Ronel Talks Money: Debt Review / Counselling
In this Ronel Talks Money interview we discuss debt review / counselling. Why do people end up having too much debt? When should you seek help when you have too much debt? What would a debt review process entail and what are the costs involved? I talk to Neil Roets, the CEO and founder of Debt Rescue. Debt Rescue is registered with the National Credit Regulator (NCR). Debt Rescue is ranked as the #1 Debt Counselling Company in South Africa and has received multiple awards over the years.
A few of the questions we answer in this interview:
- Briefly tell us about Debt Rescue and what you do?
- Considering stats, trends that you have seen over the years, how did the debt scenario in South Africa changed from pre-lockdown to post-lockdown?
- Why do people end up in too much debt – what are the root causes?
- At what stage should a person seek help when it comes to over-indebtedness?
- Explain to us in layman’s terms what debt review and debt counselling is all about?
- How is debt review different from debt consolidation?
- What would a debt review process entail?
- What are the pros and cons of a debt review process?
- What are the costs involved – fixed fee, percentage of debt etc.?
- How would debt review impact on your credit record?
- Can being under debt review have a negative impact on your employment or applying for a new position?
- If you are retrenched or no longer earning an income and can no longer afford your debt instalments, is debt review the solution or what other options are available?
- Are there any consequences after a person has been under debt review?
- There are multiple scammers around. How can the public ensure they deal with a legitimate, and reputable debt company?
- What tips can you give to the public with regards to effective debt management?