Debt Review or Debt Counselling is a legal process to solve over indebtedness in the cheapest and most effective way in order to allow consumers back into the credit market once all the debt has been paid in full. This service may only be provided by National Credit Regulator (NCR) registered Debt Counsellors.
We will negotiate with your creditors to lower your monthly installments and to extend your debt repayment period accordingly. We will also try to get your creditors to consent to a lower interest rate.
Our fees are regulated by the National Credit Regulator and are explained in our application form. It will also be explained to you once you contact us. All our fees are included in your payment plan and you therefore don’t have to make provision for a separate additional payment.
Necessities can be described as those things that we can’t do without.
Luxuries are the things which are more of an indulgence rather than a necessity. These would include items such as Satellite TV, Timeshare or Gambling.
No, the whole process can be finalized telephonically and by e-mail, no matter where you stay in South Africa.
Some Credit Providers make use of call centres and they may contact you directly. When that happens, you can merely refer them to your Debt Counsellor who will deal with the matter further.
It is not the same for everybody, as everyone’s financial situation is unique. Your repayment period will depend on the outcome of your Debt Counsellor’s negotiation with your Creditors Providers. The term will however not be unreasonable.
Consumers are very seldom required to be in court and your Debt Counsellor will usually be able to obtain a court order without you being present.
No, while you are under Debt Review and adhering to your court order, your Credit Providers will not be in a position to “blacklist” you. If the “blacklisting” took place before you applied for Debt Review, it will however show on your credit record.
Your Debt Counsellor must provide your Creditors with a payment plan to settle your debt. If you are therefore unemployed and you do not receive any other income, like rental income or pension, you will unfortunately not qualify for Debt Review. However, if you are married “in community of property” and your partner is employed, you will be allowed to apply for Debt Review as a joint application.
No, you will not be allowed any further credit while under Debt Review.