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FAQ

FAQ

Most frequent questions and answers

Debt Review was introduced by the National Credit Act to help over-indebted consumers. Our economy has been weak for many years now and people are financially under pressure. Debt Review will develop a repayment plan which is affordable to you, as well as acceptable to all your creditor s. It is there to help you.

Debt Review can save your home and vehicle. It is therefore important to go under debt review as soon as possible if you are struggling to make payments. It also depends on whether you have received a summons on your vehicle finance or Home Loan..

All debtors counseling fees are regulated by the National Credit Regulator. These fees are contained within your monthly payments

No, the whole process can be finalized telephonically and by e-mail, no matter where you stay in South Africa.

As soon as you apply for Debt Review all your creditors will be notified. From that point on they must, by law, communicate with your Debt Counselor and not with you directly.

In terms of the National Credit Act we, as Debt Counselors, are allowed to lower your monthly payments that are affordable to you.

Yes, You will get relief immediately and your creditors must then work through us. No more phone calls threatening you to pay. You cannot be summoned or blacklisted.

We put together a payment plan within the requirements of the National Credit Act.

Credit Providers just want their money, so should your repayment plan be reasonable, it is very unlikely that the Credit Providers will not accept it.

No, If the blacklisting took place before you applied for Debt Review, it will reflect on your credit record.

No. The purpose of debt review is to get you out of debt. You will not be able to get credit while on debt review

Your credit record will reflect that you are under debt review. This status will change once all debt obligations are met and you are no longer on debt review.

It will be better to go on debt review than to have an impaired credit record due to an inability to service debt.

Debt mediation is a process that is intended to help consumers who are temporarily experiencing difficulty with their monthly expenses.

An alternative arrangement affordable to the consumer and acceptable to the creditor is made on the consumer’s behalf.