Frequently Asked Questions
Frequently Asked Questions
Debt Review offers immediate relief. The Debt Counsellor will work out a temporary, affordable payment plan within the first week.The final repayment plan will be prepared within the first 60 working days. During this time none of your credit providers will be able to take any action against you.You will also make only one monthly payment to our Payment Distribution Agency (Hyphen PDA) who will distribute payments in accordance to your plan.
“No, you won’t have to. We finalize most Debt Review cases electronically via telephone, Skype and email”
When you apply for Debt Review we will send notices (Form 17.1) to all your credit providers. As soon as your credit providers have been notified that you have applied for Debt Review they are according to law only allowed to communicate with your Debt Counsellor. Unfortunately, some credit providers will still take a chance and try and communicate with you directly, in which case you will tell them that they are breaking the law and that they should speak to your Debt Counsellor.
The National Credit Act introduced Debt Counselling to assist over indebted consumers. The main target of Debt Counselling is to restructure a consumer’s monthly repayments in a way which will be affordable to the consumer and also acceptable to all the credit providers a consumer has. It has been developed to assist you when you don’t have any means of maintaining monthly instalments, so don’t be afraid to make use of it.
Most of the times the credit providers will accept the offers we make them. If it so happens that a credit provider does not accept an offer, we will take the matter to court and do our best to convince a Magistrate to make the Debt Review an order of court. Credit providers are usually not unreasonable and will work with us if we provide them with a reasonable Debt Review payment plan.
“If we find that Debt Counselling will not work for you in the long term, we will refer you to a service provider who will be able to assist you”
The first question you should ask yourself is “why am I on this page reading this?” The chances that you will be able to benefit from Debt Review are quite good, but you need to act now,do not wait for another few months, it will be a lot easier for us to help you now than later when you might have skipped some instalments. Give us a call, we will be able to advise you.”
“We will be able to tell you how much the Debt Review will cost when you contact us. The NCR regulates all Debt Counselling fees to make sure it stays reasonable and that every company charges the same amount. The main goal is to get our clients out of debt, not to overcharge for services. The monthly repayment amount already includes the Debt Counselling fees, so you wont have to pay this extra!“
“Being placed under Debt Review can not cause a consumer to lose his assets. Debt review will help you save your assets, depending on your current circumstances.“
“No, you will not have to. Your Debt Counsellor applies for the court order on your behalf.”
“Yes you may. There are some cases where we have been successful in negotiating a debt review with creditors, even after Judgement have been granted”
“You may still apply, even if you have been summoned. As long as you don’t wait for too long we might still be able to help you.”
“No, none of your creditors are allowed to “blacklist” you while you are under Debt Review. The only “blacklisting” on your name will be from before you applied for Debt Review.”
“Yes, you may apply for Debt Review whilst unemployed. You will however have to have some income like pension, maintenance or rental income.”
“No one’s financial situation is the same. You have to remember that we are lowering your instalments which means that your payment terms might be longer, depending on the interest rate we renegotiate. Sometimes we renegotiate a 0% interest rate and then the payment term will even be less than what it was before. The only way to answer this question is to have a Debt Counselling application loaded and the repayment term calculated.“
“No, we will never contact your employer unless you request us to do so”
“The goal of Debt Review is to help you become debt free, so the answer is No. When you apply for Debt Review you will not be able to apply for new credit or use existing credit.““
“When you are under Debt Review we will place a flag on your name at the Credit Bureaux. When the process is complete we will send notifications to the bureaux to remove this flag and there will then be no indication that you ever applied for or have been placed under Debt Review. It is worse to just skip payments or make short payments to credit providers as this will end up as a certain listing of non or short payments. The best thing to do is to apply for Debt Review rather than not pay or pay less.“
“This will unfortunately be a huge problem. You will have to have an income and make payments towards your Debt Review payment plan. If this happens and you do not find immediate employment, we will have to look at some alternative solution. There might be a chance that the credit providers will give you a period of time to find employment, but should they agree to this it won’t be long”
“Being under Debt Review should, in our opinion show a new employer that you are a responsible person who takes action when he sees that there is a problem. When a prospective employer does a credit check and sees a judgement or default on your credit record, it might cost you the job. Employers want to see that a person can handle their personal affairs responsibly. This is why they do the credit checks