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.
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We will draft a payment plan reflecting your unique financial position. You will be informed of the new reduced instalment that we can negotiate, for you to decide if you want to apply for debt review.
Should you decide not to apply for debt review, you will continue to pay your normal instalments directly to your creditors. We will not charge you ANY fees should you decide not to apply for debt review. You, therefore, remain in control of the process.
After receiving your Application Form your creditors will be notified of your application within five business days. We will request them to provide us with a statement indicating how much you still owe and what your existing installments and interest rates are.
Once we have received the statements, we will adjust the personal payment plan we have drawn up for you, send it to your creditors as a payment proposal, and request their letters of acceptance.
After we have received the letters of acceptance of the payment proposal from your creditors, we will obtain a court date from your local Magistrate to make the payment plan an order of the court or, alternatively, apply for the debt review order with the National Consumer Tribunal (NCT). This will offer your full protection against your creditors as long as you make full and regular payments to the PDA as agreed.
The granting of the debt review order completes the application process and your creditors can’t take any legal action against you for as long as your keep making payments in accordance with your payment plan without any deviation.
Our fees are in line with the recommendations of the National Credit Regulator (NCR) and are explained in our agreement form. The initial assessment that we do is, however, free of charge and fees are only charged should you confirm that you want to continue with debt review. All 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 restructuring 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.
As soon as we have a paid-up letter for each account on file we will issue a clearance certificate showing that you have settled all your accounts. We will send the clearance certificate to each of your creditors as well as to the Credit Bureaus with a request to remove the debt review flag from your profile. You will then be able to access credit again.