What is debt counselling?
The National Credit Act formally introduced Debt Counselling to assist over-indebted consumers
by developing a new, affordable repayment plan, which is great for you and acceptable to all your
This process is intended to assist over-indebted consumers struggling with debt, through budget
advice, negotiation with credit providers for reduced payments and restructuring of debts.
To qualify for debt counselling, you need to be over-indebted as defined by the NCA – that is, you
are unable to meet all your monthly financial obligations in a timely manner. This is determined by a
debt counsellor and basically means that you can’t repay your minimum monthly instalments.
How would I know that I need Debt Counselling?
If you are struggling to maintain your monthly repayments to credit providers, living from salary
to salary, have no savings after all your monthly obligations have been paid then Debt Counselling is
for you. We understand that majority of South Africans are experiencing harsh economic conditions and
we are here to help. If you are still not sure whether this process if for you, please get in touch with
us for a general financial chat.
Will I lose vehicle or home if I apply for debt counselling?(NC)
Debt counsellling cannot make you lose your home or your vehicle. It can however save your home and vehicle, but this will obviously depend on your unique circumstances. Factors that will determine this will include the following:
- Have you received a Section 129 letter from your Credit Provider, and if so, how long ago? If you receive a Section 129 letter from your Credit Provider, you will have 10 working days in which you can obtain the services of a Debt Counsellor, who will endeavour to save the asset.
- Have you been served with a summons in respect of your mortgage bond or vehicle finance?
- How many vehicles do you have and what are they used for? Quad bikes and Jet ski’s will for example be regarded as luxury vehicles and might have to be returned to the bank.
- Are you giving your full cooperation in the program?
The bottomline remains that you will always be in a better position to keep your home and your vehicle when you are under Debt Review, rather than trying to fight off the banks yourself.
How long will I remain under Debt Counselling?
Generally our clients finish the process in 2-3 years but this will depend on your unique financial
position. The aim of Debt Counselling is to reduce your monthly instalment and interest rate so you
have more room to breathe. This in turn causes the terms of your repayments to credit providers to
We encourage our clients to make extra payments to credit providers once they are in a better
financial position which will shorten the process even further.
Will Vantage Debt Management be able to help me if I have legal action, summons or judgement on my accounts?
By law, the account will not be eligible for inclusion in Debt Counselling. We at Vantage Debt
Management will however request proof of the legal action on the account so we can assess the
validity of the legal action and attempt to have the account placed under Debt Counselling. If the
credit provider will not allow the account under Debt Counselling, we will further try and negotiate
with the Legal Department so that a new repayment arrangement can be made for you. Vantage
Debt Management will also equip you with the knowledge and skill to negotiate on the account if
the credit provider does not allow third party queries.
Can I be blacklisted while under Debt Counselling?
No, you cannot be blacklisted while under Debt Counselling. If the blacklisting took place prior to
you applying for Debt Counselling, it will remain on your credit record. This is why it is important for
you to apply for Debt Counselling before your credit providers take this route.
Will I need to engage in a consultation in person at Vantage Debt Management offices?
Our process is generally done via telephone and email no matter where you are in South Africa
but if you feel more comfortable engaging with us at our offices, please get in touch with us so we
can set up a time that is convenient for you.
If I apply for Debt Counselling will my credit providers still contact me?
By law, your credit providers must liaise with your Debt Counsellor. Unfortunately some credit
providers still attempt to contact you. In such situations, please notify the credit provider that you
have applied for Debt Counselling. Please notify Vantage Dent Management immediately so we can
deal with the credit provider further.
Will my employer know that I am under Debt Counselling?
We will not disclose that you are under Debt Counselling to your employer unless requested to do
so by yourself.
What if Debt Counselling is not the ideal solution for my circumstances?
Should Debt Counselling not fit your particular financial situation, we offer other financial
solutions such as Debt Monitoring and Financial Education which will equip you with the knowledge
and skills to place yourself in a better financial position.
Why choose Vantage?
Vantage Debt Management offers a wide range of services including debt counselling, debt settlement, debt consolidation and debt management. Vantage debt management will provide a debt solution based on your financial situation.We understand how troubling the debt problem is , we guarantee all of your queries will be responded within 2 hours during business time. Vantage debt management is committed to hold your hand until you payoff the last cent.
How confidential is this?
Vantage Debt Management operates with the strictest of confidentiality. Once your application is
successful, by law we are required to notify your credit providers and credit bureaux. We will not
disclose your information with any third parties unless instructed to do so by yourself.
Can I apply for Debt Counselling if I am unemployed?
In order to be placed under Debt Counselling you need to generate an income so you are able to
offer your credit providers a reasonable offer. If you are unemployed and not earning an additional
income such as rental income or pension then Debt Counselling is not the ideal solution for you. You
may still contact us for financial advice that will be beneficial to you.
What makes Vantage Debt Management different from other debt counsellor?
Vantage Debt Management do not offer one size fits all solution to its customers, we will conduct assessment based various source of information including credit report, income and expenses, employment and other factors.
Vantage Debt Management not only makes your debt affordable but also tries to negotiate the best terms for you with your credit providers. We are able to provide you with the detailed provisional debt repayment plan before you start the process,you only need to decide after reviewing the detailed provisional debt repayment plan.
Vantage Debt Management takes 100% accountability for all your debt problems, we will always be there for you when you need us for your debt problems.
Do I need to be in court in order to get a court order?
No, there is no need for you to be present in court. We as your Debt Counsellor will be present to
represent you as we are the applicant and you are the respondent. We will update you with the