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Debt Busters Review 2021


Debt Busters is one of South Africa’s leading debt counselling companies which is currently helping over 150 000 South Africans with their debt issues. The company is a member of the National Debt Counsellors’ Association, therefore, it is registered with the National Credit Regulator (NCR). 

According to NDCA’s mandate Debt Busters must, 

  • Offer affordable, reasonable legal fees for clients, 
  • Use NCR approved debt counselling rules system, which facilitates interest rate reduction, 
  • Use a registered payment distribution agency to ensure clients funds are protected, 
  • Provide monthly statements and continuous client support, and 
  • Adhere to the standards that the NDCA expects. 

Because of the above-mentioned membership criteria, Debt Busters offer great debt counselling services to clients and also provide clients with information that they need about their debt. Debt Busters have won 4 concurrent debt review awards between 2016 – 2019 and 5 overall. 

Debt Busters Summary 

Debt Busters is a South African debt management company and has helped over 150 000 clients since its formation. The company is registered with the National Credit Regulator (NCR) with registration number NCRDC2948. Debt Busters is part of the Intelligent Debt Management (IDM Group) which was founded in April 2004.

DebtBusters employs over 400 qualified personnel that are employed to deal with:

  • Debt Counselling, 
  • Debt consolidation, 
  • Credit monitoring, 
  • Debt solutions for employees, 
  • Debt management, and 
  • Insurance. 

The company has helped its clients to unlock R2,000.00 cash per month on average through their debt counselling division. Furthermore, the company has been able to reduce clients’ interest rates charged to 3% down from 21% on average. 

Debt Busters Solutions

As a debt management company, Debt Busters offer a wide range of services catering for individuals and groups. We provide an outlook on each and every debt solution that Debt Busters offer below. 

Debt Counselling 

Debt Busters’ Debt Counselling solution provides debt management services that aim at leaving clients debt-free with better credit scores upon utilizing the service. The company negotiates with creditors to extend clients terms and reduce interest rates charged on clients accounts. 

Debt Busters have a mandate with 95% of South African credit providers with whom debt busters negotiate interest rates. 90% of the time, debt Busters’ debt review proposals are accepted by creditors making the company one of the top debt negotiators in South Africa. 

The debt counselling solution provides clients with;

  • A thorough review of finances, 
  • Help to draw up a realistic monthly budget, 
  • Protection from bankruptcy, 
  • Legal protection that decreases summonses and judgment against clients, 
  • Negotiation with credit providers to reduce client’s interest rates, and
  • Unlocks more cash for client’s living expenses through negotiations for reduced monthly debt payments. 

Debt Consolidation 

Debt Busters’ Debt consolidation helps clients take out a loan that will pay off all debt from different lenders. This loan will be repaid on a monthly basis. Debt Busters will help negotiate the lowest possible interest rate for the new loan. Clients will be able to save money through paying a decreased monthly payment as compared to paying multiple lenders. 

Debt Busters help clients with consolidating personal loans, secured loans, and home loans. 

Debt Management 

Debt management solution from Debt Busters is there to help South Africans who are struggling to make debt repayments. These debtors are those that are not yet classified as over-indebted. This solution is there to organise an affordable, realistic and structured monthly budget and debt management plan. 

The product further helps clients facing financial difficulties solve their debt problems and empower them to take back control over their finances. Debt Busters does this by negotiating with creditors and by initiating a payment plan. 

Benefits of using the DebtBusters’ Debt Management Solution

  • Expect advice on how to reduce debt that you are struggling with. 
  • Help create a debt plan that will help you reclaim control of your finances. 
  • Debt budget and repayment plans that are tailor-made for every individual client. 
  • Further education on management and reduction of debt. 
  • Increased cash flow for clients. 
  • Reduced repayments of debt. 

Debt Settlement 

This solution is for clients who receive a lump sum from other sources and wish to settle their debt or pay part of their debt. DebtsBuster helps these clients with the negotiation of settlement discounts on all debts that have accrued against them.

Benefits of using the DebtsBusters’ Debt Settlement solution include:

  • Clients are saved 25% on average when using this service, 
  • Assistance and facilitation of fair debt settlement for clients, 
  • Prioritization on which debt should be settled is laid out, 
  • Negotiations with credit providers for settlement discounts, 
  • Lump-sum is deposited into a client trust account and then gets distributed to credit providers,
  • Discounts, settlement figures, and overall savings are broken down to provide detailed information. 

Credit Monitoring 

Debt Busters through Kudough provides credit scores and credit reports to clients. This service helps clients to monitor their credit and get an overview of their credit performance. Clients can choose to receive a credit report and score from a single or multiple credit bureaus. 

The facility comes with unlimited free expert legal advice and credit coaching. Clients can get access to a quarterly credit report with a credit score from the Kudough site or app. 

Debt Solutions for Employees 

This service is designed for business owners to help their employees get access to debt counselling. Employer package is also available to help them get back on their feet when they are over-indebted. Employees that are distressed due to over-indebtedness will benefit from this solution. Benefits include:

  • No credit provider harassment at work, 
  • Increased cash flow for living expenses, 
  • Fewer demands for a pay increase, 
  • Fewer loan requests. 

Conclusion

Debt Busters is a debt management company that has many products. The company can be trusted as it works with a number of agencies to ensure that it provides great customer care and service. With over 13 years of experience in debt counselling, it is no surprise how the company managed to service over 150 000 clients. 

The Company’s insurance products are still in their infancy and growing slowly. Insurance products available include credit life cover, funeral cover, life cover, and car and home cover.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

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