serious implications to your credit record. You will not be able to borrow any money and you are listed at the credit bureaus for a period of 10 years. However, you are able to bring an Application for Rehabilitation five years after the date of sequestration. This application can be heard by a Magistrate or a Judge and permission for rehabilitation must be given by your trustee. Once your estate has been rehabilitated it is listed as such at the credit bureau, which will probably mean you are unable to access credit for a further 5 years.

How do I apply for Sequestration?

You must apply for sequestration and be heard in the Magistrate's or The High Court. The sequestration order will not necessarily be granted as it has to be to the benefit of the creditors, meaning you have to have assets that can be sold. If the court grants a provisional order of sequestration, a trustee (appointed by the court) takes control of your estate. The trustee will list all your assets, which will then be sold and each of the creditors who made a claim against your estate will be repaid a percentage of the debt. This is usually not less than 10c in every rand and the outstanding balance (up to 90%) is written off and the creditors cannot make any further claims. The constant phone calls and legal letters will also stop.  To see if Sequestration is right for you, contact a DEBT ASSIST 24 consultant using the Call Back service opposite or call us on 0861 5000 51    

DEBT COUNSELLING CAN HELP YOU TO....PROTECT YOUR ASSETSGET RID OF STRESS ASSOCIATED WITH DEBTGET RID OF DEBT GET RID OF THREATS FROM DEBT COLLECTORS PLAN YOUR MONEY MANAGEMENTMAKE DECISIONS WITH A CLEAR MINDMAKE ENDS MEET EVERY MONTH (LOWER INSTALLMENTS)FIND A BETTER FINANCIAL WAY FORWARD
DEBT COUNSELLING CAN HELP YOU TO....PROTECT YOUR ASSETSGET RID OF STRESS ASSOCIATED WITH DEBTGET RID OF DEBT GET RID OF THREATS FROM DEBT COLLECTORS PLAN YOUR MONEY MANAGEMENTMAKE DECISIONS WITH A CLEAR MINDMAKE ENDS MEET EVERY MONTH (LOWER INSTALLMENTS)FIND A BETTER FINANCIAL WAY FORWARD
YOUR CREDIT PROVIDERS....CONTACT US BEFORE THEY TAKE LEGAL ACTIONWE WILL DEAL WITH THEM DIRECTLY YOU HAVE PROTECTION AGAINST CREDITORS YOUR DEBT DOES NOT JUST DISAPPEARYOU STILL HAVE TO PAY YOUR CREDITORSWHEN UNDER REVIEW, THEY CANNOT REPOSSESSEVERYONE HAS THE RIGHT TO HAVE THEIR DEBT REVIEWEDDO NOT LET CREDITORS BULLY YOU
THE TIME LINE.... RESPONSE TO CONTACT FORM -
2 BUSINESS HOURS

SUBMISSION OF YOUR DETAIL -
1 BUSINESS DAY

CONFIRM ACCEPTANCE -
24 HOURS LATER               YOU ARE NOW PROTECTED!         PAYMENT HOLIDAY (IF ADVISED)NOTIFY CREDIT PROVIDERS -
WITHIN 5 BUSINESS DAYS

CREDIT PROVIDER CERTIFICATES -
WITHIN 10 BUSINESS  DAYS

SUBMIT PAYMENT PROPOSAL -
WITHIN 10 BUSINESS DAYS

PAYMENTS (AS PER PLAN) START -
AFTER DAY 30

PROCESS IS CONFIDENTIAL....

DEBT REVIEW IS A TEMPORARY SITUATIONWE ONLY CONTACT PERSONS RELATED TO YOUR DEBT YOUR CASE IS KEPT CONFIDENTIALYOU DO NOT GET BLACK LISTED YOUR RECORD IS COMPLETELY CLEARED ON SETTLEMENTDO NOT FEEL GUILTY - THE ECONOMY IMPACTS ON MANY PEOPLETAKE POSITIVE ACTION WITH A CLEAR MINDDO NOT WAIT - CONTAIN THE SITUATION
THE NEXT STEPS ARE....   > CONTACT US (SUBMIT THE CONTACT FORM BELOW)              > WE SEND YOU AN INFO PACK

                    > YOU COMPLETE FORM 16

                            > WE CONFIRM ACCEPTANCEYOU ARE UNDER REVIEW AND PROTECTED

Keywords: Credit Providers, debt, Debt Counselling, Debt Management