Debt Services SA - what is a debt service provider

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What is a debt service provider?

Debt Services SA - what is a debt service provider

 

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A debt service provider is a company or individual whose aim is to provide consumers with services that help alleviate debt problems and assist them to pay off their debt in reasonable manner.

 

The most well-known type of debt service provider is a debt counsellor. These are individuals who after being accredited by the NCR make it their goal to assist consumers who are over-indebted.  These counsellors will help a consumer apply for debt review and begin talks with creditors to lower payments and interest in order to help the consumer pay off their debts in more manageable terms.

 

By providing the debt service, they set out to create an environment where consumers are no longer terrified of creditors and ringing phones – instead they know they are protected and can pay their creditors even if it is not the originally agreed upon instalments.

 

Other debt service providers include debt consolidation loan agencies that specialise providing consumers with loans to pay off current debts, as well as credit bureaus that specialise in collecting debt information on consumers. These bureaus provide creditors and debtors with a detailed history of a consumer’s credit past to help them assess how credit worthy a consumer is.

 

A debt service provider will always put the consumer first and protect their assets and interests. However consumers should guard against individuals who pose as debt service providers fraudulently, therefore always ask to see their accreditation before providing them with any sensitive information such as ID numbers and account details.

Article written by: Andrea van Tonder 04-2013


Debt Services SA - what is a debt service provider

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