A: All credit agreements must be included in your Debt Review. The only exception is those credit agreements where the creditor has started legal action. But even then, you will have to let your Debt Counsellor know about the agreement so that it can be taken into account in your overall monthly budget. (Very important.
A: Firstly, Debt Counsellors, as stipulated in the National Credit Act (NCA), are not allowed to manage their clients’ money. Rather, the NCA requires that a Payment Distribution Company (PDA) handles the collection and distribution of funds of Debt Review clients. The three main reasons why the statements differ are: Payments are processed at different
A: Yes, you definitely can – don’t feel intimidated by creditors; you have the right to negotiate with them if you anticipate that you will be having trouble repaying your debt. Plus, being proactive will count in your favour. Before getting everything ready for your negotiations, take the following into account: Each creditor will want
A: When in Debt Review all your current credit agreements are restructured into your monthly Debt Review repayments. Furthermore, you are not allowed to acquire any new or additional credit during your Debt Review program. With that said you will not be allowed to trade in your current vehicle below Debt Review for a new
Let’s Recap on What Is Debt Review Debt Review is a legal process that helps individuals struggling with severe over-indebtedness manage their debt and become debt-free. It’s important to understand that it’s not a quick fix. Paying off severe debt requires commitment and a structured approach to achieve long-term financial stability. Here’s a breakdown of the pros
A: If your cell phone contract is included in your Debt Review budget you should be able to upgrade. Make sure the monthly amount is not more than what is provided for in your budget. If the upgrade negatively affects your cash flow, it could have repercussions for your Debt Review. Always make sure that
A: When entering Debt Review, and any credit agreement, it is important to make sure you have sufficient debt cover. This is called Credit Linked or Credit Life Insurance. Depending on what Credit Linked/Life Insurance you have there should be some form of protection for your debt in the event of retrenchment. With DebtSafe’s CreditGuard
A: Yes, you can. Surrendering your vehicle while your payments are still up to date: Contact the creditor and give them a written notice that you want to surrender your vehicle. In five business days, you will have to surrender the vehicle to the creditor. Within ten business days of receiving your written notice, the
A: Debt can only be written off by two means, namely Prescribed Debt and Reckless Lending. Prescribed Debt Debt has only prescribed if there has been no attempt by the credit provider to collect it or if no summons has been issued for the debt during the last 3 years. Also, if there has been
A: You can log a dispute directly with the credit bureau where the wrong information is listed on your record. If the wrong information is because of a specific creditor you can log a complaint with the Credit Ombud to dispute the listing on your record.