I Made it as a Debt Counsellor

"Your passion will drive you". I"m glad i made it as a Debt Counsellor. A Debt Counsellor is someone who assist consumers that are over-in debted. With all the infighting with creditors and attorneys that are obstructing the debt review process, the year to me ended well.I have manage to pend legal action with the help of my staff who supports me. The National Credit ACT was also a help as Credit Providers must adhere to the National Credit Act.

I firmly believe that Debt Review is a remedy, where it can help poeple that are over-in-debted.My year ended on a good note as i learn alot. i gain so much experience.I also want to thank the Lord for helping me as without god I can do nothing

Regards

A Major Crisis, Let stop all the Auctions

A Major Crisis, Let stop all the Auctions

Since Recession is booming, Auctioneers are by far better off as the consumer’s properties are sold at a lesser price. In addition to this the consumer will also be liable if the required amount is not paid in full.

A Debt Collector is a person other than an attorney or an employee who collects monies from debtors on behalf of a business, for payment. The whole process starts with the Debt Collector who demands money, interest and further cost on behalf of their client. The only hope is to turn to a Debt Counsellor.

In South Africa we have a remedy called Debt Review .Debt review is a sixty (60) day process. If a consumer applies for debt review before legal action is granted, no legal action can be taken. Our law only recognizes Registered Debt Counsellors. A Debt Counsellor can extend consumer’s payments and can also make a recommendation to the creditors that interest rates should be a minimum.

However in South Africa Credit Providers largely banks are not adhering to the National Credit Act of 2005.They are obstructing the Debt review process. Our solution so far is to make it a Court Application. It certainly helps as Magistrate makes a final ruling regarding the consumer’s obligations. If a matter is on a Court Roll, no further interest can be charged.

Magistrates are currently being educated about the Process of: Debt Review.

There is help for consumers that are over-in-debted.

For more info contact: http;// jjerr.co.za

All roads leads to the Interest Rates.

South Africa’s Interest Rates is currently 10.5% ( prime) ,repo rate 7 % respectfully. With the increase of consumers being over-in-debted, Credit Providers is just adding additional interest. As consumers we should know our rights, and legal standings.

Consumers are finding it difficult to get through Global recession ,since there was no growth in two quarters. A recent study showed that 67 % of consumers has not escape the the effects of recession. Big name brands has certainly lost sales since inflation take it’s toll. All racial groups should learn to save and spend less. Our only solution is Growth Domestic Product (GDP), It can eliminate future court battles with Creditors Providers. When the economic is stable all role players will have enough money, even the consumers.

In terms of of the law there is remedy . Debt counselling is the only hope for consumers that are in a financial crisis. They can assist a consumers by placing all accounts on debt review. In terms of the Law the client is legally protected. In a recent meeting with Debt Counsellors ,it was said that debt counsellors are compelled by to act to get a court date. Credit Provider mainly banks reject the application as they don’t want the magistrate to make a ruling. The main problem is that the Magistrates Court are over loaded with case work.

There is always help if consumers needs advice on debt matters.

For more information contact: website http://debtbreaker.co.za

The National Credit Act of 2005

The National Credit Act was fully implemented in June 2007 and they fall under the jurisdiction of the Department of Trade and Industry. Debt Counsellor”s became the dominate mediater to assist consumers that are over-indebted. Before the National Credit Act of 2005, came into practice, any one was able to mediate with creditors who were in a financial crisis with their debtors.

Substantially in South Africa 5.8 % percent of consumers are over-indebted. On a daily basis vehicles are being repossed and people spend money they do not have. Credit agreements were being issued recklessly before the National Credit Act . In terms of our Law, the Magistrate may suspend reckless credit as many consumers can not really afford to make repayments. A Debt Counsellor registered with the National Credit Regulator is the only neutral person who can mediate the consumers debt.

A Debt Counsellor is a organ of the State, who duly restructure the consumers obligations who are in default with Credit Providers. In terms of drawing up a budget, list all your obligations in accordance with your statements, and drawing up a proposal suitable to your income. Debt that is in arears should be paid in full to avoid more charges. To discipline yourself with money is the key to a fulled life.

There is always hope when you want to be debt free. For more info Contact http://jjerr.wordpress.com

About Me

My name is Russell Damon, A registerd Debt Counsellor with the National Credit Regulator.

Currently working for a company called JJeRR Consultants and Counselling Services.

I am passionate about helping over-indebted consumers by giving them Legal advice.

Seeing people debt free is a relief as the suicide rate increases day by day.

I Love outdoor life,giong to the mountains and the beach. I love music, R&B ,gospel and Jazz. I am a musican too. Wacthing movies is also part of my relaxation.I aslo love sports,rugby ,cricket and soccer. I live each day as it is my last day.Being humble is part of my Life. Helping others is my destiny.