Frequently asked Question & Answers regarding Debt Review
Know your rights!
You have the right to: - Apply for credit and not to be discriminated against - Receive contract in an understandable language - Afforded the right to know details of information held by a Credit Bureau - Protection against unfair marketing practices and reckless credit - Receive documentation when requested - Confidentiality and privacy - Apply for Debt Review and re-arrangement in case of over-indebtedness - Cooling off clause in terms of case of leases, installment agreements at locations other than business premises - Right to receive statements of accounts
* BENIFIT FROM AFFORDABLE RESTRUCTURED INSTALMENTS WITH PROTECTION & WITHOUT LOSS OR LEGAL ACTIONS *
HOW DOES THE DEBT REVIEW PROCESS WORK? - When a Consumer realise he/she is over-indebted or received a letter of demand (Sec 129 letter) from a Creditor, he/she may go to a Registered Debt Counsellor (DC) and apply for Debt Review - The Debt Counsellor will then evaluate all the information provided , make a determination, and advise the consumer - If a consumer is over- indebted, the Debt Counsellor will restructure the installments to the maximum affordable amount, and notify the Credit bureaus and the Credit Providers thereof - For the following 60 days, the Debt Counsellor negotiate with the Credit providers - No Credit Provider may take any further steps to collect the money from the Consumer during this 60 days - The Debt Counsellor have to refer the matter to the Court within the 60days to get a Debt Counselling Order, making the restructuring final.
WHY DEBT COUNSELLING? To assist an over-indebted consumer over a period of financial embarrassment, without the loss of assets and dignity. This will afford the consumer a “second” chance in order to rehabilitate his debt obligations by way of debt restructuring. The purpose of the National Credit Act is to promote and advance the social and economic welfare and protect consumers. WHAT DOES OVER-INDEBTEDNESS MEAN? If a Consumer cannot pay all his/her accounts monthly after providing for himself/herself and/or his/her dependants. WHO WILL HELP ME IF I AM OVER-INDEBTED? - A Debt Counsellor registered in terms of the National Credit Act - Contact us, we will refer you to a Debt Counsellor near you
"Payment Distribution Agent with Legal Excellence"
Contact Us "Payment Distribution Agent with Legal Excellence"
Home Services Debt Counsellors Consumer Downloads Find a Debt Counsellor Debt Counselling About Us View my Statements