Esscor is a registered Debt Counselling company.
A very common misconception is that being under debt review / debt counselling is a bad thing or has a negative connotation. This is in fact completely inaccurate. Taking that step to using debt counseling as a solution to your debt problems could be the smartest decision you make.
10 signs you should contact ESSCOR
| 1. You are living off your overdraft |
| 2. Your credit cards are maxed out |
| 3. You cannot make one or more repayments |
| 4. Living month to month without being able to save |
| 5. You cannot cover your living expenses. |
| 6. Creditor Providers are contacting you for payments you cannot make |
| 7. You’re taking out micro / short term loans |
| 8. You’re borrowing money for daily living expenses |
| 9. You are making more debt to cover existing debt |
| 10. Are you feeling stressed out financially? |
Debt counsellors help consumers by means of
• An affordable monthly budget• Restructuring of debts so you only pay one monthly debt repayment
• Taking over all communication with Credit Providers
• Negotiating with credit providers for reduced payments
• Legal protection
An affordable monthly budget
While under debt review, your debt counsellor will provide you with a new affordable monthly budget and debt repayment plan tailored to your needs. You will also receive advice and guidance on how to handle your finances to ensure a long-term debt-free future.Restructuring of debts
Your designated debt counsellor will help restructure your debts so you only have to pay one reduced monthly debt repayment to a payment distribution agency, which will then pay all your creditors. This way, you will be able to afford your monthly debt repayments while still being able to cover all your living expenses.Communication with Credit Providers
While under debt review, you no longer have to communicate with your credit providers. In fact, you should cut all communication with them. This means you no longer have to receive calls from creditors asking you for money – your debt counsellor will take that stress away from you.Negotiating with credit providers
Your debt counsellor will negotiate with your credit providers to extend your debt repayment terms. This will reduce the monthly amount you will have to pay towards debt every month and free up some of your income. This will ensure you can afford to pay for living expenses.Legal Protection
Before being placed under debt review, you may be threatened with legal action by your creditors. Under debt review, you are protected by the NCA. This means that creditors are no longer allowed to hassle you – and should not communicate with you at all. Your debt counsellor will handle all legal matters for you going forward.Check your credit report
You can get a credit report at any of the credit bureaus, including Experian, TransUnion, etc. This can be done for free every year. If the bureaus have not removed the ‘under debt review’ flag from your profile, it will be shown on the front page of your report. You can then call any credit bureau dispute centre and tell them to rectify the error.Regulated Rates
All Debt Counsellors’ fees are regulated by the National Credit Regulator (NCR) and are included in your affordable debt repayment plan. Your monthly Debt Review payment amount is specific to your situation and how much debt you have in total. All Debt Counsellors are permitted by the NCR to charge certain fees which include:• A once off Application fee of R350 (excl. VAT).
• A once off restructuring fee equal to the first month’s payment which is limited to a maximum of R8 000 (excl. VAT) for a single application and R9 000 (excl. VAT) for a joint application.
• A monthly after care fee of 5% (excl VAT) of the Debt Review payment, with a maximum of R400 (excl VAT)