Tools & Resources Debt Management Guide

Debt Management Guide

PoorBest

The National Credit Regulator (NCR) of South Africa publishes a debt management guide that provides basic information about how to identify over-indebtedness, tips on how to avoid and deal with over-indebtedness, consumers’ rights, how to access a debt counselor and tips on how to avoid and deal with money-scams, repossessions and surrenders.

The National Credit Regulator (NCR) of South Africa publishes a debt management guide that is available to all South Africans, called Take Control of Your Finances. The guide provides basic information about how to identify over-indebtedness, tips on how to avoid and deal with over-indebtedness, consumers’ rights, how to access a debt counselor and tips on how to avoid and deal with money-scams, repossessions and surrenders (voluntary repossessions).

Below is an excerpt from the section of the guide that provides advice to already over-indebted South Africans about their options:

“I am Already Over-Indebted –What Now?

  • The first step is to approach your credit provider, and negotiate lower installments;
  • If this fails, contact a registered debt counselor;
  • If you are not familiar with any debt counselors, contact the NCR at [number]to locate one in your area or visit the NCR’s website: [website url].”

From section on tips on avoiding scams:

“When your finances are already strained, you become more vulnerable to fraudsters who promise easy solutions to your financial problems by offering you quick opportunities to make money. There are thousands of scams in the marketplace. Some are new, but most are simply updated versions that have been around for years. Here are some popular phrases used by scam artists:

  • Amazing offer! Special offer won’t last
  • Easy Money Big money earner
  • Send Money NOW! No risk!
  • Retire at 30
  • Be smarter than your friends, invest now.
  • 100% legal Order that Porsche now!
  • Genuine offer
  • Cut your tax bill now!
  • BIG profits, no risks
  • 50% return on your investment guaranteed
  • Once in a lifetime offer; don’t miss out!
  • Valuable free gifts
  • Lottery prizes guaranteed
  • Earn millions legally
  • Be the envy of all your friends and family
  • What have you got to lose?
  • Turn R1,000 into R50,000 in three months”

Download Guide »