Careers in Credit – Debt Counsellor
30-JUN-08
This shortage could mean debt counselors will be stretched to their limits to help any added consumers.
Training and registering as a debt counselor, both as an individual or as an employee for an organisation is currently a wonderful and value adding career opportunity in SA!
What is Debt Counseling and what does a Debt Counselor do?
In short, debt counseling is undertaken when a consumer have spiraling debt concerns to the extent where he/she no long feel they have control over the matter. He/She may then seek the help of a debt counselor or may be referred to a debt counselor by the Courts, who then 'counsels' him/her on how best to tackle those problems.
In most cases, the professional is a financial planner who takes a look at the consumers' income-stream, his/her liabilities, and then provides him/her with advice on the best way to consolidate their debts and/or manage their debts so that you can make arrangements to repay their creditors.
This can also be referred to as debt rescheduling and providing budgeting advice.
Debt Counselors also mediate with the consumers' credit providers to reach an amicable solution.
What do I need to become a Debt Counselor?
You fulfill the following requirements in order to become a Debt Counselor:
- Be at least 18 years of age or older,
- Have a clean credit record
- Not work at a debt collection or related agency
- Have a grade 12 certificate
- Have a minimum of 2 years working experience in any of the following fields:
- consumer protection
- complaints resolution
- consumer advisory services
- have experience in legal or para-legal services
- accounting or financial services
- education or training services
- Counseling of individuals
- General business environment
For a debt counselor to help consumers tackle all the problems involved in over-indebtedness, he /she needs a broad and professional approach and also needs to be skilled in a number of areas:
- Should be familiar with what the National Credit Act and other laws says and how it can best be used to protect and defend someone in debt.
- Must know the best, practical way to help the consumer pay off the debt.
- Must be able to educate the consumer about their situation and the best response, so that the consumer is empowered to act and to avoid similar situations in the future. In particular, the consumer must learn the consequences of non-payment and must be able to implement strategies for reducing debt.
- Must also be able to give psychological support, as over-indebted consumers are under a lot of stress and anxiety
- Must have good listening skills
- Must have good communication skills
- Must have good interviewing skills
What do I need to do to become a Debt Counselor?
CSTI offers a 5 day course is for individuals who want to be registered as debt counsellors with the National Credit Regulator (NCR) to assist consumers to get out, and stay out, of the so-called debt trap.
Learn the following:
- How and when a consumer can apply for a debt review
- How to determine if a consumer is over-indebted
- How to read and interpret credit bureau reports
- The meaning of reckless credit
- How to restructure debt
- How to draft a consent order
- How to monitor consumer payments
- When and how to issue a Clearance Certificate
- How to offer support services and make referrals
- How to register with the NCR as a qualified debt counsellor
You can make a difference in SA by enrolling for this course today!
For more information on Credit Skills Training Institute Click Here
