WHY do clients have to pay fees to debt counsellors?
There is a huge amount of paperwork involved in re-structuring debt, uploading data, negotiating terms with credit providers, and compiling the court application - which is a legal document. PLEASE NOTE that ALL your fees are paid from creditor payments - you do NOT have to pay an anything from your pocket. We allocate your creditor payments in months 1 to 2 to cover all your DC and Legal fees.
Must all debt review cases go through a legal process?
Yes, in order for it to be legal and "rubber stamped" by a Magistrate or National Credit Tribunal. The client doesn't have to appear in court though. We do it ON YOUR BEHALF!
Will being under debt review hamper your changes when applying for a new job?
NO it should not affect your application at all.
Can a client under debt review still rent a property?
Absolutely, as debt review is NOT a credit agreement, and will thus NOT affect the lease on a property.
If you are married in community of property, does your husband/wife also have to agree to go under debt review?
Yes, it is a joint application, but only ONE fee is levied.
Can you repay your debt earlier than the stipulated terms as per the approved court order?
Yes, you can. As soon as all your debt is repaid, the Debt Counselor will issue you with a debt clearance certificate, and your name cleared from the credit bureau. You are also allowed to PAY more a month towards your debt, should you choose to do so.
Can you exclude debt that you made on behalf of someone else (family member or friend)?
NO, you cant. All debt on your name will form part of the application as per NCR's regulations. Any "shortfall" of outstanding debt can also be placed under debt review (for instance the difference between the outstanding balance and the selling price of a car/house).
WHY is debt review the better option?
Because clients under debt review are LEGALLY PROTECTED by a court order, as long as they pay their re-structured debt installment on time every month.
Can you apply for credit whilst under debt review?
No you can't - but as soon as your debt are repaid, you can.
If your financial situation changes and you are in a position to pay-off all your outstanding debt to Credit Providers, you will be allowed to apply for credit again - as your credit record will be cleared. You will receive a certificate from your Debt Counsellor in this regard.
There is a huge amount of paperwork involved in re-structuring debt, uploading data, negotiating terms with credit providers, and compiling the court application - which is a legal document. PLEASE NOTE that ALL your fees are paid from creditor payments - you do NOT have to pay an anything from your pocket. We allocate your creditor payments in months 1 to 2 to cover all your DC and Legal fees.
Must all debt review cases go through a legal process?
Yes, in order for it to be legal and "rubber stamped" by a Magistrate or National Credit Tribunal. The client doesn't have to appear in court though. We do it ON YOUR BEHALF!
Will being under debt review hamper your changes when applying for a new job?
NO it should not affect your application at all.
Can a client under debt review still rent a property?
Absolutely, as debt review is NOT a credit agreement, and will thus NOT affect the lease on a property.
If you are married in community of property, does your husband/wife also have to agree to go under debt review?
Yes, it is a joint application, but only ONE fee is levied.
Can you repay your debt earlier than the stipulated terms as per the approved court order?
Yes, you can. As soon as all your debt is repaid, the Debt Counselor will issue you with a debt clearance certificate, and your name cleared from the credit bureau. You are also allowed to PAY more a month towards your debt, should you choose to do so.
Can you exclude debt that you made on behalf of someone else (family member or friend)?
NO, you cant. All debt on your name will form part of the application as per NCR's regulations. Any "shortfall" of outstanding debt can also be placed under debt review (for instance the difference between the outstanding balance and the selling price of a car/house).
WHY is debt review the better option?
Because clients under debt review are LEGALLY PROTECTED by a court order, as long as they pay their re-structured debt installment on time every month.
Can you apply for credit whilst under debt review?
No you can't - but as soon as your debt are repaid, you can.
If your financial situation changes and you are in a position to pay-off all your outstanding debt to Credit Providers, you will be allowed to apply for credit again - as your credit record will be cleared. You will receive a certificate from your Debt Counsellor in this regard.
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The best way to change tomorrow, is to start doing something about it today!
Pierre Eksteen |