The Formal Debt Counselling Process, ITC And Experian Credit Checks. We can also verify the accuracy of the data that is recorded on your credit reports. The informal Debt Counselling Process. How to budget effectively and get yourself out of debt. Debt Counselling Application forms and Fee Schedules.

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The Basics of Debt Counselling and how it works:

From 1 June 2007, debt counselling services has been available to consumers who are unable to honour in a timely manner, all credit agreements to which they are party, as indicated by the their history of debt repayment.

The Debt Counsellor will notify all Credit Providers and Credit Bureax of the application and then evaluate the Consumer’s indebtedness. If the Debt Counsellor determines that the Consumer is over-indebted, the Counsellor may recommend to the Magistrate's Court that one or more agreements be declared reckless and/or that the Consumers repayments be rearranged. This is done by extending the original contract and decreasing the monthly payments. If the Creditors all agree, this procedure can be voluntary and no court order is necessary.

A Creditor who receives a notice from a Debt Counsellor for debt review MAY NOT ENFORCE the agreement until a determination is made by the Court or Debt Counsellor.

Once under debt counselling, a Consumer may not make any further debt. This is either until all debts have been paid in full and the Debt Counsellor has issued a clearance certificate or the Court decided that the Consumer is NOT OVER-INDEBTED.

WHAT IS THE NATIONAL CREDIT ACT?

It promotes and advances social and economic welfare, promotes fair and accessible credit market and protects consumers.

WHAT ARE MY RIGHTS AS A CONSUMER?

• right to confidentiality
• right to protection against discrimination
• right to reasons why credit has been refused
• right to plain, understandable language
• right to receive documents
• right to apply for debt review and rearrangement of obligations
• right to cooling-off
• right to statements of accounts

HOW DOES THE ACT PROTECT ME AS A CONSUMERS?

• The Act regulates the way credit will be granted, and protect consumers from reckless credit granting and over-indebtedness. A creditor may not grant you any credit if you cannot afford more credit. A creditor must do an investigation at the credit bureau before granting any credit to you.
• If you are over-indebted the Act provides a new debt relief measure called ‘debt counselling’.
• The Act prescribes fixed interest rates and fees on credit.

HOW DOES DEBT COUNSELLING WORK?

• If a person cannot pay all his/her instalments timeously and has enough money left over to pay for necessary living expenses, he/she is most probably over-indebted.
• Such a consumer can be referred by the Court or may apply to a debt counsellor to be declared over-indebted.
• The debt counsellor must notify all credit providers and credit bureaus of the application then evaluate the consumers indebtedness.
• If the debt counsellor determines that the consumer is over-indebted, the counsellor may recommend to the Magistrate’s Court that one or more agreements be declare reckless and/or that the consumers repayments be rearranged by extending the contract and make the payments smaller. If the creditors all agree, this procedure can be voluntary and no court order is necessary.
• A creditor who receives notice of court proceedings for over-indebtedness or notice from a debt counsellor of debt review, MAY NOT ENFORCE the agreement until a determination by the court or debt counsellor has been made.
• A consumer may not make any further debts until all debts have been paid in full in terms of the rearrangement or the debt counsellor or Court decided that the consumer is not over-indebted.

WHAT KIND OF DEBT CAN BE PLACED UNDER REVIEW?

Nearly every credit agreement, BUT
• contracts such as stokvel, insurance policies, leases, immovable property, dishonoured cheques
AND
• where a credit provider has already proceeded with enforcement on ground of default (e.g. judgements, emolument attachment order, etc.)

WILL INTEREST STOP WHEN I AM UNDER DEBT REVIEW?

NO!! Interest and costs can still be added on your accounts by creditors, unless they agree otherwise.

WILL I BE LISTED AT THE CREDIT BUREAU IF I AM UNDER ‘DEBT REVIEW’?

YES!!! But your name will be cleared as soon as all the debt under review is settled in full and the debt counsellor issues you a clearance certificate.

HOW LONG WILL I BE UNDER DEBT COUNSELLING FOR?

It will all depend on the repayment amount as rearranged with creditors. The higher your outstanding debt and the lower your repayment monthly – the longer it will take to satisfy all obligations. if your payment monthly to the creditors is less than the monthly interest, you be under debt review for a very long period.

