09 Mar Signs You’re Eligible for Debt Counselling
Are you struggling with debt? If your credit cards, store cards, and loan repayments are all becoming too much to manage, you may be over-indebted. But what does this mean in terms of getting back on your feet, and what are the signs you are eligible for debt counselling? At True North Debt, we offer professional debt counselling services to South Africans who are trying to cope with overwhelming debt.
Before you are accepted into the debt review programme, you must be declared over-indebted. According to the National Credit Regulator (NCR), you are considered over-indebted if your financial obligations exceed your ability to repay them. When you apply online, our team will assess your affordability when choosing the best debt help system for you. Here are signs you may need debt review:
You Rely on Credit for Living Expenses
If you need to use your credit card for purchasing essentials like groceries and petrol or find yourself taking out loans to pay for school fees or other monthly costs, this is a major red flag. Your income should allow you to keep up with daily expenses, but if your credit is needed to get from one month to the next, this is one of the signs you’re eligible for debt review.
You’re Being Hounded by Creditors
Do you find yourself constantly avoiding calls from creditors demanding payment? If this is the case, it means you’re already behind on your monthly debt commitments. It’s incredibly stressful to live in fear of asset repossession or the other legal actions your creditors may rightfully pursue when you are behind on payments. Debt review is the legal way to pay less on your debt, and we can help you get there.
You are Missing or Making Late Payments
When you are in over your head with debt, you can easily lose track of how much is owed and when certain debit orders come off your account. If you struggle to afford all your debt repayments and find yourself skipping some payments due to simply not having the money available, this is one of the most serious warning signs you might have too much debt.
Financial Stress is Ruling your Life
Your finances can impact all facets of your life. If you are struggling with debt and losing sleep due to stress, chances are your debt has spiralled out of control. Financial worries can have a negative effect on your mental and physical health, as well as your relationships and ability to perform at work. There are many benefits of debt review, which include reclaiming your quality of life.
Ready to overcome your debt and enjoy your life again? Our True North Debt team of registered debt counsellors are here you help you achieve your financial goals! CONTACT US today to get started.