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National Debt Counsellors Review 2022

The National Debt Counsellors is one of South Africa’s largest debt counselling firms, servicing thousands of people each month. The company is situated in Durban, KwaZulu Natal, South Africa, and employs over 200 people. With little over 108 000 Facebook fans, National Debt Counsellors is one of the most well-known debt counselling companies in South Africa. It has a large media presence and advertises its services via a variety of venues.

National Debt Counsellors Summary

National Debt Counsellors is a debt management firm based in KwaZulu Natal, South Africa. The company is privately held and employs roughly 200 experts and debt counsellors. Since its inception in 2014, the company has grown in popularity and strength. National Debt Counsellors has offices all around the country. National Debt Counsellors offer a debt review option to South Africans who are unable to satisfy their debt commitments, with the goal of leaving them debt-free. The company provides a free, no-obligation examination to establish whether or not debt counselling services are required.

National Debt Counsellors Debt Review

Customers may rely on National Debt Counsellors for a thorough debt evaluation that will leave them debt-free. National Debt Counsellors’ debt assessment outlines seven stages that customers must follow to become debt-free. The debt review procedure is simple to follow and includes thorough instructions on what to do before and after becoming debt-free.

Debt Review Process

The National Debt Counsellors debt review process comes in 7 stages. The steps of the Debt review process are discussed below. 

Step 1 Free Consultation and Assessment

The first thing that a potential customer will need is to make a request for a free consultation and free assessment. This request can be made on the National Debt Counsellors’ official website. On the official website, one can access the company’s WhatsApp number or you can click the WhatsApp link on the page that will redirect you to the company’s WhatsApp account. 

The request will then be completed on WhatsApp or through a phone call. A professional consultant will contact you and provide you with a free financial assessment. The financial assessment provided will be confidential. 

Step 2 Application Completion

The next step is to complete an application form. This is done by signing the National Debt Counsellors’ form 16 and sending it back to the company. The application will only start if the financial assessment states that you qualify for debt counselling. Moreover, this step will only commence only if you agree that you want to carry on with the debt review process. 

Step 3 Notification Of Creditors 

National Debt Counsellors will notify the creditors that you have applied for a debt review. As a customer, you will be protected in terms of the National Credit Act immediately after filing an application. 

Step 4 Negotiation With Creditors

Negotiations with creditors will start in step 4. National Debt Counsellors has forged partnerships with creditors across South Africa to ensure that their negotiation process goes smoothly and expeditiously. National Debt Counsellors will help restructure your repayments to an affordable amount. 

Step 5 Making Repayments

Now that a repayment plan is in place, the next step is to start making payments as per the repayment plan. Repayments will be done on a monthly basis to a payment distribution authority who will distribute funds to the credit providers. Repayments will include a single monthly instalment. 

Step 6 Making a Repayment Plan a court order

National Debt Counsellors will help you with legal representation at this stage. The company’s panel of attorneys will apply to the magistrate court on your behalf to make the restructured repayment plan a court order. 

Step 7 Issue Of A Clearance Certificate

When you successfully pay all the debt according to the restructured repayment plan, which might take months or years, a clearance certificate will be issued to you.  A clearance certificate will be issued to you and the credit bureaus to notify them that you have done repaying your debt. 

Benefits of Using the National Debt Counsellors Debt Review Process

Debt Review from the debt service provider will offer you some sense of relief financially. However, not only is financial independence gained by using National Debt Counsellors’ Debt review service, there are a couple of benefits that come with using the service.  These include:

  • National Debt Counsellors negotiate with creditors to ensure that you receive lower interest rates and extended repayment terms on the new repayment plan. 
  • Creditors are dealt with directly by the debt service provider , therefore, you will have peace of mind knowing that you won’t be harassed through phone calls and text messages. 
  • Assets are protected immediately when taking the debt review route. There won’t be any repossessions of your assets. 
  • the Debt service provider will reduce your repayments to an amount that you can afford. 
  • Your credit score will be positively impacted once you are finished with making repayments.
  • You get help from a company that has years of experience in the field. 

Competitive Advantages of National Debt Counsellors

  •  The company has a huge following on social media with high engagements on the company’s page on Twitter and Facebook.
  • The company hold a moderate rating on Google and HelloPeter with ratings of ⅘  and 3.5/5 respectively. 
  • National Debt Counsellors is registered with the National Credit Provider and is set to maintain a certain standard of service delivery.
  • The company has a high staff compliment and prioritise on quality service delivery.
  • The debt review process from National Debt Counsellors is straightforward.

Competitive Disadvantages of National Debt Counsellors

  • The company doesn’t have insurance products available. Customers may want to consolidate their debt along with their credit life insurance so that payments can be easy and straightforward.

Conclusion 

National Debt Counsellors is registered with the National Credit Regulator, therefore, it can be trusted that it will issue its services in line with the governing laws as per regulation. The company is also a member of the National Debt Counsellors’ Association and it is required to maintain certain standards of service.

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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