Understanding Debt Terminology 


Debt Counseling or Debt Counselling

Debt counseling Johannesburg is fast becoming a reality for a lot of people who are in trouble with their finances. Debt counselling includes managing your debt through restructuring of your financial plans, or helping you create a financial plan from which to work. Living with huge outstanding financial balanced, and creditors, legal notices and threats can be stressful and intimidating, and debt counseling helps work through the practical changes needed to get out of debt. For those going through debt consolidation, debt counselling is an essential must have to not get into the debt spiral again. 

Debt Consolidation

Debt consolidation is where the debt is put together into a single basket (loan) and then paid off in terms acceptable to yourself and the creditor. It does not mean that the debt is automatically cancelled, but the constant pressure of having creditors hound you is removed, and the debt is paid off using a different payment plan. For information on how to avoid needing debt consolidation, please contact us.

Debt Management

Managing finances and the debt you incur is do-able with information and understanding. Understanding what the debt is you have incurred and how to avoid unnecessary interest rates, (accrued interest) and what you are currently able to afford is very important in avoiding bad debt. Most South Africans need to go into debt for houses, cars, or even school fees. Specific debt management can prevent problems in the future. 








Debt Solutions

A debt Solution is the method used to reduce and remove your debt. Unfortuantely in South Africa consumers fall into the debt trap very easily by missing payments, not keeping track of what they are paying and to whom and at what rates, and there are unforseen additions such as interest rate hikes. 


Involves the individual being declared insolvent and is used when other debt solutions are not effective. It includes high court rulings and rehabilitation in restroing credit trustworthiness. 

Debt Review

A debt review is a consultation with a debt view specialist, where the financial records are worked through, financial practices assessed and outstanding balances are worked out including interest rates and what is owed. The debt review is used for the debt consolidation and debt counselling purposes. 

Garnishee Orders

Garnishee orders (Emolument Deduction Orders) are an oft used method of debt collection and it is common cause that up to 80% of the around 3 million garnishees in place at the moment are either illegal or in breach of the process of the law. Read More...

Difference between debt consolidaton and debt counselling

Financial solutions for avoiding financial crisis, these two can be confused. Read more on the difference between counselling and conslidation, and what the rights and responsibilities are of the person who is undergoing these financial services


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Killaghy Debt Relief Services offers


Debt relief for individuals


Killaghy Business Solutions are Registered Debt Counsellors


Debt counselling and debt reviews Johannesburg

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