Accord Debt Solutions CC (ADS) registered during 2002 to assist debtors (Consumers) with debt counseling, debt re- structuring, conciliation, personal financial management and secretarial services, where consumers were over committed with debt repayments, to the extent that they were unable to pay towards their day to day and or their dependants living expenses.
Consumers were further assisted to ascertain the correctness of balances claimed and or the authenticity of agreements where upon claims were based pertaining to creditors claims and or claims based in terms of court orders.
Consumer’s information are captured on ADS electronic systems and services are administered in accordance with agreements entered into.
Prior to June 2007 it was found that many creditors and or creditors’ representatives claimed balances in excess of what was provided for in terms of agreements entered into and or emoluments attachment order claims.
With inception of the National Credit Act, consolidation finance was made available, to persons with adverse credit records and or persons who are under administration.
It was found that consolidation finance would only be effective where future consolidated loans installments are affordable, consolidation interest is less than loans consolidated interest and correct settlement balances are obtained prior to consolidating outstanding balances.