We are all very much aware of the devastation and poverty the aftermath of the Covid – 19 pandemic and the ongoing lockdown caused the country as a whole. Statistically hundreds of thousands of people lost their jobs and homes, other’s salaries were reduced to avoid further more cuts and losses, but with that it caused a bigger mountain of debt stress to overcome.
Debt Center has been inundated with consumer’s desperate enquiries for assistance with their debt because they panic about the foreclosures, repossession of their vehicles and the rude threats of their creditors regarding outstanding payments.
Although a lot of people received payment breaks during the first few months of lockdown, they ended up with huge arrears because they could not bring it up to date. We could see that the consumers who did not receive payment holidays and applied for our debt review program, had arrears since April this year whereas to those who had payment breaks, still had arrears but from July 2020.
At the end of the day the creditors could no longer grant any further extensions and the normal cause of legal procedures had to be exercised on those who defaulted on their credit agreements and loans.
What can consumers do in these situations to get the help with their debt and the arrears on the accounts to prevent foreclosure?
Your best solution is Debt Center www.debtcenter.co.za
Get as much information as possible about your options to solve your debt issues with your creditors to avoid further action. We at Debt Center have all the solutions to assist you with everything you need.
We have served the community for the past decade and halve with our experienced debt counsellors and can testify to great successes in all our cases. We fight, represent and negotiate on the consumer’s behalf to see that the debt in total, was mediated and restructured in such a manner that the families could survive on the money we have saved them on a monthly basis.
Debt Center have the best registered team with legal back up, to help you in the quickest time. With our fast and effective online technology we can accommodate everyone and offer immediate assistance to any related debt crisis with one’s creditors.
Debt Center is a satellite office to a registered ADRA license holder in South Africa that can deal with the disputes, and can negotiate the payments of the arrears of home loans and vehicle finance accounts. Many consumers’ income gets approved and can therefore afford to pay their contractual monthly instalments.
To prevent any foreclosure an ADRA – an Alternative Dispute Resolution Agent can arrange with the creditors a payment plan to cover the arrears while paying the contractual instalments.
Debt Center uses the latest online technologies to ensure consumers’ rights remain protected and ensure creditors receive the documents and notices within 48 hours from the time you applied and signed your debt review documents.
Your benefits of Debt Review in short:
It’s a restructured debt obligation program to pay a more affordable monthly debt repayment on all your accounts.
It frees up additional cash flow for essential household expenses.
It brings immediate relieve of your debt problems
We offer counselling during the assessment that adds value to our clients and their wellbeing.
How can Debt Center help you?
Payment breaks – We deal directly with creditors on your behalf where they did not assist you with payment breaks even with the supporting documents. We bring negotiations to the table to ensure the situation of the consumer is taken into account, and the payment breaks are allocated for the period of 90 days.
Debt mediation – It is a debt reduction or debt elimination strategy for not more than 5 accounts for a short period of time, 6 to 12 months. It will work for individuals who are in over their heads financially and who do not expect to have the means to pay their debts in full due to short-term challenges. This service can only work for consumers that is found to be not over-indebted.
Sequestration – We have seen an increase of consumers applying for insolvency and business applying for liquidations. This is a better option in extreme cases where consumers who are business owners, salary and commission earners to deal with the debt when they have lost everything and can no longer afford to pay their debt commitments.
Debt Center can refer clients for Sequestration to a specialist to Voluntary declare themselves insolvent. This also protects consumers’ income from default judgments that can lead to garnishee orders applications against them in court.
COVID-19 changed the way Debt Center is doing business