Caveat - should you make use of the services of a debt counselor and the order is granted you are barred from any new credit until the last cent is paid - if new credit is granted to you then the credit provider faces a charge of recless credit and could be fined up to a R 1 mil or 10% of their yearly turnover - if you have a bond and it has been restructured from say 20 to 30 years you must considder that for the next 30 years you will not be able to even get a cellphone contract.
Dave A (18-Nov-08)
I forgot to mention that I have a maid and gardener.
The counsellor didn't allocate any expense for these "employees" thereby implying I should get rid of them.
Although I do earn a large amount of money every month and I am overindebted: I feel it is unfair to release these two individuals as they have been loyal even though I've reduced the number of days they work each month to the minimum... why should they suffer because the counsellor could make a small provision for them (1K out of the 20+K a month)?
I guess the credit act neglects this aspect of our economy.
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