Debt Management Agency - what is a debt management agency?

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What is a debt management agency?

Debt Management Agency - what is a debt management agency?

 

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A debt management agency specialises in assisting consumers who have found themselves over-indebted. This means that consumers, who are no longer able to meet the monthly demands of their creditors, have the option of turning to a debt management agency in order to regain control of their debts again.

 

Prior to the promulgation of The National Credit Act in 2007, consumers did not have the option of asking a debt management agency for help. However after recognizing the fact that consumers are in need of help, The National Credit Act was brought into action to present them with a legal way to manage debts.

 

A debt management agency should be registered with the NCR. As the main regulating body for credit matters, the NCR keeps an eye on debt management agencies, ensuring that they perform their duties within the letter of the law. If a debt management agency is not registered with the NCR, or their debt counselling practitioners have not received accreditation from the NCR, they are not a valid debt management agency.

 

A debt management agency assists consumers by helping them realise where and how they became over-indebted, and secondly helping them restructure their debts into a more manageable payment plan.

 

Consumers who are struggling with their debt should not overlook the benefits of a debt management agency, as their service is the only service that can protect a consumer from legal action by creditors whilst paying less on their debts.

 

Article written by: Andrea van Tonder 07-2013


Debt Management Agency - what is a debt management agency?

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