Introduced after the 2007 NCA promulgation, debt counselling serves the purpose of offering an alternative remedy to over-indebtedness. Since inception, in excess of R2 billion has been paid over to credit providers through the debt review process. The thriving micro lending industry has seen a growth spurt in the number of institutions offering debt counselling services to thousands of borrowers. One organisation that has undertaken providing these services is Greenfern. Established in Bloemfontein in 2008, the institution now operates nationally.
Greenfern promises to reduce clients’ monthly debt payments by up to 60% without taking on any new loans (i.e. consolidation loans.) Greenfern’s strategy is moored around the debt review model, which is directed towards getting the consumer out of the debt trap. In comparison with the debt consolidation route, the debt review process is faster. Greenfern also offers these services to clients who have been blacklisted as well as those with bad credit.
Benefits of utilising Greenfern’s debt review processes include almost immediate reductions of monthly instalments, instant debt relief and protection against creditors and blacklisting. Clients may also cancel this arrangement at any time. Greenfern charges fees as prescribed by the national Credit Regulator.
Clients interested in this viable debt counselling option offered by Greenfern are assessed upon application. Qualifying clients are then obliged to construct a new budget with the assistance of Greenfern debt review agents. Should the clients agree with the debt repayment terms, his/her creditors will be notified of their application for debt review. Greenfern’s services further extend to negotiating on behalf of clients to try to obtain lower repayments. Following this process, credit providers will adjust payment terms on their side. Instalments are deducted after a magistrate’s court order has been granted to bar creditors from taking legal action against the client. Once the debt is settled, a clearance certificate is issued, resulting in the clearing of the client’s credit record and the conclusion of the process.
Contact Greenfern on 060 679 0604.