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How to choose a debt counselling company in South Africa?

“A life saver” “Lifted a huge burden off my shoulders” “I had the best service from the get-go”

These are just a few of the many positive debt counselling testimonials we’ve had from our clients. 

When considering which company is best for debt counselling in South Africa, you should consider the following factors:

  • Are they a reputable company? Have they successfully helped previous clients undergoing debt review?
  • Are their Debt Counsellors registered with The National Credit Regulator (NCR)?
  • Are there positive customer reviews with the company?
  • Have they partnered with a good payment distribution agency?

At the debt review awards in 2023 Meerkat was ranked as one the Top 10 Debt Counsellors in the large debt counsellor category. This award was based on all the national debt counsellors across South Africa.

DRA 2023 Top 10 - email - Large[2305843009242846645]

From over-indebted with R591 157 to debt free thanks to debt review at Meerkat

One happy family, The Dlomos, are now debt-free thanks to Meerkat. Themba Dlomo was ill with tuberculosis and because of this, eventually lost his job. He was able to secure a part-time lecturing position, but before this, had missed three months of debt repayments. 

Unable to catch up with these payments, and because of a new reduced salary, he now felt like he had nowhere to turn. He was also scared that their two family cars would be repossessed. This is when he saw an ad on Facebook about Meerkat's debt counselling services.

Debt counselling is a debt solution that is similar to debt consolidation in that it offers you a way to consolidate all your monthly debt repayments into just one monthly payment.

For example, the Dlomo family went from paying monthly instalments for:

  • 2 Vehicles
  • 2 Credit Cards
  • 1 Overdraft
  • 1 Store Card
  • 4 Personal loans

With Meerkat, they were able to pay just one, reduced monthly installment.

Debt review, however, is unlike a debt consolidation loan in that it does not require you to take on more debt to get rid of your outstanding debt. Because it's not a loan, you also do not need to have a good credit score.

When the Dlomos approached Meerkat, they had a total debt amount of R591 157. Their monthly instalment was R41 000. 

Thanks to our NCR registered Debt Counsellor at Meerkat, the Dlomos were able to reduce their monthly debt instalment from R41 000 to R18 000, saving them R23 000 each month. 

Their average interest rates on their loans went from 36% to 18% because of the Debt Counsellor’s negotiations with the Dlomo's creditors. 

Read: How a young family went from over-indebted to debt free thanks to Meerkat

For this distribution of the fees to the Dlomos creditors, Meerkat partners with SA’s most trusted payment distribution agency (PDA) , Hyphen PDA. This ensures that payments are always made in full, timeously and in accordance with the new restructured repayment plan that was set out at the beginning of their debt review process. 

A court order was also granted for this repayment plan which meant that the Dlomo's cars were now protected from being repossessed. 

Their new financial situation, and the money they saved on their monthly debt installment, allowed the Dlomo family to breathe easily again. They were also able to afford their daily living expenses and were no longer worried about their cars being repossessed or creditors harassing them over-the-phone.

Who is Meerkat?

Meerkat, a trusted debt review (debt counselling company), has successfully helped thousands of South Africans struggling to pay their debt. We are a registered financial services provider and provide debt counselling services to South Africans who are over-indebted.

Debt counselling (debt review) is one of the financial solutions we offer South Africans. Debt review is a legal debt relief process that introduced by the National Credit Act (NCA). All the processes are regulated by the National Credit Regulator (NCR).

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