010 593 0422  info@sadebthelp.co.za

How will Debt Review Help Me?

Debt review helps consumers who are over-indebted by restructuring/reducing their debt repayments of their creditors in such a way that it makes it easier to repay the same debt with a lower monthly instalment.

What Form of Protection Do I Get?

Once the application is completed and the new instalment is calculated, it is important to keep in line with the timeline as set out in the NCA (National Credit Act of 2007). The consumer is protected from any legal actions as long the consumer keep to the process as explained in the consultation.

What is the Cost Around Debt Review?

The cost of debt review is a maximum of R6000 + VAT (R6840) or less, depending on the client’s instalment. There is also an after-care fee of 5%, to the maximum of R400, for the first 2 years and thereafter it is reduce to 3% for the remainder of the debt review term.

Will the Creditors Ever Contact Me Again?

The creditors will probably still contact clients for the next month after the initial form 17.1 (introductory form) has been issued. After the form 17.1 has been issued by the debt counsellor, all such calls from the creditors have to be referred to the debt counsellor’s office in order to take up the matter with them.

What Happens to the Money When an Account Has Been Paid Up?

Once an account is paid up, the account falls away from the plan and the amount that used to be allocated for that paid-up account will be redistributed among the other creditors who still have a balance.

Does My Payment Period Remain the Same When I am Under Debt Review?

The payment calculated once the application is received is payable for the first year, where after the instalment will be revised annually in order to increase it up to 5% year-on-year.

Can They Repossess My Car or Home?

The creditors cannot repossess a vehicle or property giving that the client keeps making payments as per proposed and accepted amounts to the creditors.

Can I Still Get Credit if I am Under Debt Review?

No new credit will be approved if a client is under debt review. The reason is that a client who applies for debt review blatantly has a struggle to repay current debt.

How Will it Work if I Pay Off All My Debt, Can You Clear My Name?

Once ALL debt under debt review has been paid and the accounts have been settled, the Debt Counsellor must send an email to the NCR (National Credit Regulator) in order to remove the client from their register and also the credit bureau to remove any adverse messages.

If I Am Unable to Pay My Debt Due to an Emergency or Death, What Happens Then, Can We Make an Arrangement?

If there is an emergency of some kind, the debt counsellor must inform the creditors of such a change in circumstances, and an arrangement needs to be made by the client, debt counsellor and creditor involved.

Is the Interest on My Accounts Written Off?

No interest on any account under debt review will be written off.

To Whom Am I Paying My Monthly Payment and How Do I Know That the Fees are Paid Correctly and Who They are Paid to?

The debt review installment is paid into the PDAs (Payment Distribution Agency) trust account, whereby they will distribute the installment among the creditors according to the plan set up by the debt counsellor. Monthly distribution statements will be sent via email to all the clients to confirm the amounts and fees paid out.

Can I Transfer to Another Debt Counsellor if I am Not Getting Any Feedback or if I am Not Happy. How Does the Process Work and Would I Pay Any Legal Fees?

Any client can at any time transfer from one debt counsellor to another. Depending on what stage of the transfer, there might be costs involved.

How Long Does it Take?

The term for debt review will be affected by the following factors: 1 – The amount available to repay all the accounts 2 – The interest rate of the accounts 3 – The percentage of the annual increase of the debt review installment 4 – The balances on the accounts If a client is proactive, meaning that accounts are paid with all the available money, then the term should not be too long.

How will this affect my credit report

The client who applies for debt review will only have the message of being under debt review and should not be blacklisted on their credit report.

Will I be blacklisted?

Only the message “DEBT REVIEW” should reflect on the credit report.

If I get back on my feet, can i cancel my debt review

A client who finds themselves in a better financial position can make arrangements with the creditors. Should those arrangements be acceptable to the client and creditors, the client can request to be taken off of debt review.

What will happen if I lose my job and I am under debt review

On some accounts there is normally a retrenchment cover to either settle the outstanding debt OR to pay the monthly installment on behalf of the client for 3 months in order to prevent becoming in arrears on the accounts under debt review.

If I get married, will it have any effect on my husband accounts?

If the client is not yet married and only marries after the inception of the debt review application, the accounts should not affect the spouse’s accounts depending on the type of marriage (in community of property, out of community of property, etc.).

What happens if I get a judgement on one of my accounts and I am under debt review?

A judgment is only granted if the client has not made payment under debt review and the annual increases have not taken place as per the granted court order. Even if a judgment has been granted, an arrangement can still be made with the legal institution applicable to repay the outstanding debt.
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