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Overindebtness

What is over indebtness?

A consumer is over-indebted when he/she is unable to pay all his/her financial obligations timeously, as agreed in a credit agreement. This could either be because his/her financial commitments have changed or because the individual has borrowed and spent more money than he/she earns. In such instances, the debt becomes a major burden for the borrower, which contributes to the consumer's social and financial exclusion, and poverty.

The Solution

Debt counselling is the best solution if you are over indebted, while under debt review you are legally protected and your assets are safe from repossession.

There are other solutions like insolvency and administration. The restriction with administration is a consumer can only apply for administration is their debt is less than R50 000.

There are other solutions like insolvency and administration. The restriction with administration is a consumer can only apply for administration is their debt is less than R50 000.

We know that over indebtedness can cause stress and health problems. There are many contributing factors that can lead to over indebtedness. SDA is here for you, we will assist you by completing an assessment and based on the outcome we will advise you if you will be considered for debt review

Your debt counsellor is here for you

Your debt counsellor will help you take the first step to getting you back on your feet.

Once the debt counsellor has completed the assessment for you, a debt repayment plan based on your needs will be formulated for you. From here on, SDA will negotiate with your creditors on your behalf.

Now is the best time to start the debt review process if you are experiencing financial problems. Once a credit provider takes legal action against you, that account will not be able to be included to the debt review application.

Think you are overindebted?

Now is the best time to start the debt review process if you are experiencing financial problems. Once a credit provider takes legal action against you, that account will not be able to be included to the debt review application.

 

 
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