DEBT LOANS

By: Fast Personal Loans  10-26-2012
Keywords: debt, Debt Counselling, Debt Recovery

More and more consumer are been declined for personal loans. The reason been that they are over indebted. Many consumers are struggling with debts with many applying for debt loans. Many borrowing to service personal loans and credit cards. Are you, as a consumer aware of the protection offered by debt counseling process? However there is a protection offered by the National Credit Act of 2005. If you are unable to service your debt, your creditors are likely to proceed to recover a debt. This is done through a legal process. The creditor will first issue you with a letter of demand to pay your arrears (the letter is called Section 29 letter) as the first step towards the recovery of the debt. The Section 29 letter will give you 10 days to pay the outstanding arrears or to amongst other refer the matter for debt counseling within that 10 days. The is a requirement by Section 29 of the National Credit Act of 2005. The most important thing is that once the creditor can proof that the Section 29 letter was sent out to you address as reflected on the contract, and that the post office notified you of the letter but you failed or ignored to collect the letter, your credit will satisfy the requirement of Section 29. The next step by your creditor will be to issue summons against you. Once the summons is issued you cannot refer that matter for debt counseling. You can however refer other debts for debt counseling. After summons, your creditor will obtain judgment against you, in most cases terminating the credit agreement and demanding the return of the goods sold. These will usually be your Car , furniture and House. The creditor will after the asset has been repossessed, sell the asset in an auction, usually for an amount less that what you are owing and claim the balance from you again. So you lose your asset and again the money paid and still be liable for the outstanding balance. As a way of example, if your house is repossessed while you still owe R500,000 and it is sold in an auction for R400,000, you will still be liable for the balance of R100,000. The bad thing is that judgment remain valid for 30 (thirty) years, so your creditor can still come anytime before the expiry of 30 years to claim the balance. You will also be blacklisted and you can clear your name after paying the outstanding balance. As you can see the consequence are very serious with long term effects. Now the question is whether consumers are using the benefit of debt counseling or rather whether they understand it. It seems consumers are using debt counseling to their advantage. This may be due to lack of information or misunderstanding. It seems some consumers are only worried about the fact that once you are under debt review, you cannot apply for new credit. What they may not know is the serious and embarrassing consequence of judgment as against those of debt review. The limitation place by debt review on the consumer is only that you cannot apply for new credit. But remember you can cancel debt review at anytime is your financial situation improves. SOME BENEFITS OF DEBT COUNSELLING 1. You pay 1 affordable monthly installment to all your creditors (loans,bond repayments,car installments,credit cards,store cards). 2. No legal action can be taken against you once you are under debt review; 3. No one can take or repossess your assets (car,furniture & house); 4. You will have money let for basic living expenses; 5. No more stress and calls from your creditors; 6. No blacklisting against your name; 7. You can cancel debt review process once your financial position improves. If you are having problems with your debt act fast, save your assets consider debt couselling.

Keywords: debt, Debt Consolidation Loans, Debt Counselling, Debt Counsellor, debt counsellors, debt help, Debt Loan, debt problems, Debt Recovery, debt relief, Debt Solutions,

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