A: If you stay up to date with your Debt Review repayment plan your creditors will not be able to take legal action against you – including repossession. Even with the above said, creditors could try to intimidate and threaten you (which is unethical and unlawful). When a creditor harasses you, you can take the
A: The Credit Act requires that Debt Counsellors use an accredited Payment Distribution Agency (PDA) to manage their client’s money in order to prevent mishandling of funds which means your money stays safe. Your accredited Payment Distribution Agency (PDA) handles the distribution of your money, and will also provide you with monthly statements.
A: It is very important to open a new savings account at a bank where you have no previous dealings. This is to prevent money grabbing by your current creditors. Remember to inform your employer to pay your salary into your new, above mentioned, bank account. Also, note that it is your responsibility to cancel
A: It would depend on the type of business. We can only assist you when your business is a sole proprietorship. We won’t be able to assist if your business is a Private Company (PTY) or Closed Corporation (CC) or a Business Trust.
A: There is no better feeling than receiving your Clearance Certificate (the proof to show that you have fixed your debt – an accomplishment that you have worked so hard for). But, there are a few things that you should know before applying for credit again/after receiving your Clearance Certificate. One thing is certain –
A: If everything is in order with your Clearance Certificate you and the credit bureaus should receive it within a few working days. Before issuing a Clearance Certificate DebtSafe will require paid-up letters from all you credit providers. This might take some time depending on the cooperation of your creditors and can sometimes cause a
A: Once an account is paid-up in your program the Payment Distribution Agency (PDA) will take the money that would have gone to that creditor and evenly distribute it towards the accounts that are left in your Debt Review program.
A: Yes, that is a great way to speed up your Debt Review program. When you have extra income (like a tax repayment, a bonus or salary increase) you can contact one of the DebtSafe Debt Counsellors to make the arrangements for you. In this situation, you can also stipulate to which creditor you would
A: As a rule, no. It will be seen as reckless since being in Debt Review means that you are not able to pay your current debt. Therefore, the National Credit Act (NCA) prohibits you from acquiring any further credit while you are in Debt Review. Which makes sense since credit is what caused most
A: No, Debt Review is not a consolidation loan. A loan means more debt. With consolidation loans, you only shift your debt from one place to another. Most people will not qualify for a consolidation loan. Unlike consolidation loans, which have very strict requirements (and at the end leaves you with more debt) Debt Review