Little by little: Though there are costs involved, by consolidating debt and extending the repayment period, debt counsellors can reduce what you pay and help to dig you out of debt.
Debt counselling is a way for consumers to dig themselves out of a debt trap but it does not come without costs.But thanks to pending legislative changes, consumers who cannot afford counselling will get some relief. Debt counselling, or debt review, which falls under the National Credit Act, is aimed at helping those who struggle to meet debt repayments. It allows people to consolidate their debt and reduces monthly repayments but over an increased period.
The counselling does, however, include fees that are outlined by the National Credit Regulator , such as a R50 application fee, a once-off administration fee of R300, a once-off restructuring fee of a maximum of R8 000 for an individual applicant and R9 000 for a joint application.
Source: Loan Digest (loandigest.net)
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