A: If you completed your previous Debt Review successfully then it should be possible. But it is very unlikely that your second Debt Review will be granted if you failed to pay your first Debt Review instalments. The main reason for this is that you will still need to pay your first Debt Counsellor’s outstanding
A: Alternatively known as the Cancellation Form. Whether a Debt Review is cancelled voluntarily or involuntarily the National Credit Act (NCA) requires that a Debt Review Cancellation Form is completed. There are serious considerations to make before cancelling your Debt Review. These include the following: A cancellation fee of 75% of the debt restructuring fee
A: Creditors have the right to terminate your Debt Review when: Payments are not received according to the payment plan. The amount being negotiated is not accepted. When a counteroffer is not accommodated. In the case of a termination, DebtSafe will apply for reinstatement. The biggest reason we have seen for a creditor to terminate
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: 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: 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: 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