Ncumisa Mnikina's Contact Details

Ncumisa Mnikina's Company Details

db Debt Counsellors

East London, Eastern Cape, South Africa • 3 Employees
Financial Services

In the South African consumer market it has been too easy for a person to access credit that is way beyond their means of repaying the debt. This has led to the situation where people are officially over-indebted. What tends to happen in this situation is that the consumer embarks on a "lending spree" where they need to borrow more and more as each month goes past just to make it through the month. They also let insurance policies lapse and start paying some accounts every second or third month. The problem with this trend is that, at some point, they will no longer qualify for any further credit and that the interest being charged on their existing debt is often more than the instalment that they are paying. This consumer will now be stuck in debt perpetually. The options for this consumer were very limited in the past to be able to regain control of their finances. Besides being limited, the solutions were often not viable solutions anyway, such as Administration or Sequestration. Administration was very limited in its effectiveness and Sequestration is often not possible due to the consumer not having sufficient equity to be able to offer their creditors any value. Luckily for these consumers the solution of Debt Counselling is now available. Debt Counselling takes into account capital, fees and interest and reputable Debt Counsellors will utilise the guidelines issued by the National Credit Regulator to ensure that the consumer is out of debt as affordably, and in the shortest time possible. Debt Counselling assists the consumer with not only settling their debts but also leads to a clear credit record at the end of the process. No other "solutions" offer a clear credit record and a consumer that follows one of the alternate routes will often be left locked out of the credit market at the end and will need to take expensive legal steps to clear their name at the Credit Bureau.