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Quiz the debt experts

By unknown | Apr 12, 2010 | COMMENTS [ 0 ]

SOME debt counsellors are not giving clients the correct information.

SOME debt counsellors are not giving clients the correct information.

This was said by debt experts Debtbusters on Wednesday.

Their managing director, Luke Hirst, said it was imperative that consumers were fully informed of the debt-review process and its implications.

"There are many debt solutions available to consumers, debt review being only one," Hirst said.

Consumers committing to debt review had to be informed by debt counsellors of costs and implications, one of which is that while under debt counselling, no further credit could be taken.

"Debt review may not always be the best solution for everyone struggling with debt and it is the debt counsellor's obligation to assess which solution would best suit their client."

Hirst said if a consumer had most debt with one credit provider, he should first ascertain if that credit provider could assist him directly.

"Consumers need to seek the help of a reputable debt management company, which has the infrastructure and support to service clients an at the same time offer the best solution for their circumstances."

Hirst said there were several questions to ask a debt counselling company before signing any agreement.

"Ask what the debt counsellor's registration number is and how long they have been operating. Ask what the fees are and when they are payable," Hirst said.

He said it was necessary to ascertain whether the money went through an accredited payment distribution agency regulated by the National Credit Regulator. - Sapa


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