Debt counsellors offer counselling so that you can get rid of your debt and protect your assets like your house, car and investments. It is Legal Bees’ vision to provide their clients with quality credit counselling and financial education so that they are equipped to make wise financial choices for the future.
When you are faced with a large amount of debt, it might seem impossible to consolidate all of your debt and live free from debt. Thanks to debt counselling offered by South African firms like Legal Bees, your rates and payments will be renegotiated on your behalf and your various different instalments will be reduced to one affordable monthly payment.
This monthly payment will be made to a Payment Distribution Agency (PDA) which is appointed by the court and it is the duty of the PDA to pay the creditors.
While this might seem rather intimidating to people who are not financial specialists or who are not familiar with these laws, the debt counsellors at Legal Bees are specialists in this field and are there to offer you with the best advice and knowledge specifically applied to your financial situation.
The National Credit Act, which came into effect in June 2007, is there to guide both those in debt and those they owe money to on what to do in a situation where the debtor is not able to pay. There are certain laws and time limits that are applicable to every case.
Debt counsellors like Legal Bees will take care of all the legal aspects to ensure that you are eventually cleared from the debt review list and that you may apply for credit. You won’t be able to apply for credit in South Africa while your name is still on the debt review list. Only once your name has been cleared will you be able to apply again. To prove that your name has been cleared, you will be issued with a debt clearance certificate and Legal Bees will notify all the credit bureaus.
Debt counselling also includes a new budget worked out according to your situation. This will help you to not only pay off your debt, but also to plan ahead for the future so that you stay out of debt and won’t have to repeat the same cycle again.
A debt counselling plan with Legal Bees is not a lengthy contract and you will be able to terminate the contract whenever you feel like it. It is important to note that you will still be under debt review in South Africa until your debt has been paid off, whether you still make use of our services or not.
One of the important aspects that your debt counsellor will discuss with you is that while you are under debt review, no credit provider may proceed with any type of legal action against you. This, however, is unpreventable if the legal action was taken prior to applying for debt review.
While debt counsellors do their utmost to ensure the process is without extra hassle and that everything is taken care of as soon as possible, you have to be aware that it could be a lengthy process as there are many steps to take in order for you to become debt free.
Luckily, the professional debt counsellors at Legal Bees will take care of these steps on your behalf, but it is up to you to share all your information with them so that they are able to give you the best service you are entitled to. Visit http://www.legalbees.co.za for more information.
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Legal Bees is a privately owned company that provides debt counseling services to consumers, who cannot meet their monthly obligations under credit agreements.