The cost of a Debt Counsellor can vary depending on the specific situation, your new reduced installment and the total debt owed. However, the National Credit Regulator (NCR) in South Africa has established guidelines outlining the fees that debt counsellors can charge. Application Fee This is a flat fee to cover the costs of the debt counsellor to process the completed debt Review application. Regulated Cost – R50 vat exclusive Payment Due Upfront and in full. Administration Fee The Debt Review administration fee is a regulated once-off flat fee which gets charged by the debt couns ..read more

In South Africa, the following individuals qualify for debt counselling. Consumers who are struggling to meet their monthly debt obligations qualify to apply for debt counselling. Over-indebtedness is when a consumer cannot service their debts in a timely manner as agreed with credit providers. Indicators of over-indebtedness include borrowing money to pay other debts, using credit cards and overdraft facilities to pay debts and buy necessities, skipping payments on some accounts to pay others, receiving letters of demand and summonses from credit providers and/or lawyers, and havi ..read more

A Debt Consultant in South Africa, also known as a Debt Counsellor, helps people who are struggling with heavy debt get back on their feet financially. They are basically financial advisors specializing in debt management. Here are some of the key responsibilities of a Debt Consultant in South Africa They’ll analyze your income, expenses, and all your debts to see if you’re truly over-indebted. If you are, they’ll work with your creditors to lower your interest rates or monthly repayments. This makes your debt more manageable. They’ll craft a realistic budget that allocates funds for your ba ..read more

When an individual is undergoing the process of debt review removal, a common question that arises is whether creditors can take legal action to recover outstanding debts. The answer to this is not straightforward and depends on several factors. Creditors might still have the right to pursue legal action if they have legitimate reasons. For instance, if the individual under debt review has breached a court order issued during the debt review process, creditors may be legally justified in taking action to recover their money. Similarly, if the debt review process is terminated, creditors may a ..read more

A Debt Counsellor, also known as a credit counsellor, is a professional who plays a crucial role in assisting individuals in managing their debts and improving their financial situation. They provide a range of services that are designed to help individuals regain control over their finances and work towards a debt-free future. Debt Counsellors provide personal and confidential money management advice tailored to the individual’s unique financial situation. They help individuals understand their financial position, identify areas where they can cut back, and create a budget that allows them ..read more

Does it affect their credit report? When a debt review is removed, the implications for an individual who co-signed on a debt, such as a spouse or family member, can vary depending on the specifics of the debt agreement. If both parties jointly applied for the debt review, as in a marriage in community of property, the removal of the debt review will apply to both parties. This means that the debt review listing will also be removed from the co-signer’s credit report. The joint application is treated as one entity during the debt review process. After the debt review listing is removed, the d ..read more

If an individual is seeking to exit a debt review program but doesn’t meet the full criteria for debt review removal, there are alternative solutions available. However, these alternatives come with their own set of challenges and consequences, so it’s important to consider them carefully. One such alternative is Sequestration. This is a formal insolvency process that is overseen by the Master of the High Court. The process involves surrendering your estate’s assets to a trustee. The trustee then distributes these assets proportionally among your creditors in order to settle your debts ..read more

After the removal of a debt review and with consistent responsible financial management, the time it takes to see a significant improvement in one’s credit score can vary. This is due to several factors that influence the improvement of a credit score. One of the key factors is repayment behavior. Consistently making payments on time can significantly improve your credit score. This is because payment history is a major component of credit scoring models. Late payments or defaults on loans can negatively impact your score, while a history of on-time payments can help boost it. Another im ..read more

A history of debt review or the removal process should not directly restrict your ability to travel internationally. Debt review is a legal process aimed at helping individuals manage their debts more effectively. It does affect your credit record and your ability to access further credit while under review, but it doesn’t typically impact international travel. Got More Questions? We have gathered the most frequently asked questions about exiting debt review here. Book your Free Consultation with The National Debt Review Center COMPLETE THE BELOW DEBT REVIEW REMOVAL FORM TO APPLY F ..read more

When an individual under debt review passes away, the process of debt review removal is handled with utmost care and precision. The first step involves the debt counsellor receiving all necessary documents related to the deceased individual’s financial situation. Once these documents are in hand, the debt counsellor will update the status code to ‘I – Consumer deceased’. This status update is a crucial part of the process as it officially acknowledges the individual’s passing in the context of their debt review. Following this, the debt counsellor takes on the responsibility to ..read more