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How do you know if your debt counsellor is registered?

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As an over indebted South African consumer in search of assistance with debt problems, Less Debt offers a reputable service that gives our clients peace of mind. The reality facing middle class citizens is a harsh one, with financial instability resulting from the continually rising cost of living that has become harder to sustain over a long period of time.

Unfortunately, there are a number of unregistered debt counsellors offering their services to consumers, offering a false sense of security while in truth ending up actually doing more harm than good. In order to ensure that you are benefiting from debt solutions that are upfront, 100% transparent and completely legal, you will need the assurance that your debt counsellor of choice is in fact registered with the National Credit Regulator (NCR).

One of the National Credit Regulators of South Africa’s main objectives is to oversee the registration of industry participants i.e. debt counsellors. Anyone applying for debt review or debt counselling can benefit from visiting the National Credit Regulators website, which lists a directory of registered debt counsellors in your area. At Less Debt, we provide a Debt Counselling services that is registered and highly focused, for the best interests of our clients.

Before undergoing debt review, it is important to understand that there is a difference between voluntary debt restructuring and proper, legal debt review offered by a debt counsellor that is registered with the National Credit Regulator. One of the main differences is that only legal debt counselling offers consumers protection from legal action, which can include the possibility of asset repossession. Asset repossession is a very real threat that is faced by many individuals who are weighed down by debt and late/missed payments, while effective and legal debt review or debt counselling services protect consumers from any such legal action, as they focus on clearing their debts and sorting out their financial issues.

Debt counselling companies that are posing as legit can cause real harm to unsuspecting clients. You are not protected by the law if your debt counsellor is not registered, and could end up wasting your time and money for nothing. It is imperative that you as a consumer do proper research before falling victim to incompetent debt counsellors, who are not operating under the legal debt counselling process.

If you suspect that your current debt counsellor is not registered, get in touch with the National Credit Regulator to express your concerns and report the issue. You can also get in touch with the Debt Counsellors Association of South Africa (DCASA) for further assistance.

Wondering what the next step is? Our Less Debt team of financial professionals will gladly assist, stepping in to provide quality debt counselling and debt review services that you can rely on. Our reputable debt counselling services are registered with the National Credit Regulator, under nr. NCRDC3041. Less Debt is also a member of the Debt Counsellors Association of South Africa, DCSA number 0765.

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