Debt Counselling - legitimately an Option?

Free Legal Forms - Debt Counselling - legitimately an Option?

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The current economic situation in South-Africa, the past and potential recurring recession period, higher interest rates, living expenses, petrol hikes forced thousands of South Africans into financial difficulties, sometimes so severe that families lost their houses and means of transport.

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But thanks to the implementation of the National prestige Act that came into succeed in June 2005, there is no need anymore for any someone to loose his or her assets due to financial difficulties. This is because the act (Section 86, Act No 34 0f 2005) makes provision for a process called "Debt Counselling".

This process, in short, is that an over indebted buyer can by approaching a debt counselling agency apply for debt counselling. A process and discrete steps that are strictly prescribed by the Act are then put in motion. This process starts by completing a form that will justify the consumer's current financial situation. Then the debt counselling agency will restructure the creditor's cost plans, go concept the legal processes, negotiate with creditors on the consumer's profit and procure the requisite court order for legal protection.

Monthly payments to creditors will be restructured in such a way that the buyer living expenses is again made available to him. Remember also, as soon as the first form is completed in full by the buyer and processed by the counselling agency the legal process starts. This means that in five working days the buyer will receive a letter from the agency stating that he or she is legally under debt counselling and therefore have legal protection against any attempted operation taken by creditors against him. His or her car, home and other assets are now safe!

There is no need for a buyer to feel embarrassed, incompetent or helpless about economic realities that forced him or her in an indebted situation. There is a explication in a legally prescribed process of debt counselling for financial salvage and protecting of his or her assets.

Please feel free to contact me or visit www.senator-northernpta.co.za for more facts on the process, documentation needed and fees applicable.

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