A: For the Debt Review (note – a legal) process to be successful, you must adhere to your Debt Review restructured or repayment plan (‘rehab payment’) at all times so that your Debt Review agreement doesn’t get jeopardised. Debt Review’s primary benefit is the negotiation process offered (with your various creditors on your behalf) to reduce
A: No. Debt Collection is when an attorney, a person who is an agent of an attorney or a registered debt collector collects, on behalf of the credit provider, an outstanding amount plus lawful interest, admin costs and collection fees, which by law is capped to certain amounts.
A: If you received a Summons before entering Debt Review we will not be able to include that account in your Debt Review. However, we can try to convince that creditor to take part in the Debt Review, but ultimately it will stay the creditor’s decision whether or not they want to participate.
A: No, Debt Review is not the same as Sequestration. What is Sequestration? Sequestration entails that you, a natural person (as stated by the Insolvency Act), are bankrupt. You get two types of Sequestration: One – Compulsory Sequestration – when you can’t pay your debts, leading to your creditors applying for your estate to get
A: No. Administration only pays your creditors every third month, the rest of the payments go towards admin fees and commissions. Plus, Administration is only for a debt of R 50 000 or less. Lastly, Administration exclusively deals with unsecured debt. So, your secured debt, like a home loan or car loan is not included.
A: It is the employer’s choice on what the exact requirements are for their employees, so we will not be able to say definitively. However, historically we have seen that in general being under Debt Review is not an issue when looking for employment. The only industry that might have some question is if you
A: Our program is created by South Africa’s National Credit Act. Therefore, the only way we can assist non-citizens with their debt is: if you have a passport number, can prove that you are permanently working in South Africa, and your debt is with South African creditors.
A: Unfortunately, we do not. To be able to qualify for Debt Review/Debt Consolidation/Debt Counselling you must be employed or receive regular and consistent income. No creditor will accept a non-payment as a viable option during our negotiations with them. If you are unemployed you can, however, negotiate with your creditors directly to see if
A: If you are unhappy with the service your Debt Counsellor is providing, or not providing, you have the option to change and transfer to a Debt Counsellor of your choice.
A: The process of cancelling/withdrawing from Debt Review is a complex one and we will always suggest that you talk to your Debt Counsellor before making the decision. Here is what you need to know about exiting Debt Review before completing the program: Your Debt Review will stay listed on your credit record until a