The NCR has withdraw its recognition of the National Debt Mediation Association (NDMA), Debt Counsellors Association of South Africa (DCASA) and the Credit Ombud
Debt counselling agencies are swamped with 276,601 applications for debt reviews – a last-ditch intervention to allow consumers to restructure debt to avoid blacklisting or repossession.
Of the 18.6-million credit-active consumers, nearly half have impaired (blacklisted) credit records and are battling to service their debt.
“Dealing with unmanageable debt is incredibly stressful so it is not surprising that so many are kept awake worrying about their debts.”
35 per cent of divorced respondents nominated financial stress as the key issue in prompting the divorce. A “failure to communicate” is typically what causes marital money madness, because most people treat money as a taboo topic.
The most serious problem is the extent of consumer indebtedness. There can be little doubt that South Africans have been on a credit binge over the last few years.
Eva Smith (Attorney) @ Lucid Living Debt counselling may not shield you from your creditors if they send you a letter of demand before you have applied for debt counselling.
Adv Kate Thambiran @ Lucid Living There is nothing romantic about debt, so many of us may decide not to tell our new spouse about our outstanding bills. For other people, the fear is the reaction of their husband or wife if they find out that you’ve gone into debt using […]
Fitch estimates the value of debt counselling exposures of the four major banks at 21 billion rand during 2010, which accounted for between 14% and 18% of the banks’ non-performing loans.
John Vaughan (Financial Advisor) @ Lucid Living People struggling to repay debt often hear the same advice — budget better, make more money, negotiate debts, get professional help — but what happens when repayment is difficult even after following that guidance?