Frequently Asked Questions About Vantage Debt Management

What is debt consolidation?

Debt consolidation combines all your monthly debt repayments into a single payment, aiming to reduce installments and provide financial relief. It's a term representing various processes designed to achieve this goal.

How does debt counselling work?

Debt counselling assists over-indebted consumers by having an NCR-registered debt counsellor assess their financial situation and negotiate with creditors to establish a new, affordable repayment plan. This process may involve reducing monthly installments and interest rates. Once all debt is repaid, a clearance certificate is issued, restoring the consumer's credit record.

What does over-indebted mean?

Over-indebtedness refers to a situation where a consumer is unable to meet their debt obligations timeously, leading to arrears and potential legal action from creditors.

How quickly do I start with the new, lower repayments?

Upon entering a debt counselling process, the new, reduced repayment plan typically takes effect immediately after the necessary agreements are formalized with creditors.

What is a credit score?

A credit score is a numerical value representing an individual's creditworthiness, based on their credit history and financial behavior. It influences the ability to obtain credit and the terms offered by lenders.

Can I take out more debt while under debt counselling?
While under debt counselling, consumers are generally prohibited from incurring additional debt to ensure the effectiveness of the repayment plan and to prevent further financial strain.

Will I be blacklisted forever if I go under debt counselling?

Entering debt counselling does not result in permanent blacklisting. Upon successful completion of the process and issuance of a clearance certificate, adverse information is removed, and the consumer's credit record is restored.

What happens once the debt counselling process is complete?

After completing debt counselling and settling all debts, a clearance certificate is issued, leading to the restoration of the consumer's credit record and the ability to access credit again.

Will I be able to buy a house or a car?

Post debt counselling, once the credit record is restored and financial stability is demonstrated, consumers can apply for credit to purchase assets like a house or car. Approval will depend on the individual's financial standing and the lender's criteria. 

Can I apply if I am blacklisted?

Individuals who are blacklisted or have adverse credit records can apply for debt counselling to address their debt issues and work towards restoring their creditworthiness.