Are you struggling FINANCIALLY to pay your
Debt review or debt counseling in South Africa is a program developed by the NCR and it can be the solution for you.
debt review pros and cons
Enables you to make monthly reduced debt repayments in one installment
Relieves you from creditors hassling you for money
Prevents you from declaring bankruptcy
Maps out the path for reducing bad debt and becoming debt free
Prevents summonses and judgements against you(if you act quickly)
You will be educated about your financial rights and how to work better with finances going forward.
Under a Registered debt counselor clients will be classified as over-indebted and considered for debt counselling “if taking all financial circumstances into consideration, a client is deemed to be unable to repay their debts”.
The act says , clients applying for debt review, must be employed and earning a monthly income
Most importantly, Debt counseling services aim to give clients hope for a future of financial well being and the ability to borrow credit again. Our affiliated debt review companies are the best in the market and they will asses your finances for free, their services are national mainly in cape town and Johannesburg,they will be able to assist you where ever you are in south Africa and they also have different offices situated in different cities all you need to do is tell us where you are.
Protect Your Assets With
A simple process aimed at transitioning you out of debt that is straight forward and effortless, consumers will be assisted in developing a repayment plan that is affordable and easy to maintain for the remaining repayment period without additional financial strain.
- Your assets will be protected from repossession by credit providers
- All your debts will be consolidated including debt counselling fees
and you pay a lot less every month.
- You determine what you can afford or the debt counselor can use in duplum rule to determine your affordability.
- Free no-obligation debt assessments by our experienced ncr registered debt counselors
- You can be helped even if you are blacklisted or have a bad credit record.
What qualifies you to be under debt review? You qualify for debt review or debt counseling if you are over-indebted. This means you are struggling to pay your installments and have fallen behind, or are at risk of falling behind. You also need to be earning a monthly income – unfortunately you will not qualify if you are unemployed you need a regular income of some sought to qualify. You qualify for debt review even if you are blacklisted, or if you have a bad credit record.
Why should i consider debt review? You should consider debt counseling if you are unable to pay off your debt repayments, whether it be now or in the immediate future. By going under debt review you will ensure the protection of your assets, and avoid legal action by your credit providers. Debt review helps to reduce your installments, making your financial situation more manageable.
Is debt review better than consolidation loan? You will not qualify for a consolidation loan if you are over-indebted. The only way to prevent yourself from losing your assets is to go under debt counseling. The debt review process fully protects your assets, as per the National Credit Act. you will be offered assistance in managing your bad-debt situation by consolidating your debt into one affordable monthly repayment, reducing your monthly debt repayments and clearing your credit record with a clearance certificate after you have fulfilled your restructured debt obligations.
what are Debt review or debt counseling fees
Debt Counselling is a formal process, which is governed by the National Credit Act. Your monthly debt repayment amount is specific to your situation and how much you owe on your debt in total. Debt Counsellors are permitted by the NCR to charge certain fees which include:
A once off Restructuring Fee of 100% of your debt rehabilitation amount up to a maximum as per the NCR’s guidelines.
A once off Application Fee of R50
A once off Administration Fee of R300 for your application as per the NCR guidelines.
A Sundry Fee equivalent to your monthly debt rehabilitation amount for your legal application to the NCT or Magistrate Court.
A Reckless Lending Fee up to R1 500 which covers the cost of a reckless lending investigation done on the client’s account as regulated by the NCR.
A monthly Aftercare Fee of 5% of your monthly debt rehabilitation amount for every month that you are under debt counselling.
A monthly Transactional Payment Distribution Fee (PDA) as per the NCR.