Can I Move My Debt Review to a Different Company?

Sometimes we just don’t get along with people, especially in business circumstances. If this is the case with your debt counsellor, this is the blog post for you! We’ll go over possible reasons why you’d like to move debt counsellors, how to apply, and what happens next. The National Credit Regulator (NCR) regulates debt counselling, and they guarantee your right to transfer to a new debt counsellor at any point during the process. Read on for answers to all of your questions and more.

Reasons you might move counsellors

Here are some of the most common reasons why one might switch debt counsellors:

  • Communication Issues: You feel your current debt counsellor isn’t responsive or doesn’t clearly explain things. Maybe you don’t feel comfortable asking questions or getting updates.
  • Lack of Progress: You don’t see significant progress in your debt repayment plan, or you feel the counsellor isn’t advocating for the best possible terms with your creditors.
  • Misaligned Goals: Your financial situation or goals have changed, and your current debt counsellor’s approach no longer feels like a good fit.
  • Fees: You find the fees charged by your current counsellor to be excessive or unclear.
  • Trust Issues: You no longer trust your debt counsellor’s advice or suspect unprofessional behaviour.
  • Location and Accessibility: Convenience can be important. If in-person meetings are crucial for you, consider the location and accessibility of the new debt counsellor.

You can use these reasons when applying to switch counsellors.

How to switch debt counsellors

First, you’ll need to contact your current debt counsellor and explain your intentions to switch counsellors and why you’d like to switch if you can. Be sure to keep a record of your request. Then, fill out Form 17.7, which contains the transfer information and record of your current debt review circumstances.

Look for a new debt counsellor registered with the National Credit Regulator (NCR). The NCR website provides a directory of registered debt counsellors. See if you can find one that specialises in your situation. Self-employed individuals, for instance. Look for online reviews and testimonials from past clients to gauge their experience. Lastly, contact and interview your counsellor of choice to question their fees, style, and approach. It’s vital that you stay in contact with both counsellors during this time to ensure a smooth transfer and that you pay any associated transfer fees.

You’ll then provide the new counsellor with said Form 17.7 as received from your previous debt counsellor. Be mindful that the transfer process might take some time, especially if there are outstanding fees or complex negotiations with creditors. After you’ve transferred, you’ll continue with debt review as normal.

Move debt counsellors.

If you’d like to exit debt review, make sure you contact Cape Town Legal Consultants— Cape Town’s favourite debt review experts.