HOW WOULD I BE CERTAIN MY DEBT COUNSELLOR IS REGISTERED?

• a registered debt counsellor must display the certificate in their premises where they provide their debt counselling services from
• it must reflect the registered status and number
• the information can also be verified on the NCR website – www.ncr.org.za

CAN I BORROW MONEY FROM MY DEBT COUNSELLOR?

• NO!! Your debt counsellor may not borrow you any money. It is prohibited in terms of the Act. If your debt counsellor does lend money to you, he/she can be deregistered.

WILL I ONLY PAY R50,00 TO MY DEBT COUNSELLOR?

• NO!! The Act provides that the debt counsellor may require you to pay R50 BEFORE accepting your application for debt review, other fees or costs are not yet prescribed and must be agreed between you and your debt counsellor.

NB!!

ASK YOUR DEBT COUNSELLOR EXACTLY what his/her charges are BEFORE you sign any documentation and ask for a copy of charges as explained to you.

DO I HAVE TO MAKE PAYMENTS TO MY CREDITORS WHEN I REGISTER FOR DEBT REVIEW AND THE DEBT COUNSELLOR IS STILL IN THE PROCESS OF NEGOTIATION WITH CREDITORS AND NO ORDER WAS MADE?

• ‘YES’ because of the fact that your registration for debt review does not stop interest it be in your best interest to make payments as far as possible, even if it is not the whole instalment.
• ‘NO’ the Act does not prescribe or require you to make payments during the first 60 day’s after your credit provider received notice by the debt counsellor or Court of the application for debt review. BUT penalty interest will be added to your account.

DO I FIRST HAVE TO NEGOTIATE WITH MY CREDITORS BEFORE I GO TO A DEBT COUNSELLOR?

NO!! You may negotiate with your creditors yourself BUT you cannot be forced to negotiate with them. You have got the right to go to a registered debt counsellor to assist you.

WILL THE ‘HIRE PURCHASE’ CREDIT PROVIDER SUCH AS A FURNITURE STORE REPOSSESS THE GOODS IF THE GET NOTICE OF THE DEBT REVIEW FROM MY DEBT COUNSELLOR?

NO!! As soon as a credit provider receives notice from the debt counsellor ‘debt freezing’ starts, thus they are prohibited to take legal Action until a determination was made by the debt counsellor or Court, UNLESS, they had already taking legal action before you registered for debt review.

IF I GET A SALARY INCREASE OR MY FINANCIAL CIRCUMSTANCES CHANGE FOR THE BETTER, MY I PAY HIGHER INSTALMENTS TO MY CREDITORS AS NEGOTIATED ORDERED BY COURT IN THE DEBT REVIEW?

YES!! The higher payments you make the sooner you will finish your debts and get your clearance certificate from the debt counsellor and the sooner your certificate, the sooner your record will be expunged from the credit bureau.

WHY MUST I OPEN A SAVINGS ACCOUNT WHEN I GO UNDER DEBT REVIEW?

Sometimes Credit Cards or Cheque Accounts are frozen by Banks, or money grabs done on salaries for arrear accounts.

WHAT HAPPENS TO MY DEBT ORDERS GOING OFF OF MY ACCOUNT?

You need to stop all debt orders going off your account in writing at the bank as well as with the companies that you have them with. You need to arrange new debit orders to be deducted from the new account. (i.e. for insurances, medical aid, etc. – NOT FOR DEBT)

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Debt Counselling | Debt Counsellor Services

Western Cape Debt Counsellors

Company Name: ZERO DEBT
Contact Person: Chris
NCR Registration No: MEG DEBT COUNSELLING - NCRDC557
Tel: 086 111 3749
Click To Contact Zero Debt

Company Name: Debko Consulting & Management Services
Contact Person: Deborah-Anne Solomon
NCR Registration No: NCRDC689
Tel: 0731426727
Click To Contact Debko Consulting & Management Services

Company Name: MEG Debt Counselling CC
Contact Person: Megan Elizabeth Wasson
NCR Registration No: NCRDC557
Tel: 073 137 4372
Click To Fill Out An Enquiry Contact

Company Name: Debt Future Now
Contact Person: Natasha
NCR Registration No: Rihanyo (E.E. Chabangu Trading CC) NCRDC224
Tel: 071 070 1316
Click To Contact DebtFutureNow

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