There are some credit providers who offer consumers what they call a “consolidation loan”.
These loans can be used to take all the various loans (or credit) a consumer has with various creditors and lump them all together (by paying them off with the new big loan) into one single payment.
Interestingly a consolidation loan is a type of credit which is exempt from a reckless credit investigation.
As yet, no credit provider in SA has registered a “consolidation loan” product with the NCR. (A requirement of the NCA if reckless is not to be applied)
So yes, consumers can get loans called “Consolidation Loans” and can use them to consolidate debt but these are not truly such in terms of the Act.
They can still fall into the realm of reckless credit if they are granted to consumers who cannot afford to repay them.
So take that first step. Simply call us directly at 087 702 1738 or contact our supportive debt counsellors via our contact page. Dont have the time? Request a Free Call Back and one of our counsellors will contact you! Zero Debt is a certified Debt Counselling company.