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Media Info
 Pay back time can hold dangers for those who owe
23 August 2008
Consumers have been warned to adopt a holistic approach to paying off debt and not to be tempted by offers of ‘free’ help by creditors.
A meeting of the Gauteng branch of the Debt Counselling Association of South Africa in Johannesburg yesterday (Wednesday 22 October) – debt counsellors accredited in terms of the National Credit Act heard repeated examples of companies advising consumers to go to them for ‘free help’ and not to go to debt counsellors.
Andre Snyman, CEO of ConsumerAssist, South Africa’s largest umbrella organisation of debt counsellors said: “consumers are being told debt counselling will cost money – it does but e fees are very low and are set by government. It’s no more than R3 000 for an individual or R4 000 for a couple. We help people pay off debt a third faster and get clean credit records.
“The danger with going to one creditor, for example, a retailer or bank and accepting their help is that a heavily indebted consumer may have five, 14 or 30 creditors banging on their door. Focussing all your attention to paying off one first is a little like cutting one leg off a table – it’s going to get you into trouble,” Snyman said.
If you apply for debt counselling your vehicle and home cannot be attached for 60 days in terms of the National Credit Act. This allows the debt counsellor to structure an appropriate debt repayment package, acceptable for the consumer and creditors.
Consumer Assist’s interactive website www.consumerassist.co.za has a debt calculator where consumers can calculate their debt and see if they need to use a debt counsellor.
There is also a 24-hour call centre 0861 21 22 23 which operates 365 days of the year where basic questions can be answered.
FOR FURTHER INFORMATION www.consumerassist.co.za 0861 21 22 23 debt counselling call centre
Andre Snyman - CEO - Consumer Assist
aurelia.espag@consumerassist.co.za / 011 654 6018 (Languages: English, Afrikaans)
Source: MediaOnLine
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