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Debt Consolidation

Here is all you need to know about finding the ideal debt consolidation agency to suit you:

  • Third Party Payment Are you sick of having to remember all your different accounts? With a well thought out debt management solution you are able to make a single payment to the credit counselling company. This means that money is distributed to your creditors once they have paid in full. These kinds of debt consolidation agencies do not make loans on your behalf, they do not settle debt either. Rather, they have arrangements that are already set with financial institutions, usually at a lower interest rate. These lower interest rates mean that instead of finance charges, your payment goes toward the balance.
  • Quality Debt Consolidation Agencies¬†When it comes to your finances and the wellbeing of your loved ones, it is imperative that you are incredibly careful when choosing your debt consolidation agency. The agency should be well organised, send statements and payments timeously and provide excellent support and education. If you have a bad feeling about an agency – you should go with your gut!
  • Debt Counselling Debt counselling should always be done before consolidation. You need to learn how to pay for your basic living expenses before you can commit to consolidating your bills. This is why consolidation should always begin with debt counselling. Debt counselling will initially assess your entire financial situation. Once this has been worked out, and if you have any cash left over after living expenses have been deducted from your salary, consolidation will offer payment options. Counsellors are knowledgeable and compassionate and understand just how delicate the situation is for you, so don’t feel intimidated by the process, be liberated by it. If you find that your counsellor is not helpful and compassionate, request another one immediately.
  • Effective and Efficient Debt consolidation is not difficult to understand and offers great relief when done through a well-established agency. While you are on your debt consolidation plan all of your payments will remain constant. This means that you never again have to be concerned with how much to pay every month as it happens automatically. You will pay out the same amount every month until your creditors are happy. Once an account is cleared the other accounts will receive a larger sum of payments – thus, speeding up the process, taking you one step closer to financial freedom.

African Bank provides access to affordable, responsible and convenient credit to improve clients’ standard of living. At African Bank, clients have access to a flexible range of credit options tailored to meet their unique financial needs, from quick loans and credit cards to funeral plans or even help with debt consolidation . African Bank is an authorised financial services provider and a registered credit provider (NCRCP5).