June 2014 - Zero Debt

June 2014

Debt Review – How it works – Part 1

You may be wondering what debt review or Debt Counsellor is. Well, here’s a brief explanation:
Recently a new Act was made into law called the National Credit Act (the NCA).

In the NCA (which talks all about credit and credit accounts) there is a section (Section 86) which deals with what to do if a consumer has too many debts, too many obligations and not enough money to pay for everything. This section specifically mentions something called debt counselling. Debt Counselling would be advice about your debt from a qualified debt counsellor. A Debt Counsellor would be registered with the National Credit regulator (who is an industry watch dog – of sorts.)

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