DEBT REVIEW PROCESS

DEBT REVIEW PROCESS

The consumer applies for debt review with the help of a Help with debt ,debt counsellor or consultant. The counsellor will explain what debt review is.

The consumer completes and signs a debt counselling application form. The form is called a Form 16.  Form 16 together with supporting credit documents is handed over to the debt counsellor.

Credit history details on form 16 are captured immediately. Within 5 working days (or sooner) all creditors are notified on form 17.1. that the consumer is applying for debt counselling or debt review. The debt review application is now in progress. No legal action from a creditor is now possible.

The debt review process takes 60 working days. Creditors have 5 working days to provide credit information on consumers. This credit history is checked against the credit information given to the Help with debt ,debt counsellor by the consumer. After 5 days the creditor is reminded to give credit information feedback. Another 10 days grace is given to the consumer who wants to get out of debt.

If the Help with debt, debt counsellor does not receive credit information or credit history from creditors, he may presume the credit information or credit history provided by the consumer is correct. The Help with debt, debt counsellor will now determine if the consumer is over indebted.

If the Help with debt, debt counsellor finds the consumer is not over indebted, he will advise the consumer and the creditors in writing, and may proceed to recover their outstanding monies.

If the consumer is over indebted, the Help with debt, debt, counsellor will now prepare a debt repayment or debt solution proposal to the creditors. The debt repayment proposal must be sent 25 days from the date of application. All creditors have 10 days to respond. If there is no response, the creditor will get a reminder and another 5 days to respond

If the debt repayment proposals are accepted by all creditors, the approved proposal will be sent to all the credit providers, credit bureaus and to a payment distribution agent (PDA) who will commence distribution of payments’.

All approved debt repayment proposals must be submitted to either a Magistrate’s Court or The NCR Tribunal in order to obtain a consent order.

Upon all the consumers’ debt being fully repaid, the Help with debt, debt counsellor must issue a certificate to that effect and notify all credit bureaus, and creditors or a national credit regulator hearing decision and the National Credit Regulator.

http://www.helpwithdebt.co.za

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Debt counselling and debt review Questions

Debt-Counselling-Services F.A.Q.

Debt Counselling | Frequently Asked Questions

Is this like a loan?
No, this is a full process in which your current debts are re-structured in such a way that you can afford to pay it back within your financial means.

Will I be listed on the Credit Bureau by Help with Debt?
Yes, once you have completed your application and paid your initial R50 application fee, you will be listed onto the system. This also means that all your credit providers will be notified that you are undergoing the debt review process and that they may not lay a claim to your assets.

What do you mean by the payment pro rata basis?
The pro rata basis means that the creditor that you make the largest monthly instalment to, receives the larger portion of your monthly payment.

Can I become part of the debt counselling process if I already have judgement against me?
Yes, But Please ensure we know your complete situation when you contact us.

Does it make difference if I own my home or not?
No, it makes no difference.

Will the re-calculated payment plan by Help with Debt cover all my debt?
Yes, we will deal with all your unsecured and secured loans. When we look at your finances, we will make appropriate allowance for you to be able to afford your
day-to-day expenses before we calculate how much you can afford to pay your creditors.

How long does it take for my situation to improve? Immediately?
Yes! You will immediately benefit from a realistic budget which will allow your creditors to be paid at a rate which is affordable to you.

Will I have to attend an interview?
No. We treat all our clients with trust and respect. No one from our office will visit you at your work and we will only contact you when it is necessary.

Will my employer and work colleagues find out taht I am under debt counselling?
No, we never contact clients at work unless asked to do so. Your affairs will be dealt with in the strictest confidence.

Can I still use my credit and store account cards?
Once we enter into negotiations on your behalf all credit and store cards will have to be destroyed and returned to the companies concerned, this shows your commitment that you are serious about sorting out your debt and freeing yourself of this burden.

Can creditors refuse to accept lower payments under the debt counselling proposal?
Creditors do not have to accept any offers of repayment below the contracted minimum.
However, it is our experience that they are prepared to accept reduced payment offers where we are able to demonstrate that the offer is reasonable and that you are committed to repay your debt through the debt counselling process.

Will I still receive a default notices?
By lowering your monthly payments to your creditors, you will be in default of your original agreements with your creditors and as a result may be issued a default notice. Creditors send out Default Notices in order to protect their legal position.

Will creditors continue pursuing and harassing me for payments?
Your creditors are obliged, according to the National Credit Act, to stop pursuing you when you’ve been placed under the debt review process.
Let them know that we are your debt counsellors and that we will be acting on your behalf. You should forward any letters and queries to us to deal with it on your behalf.

When can I start on the Debt Counselling plan by Help with Debt?
You may join the plan immediately subject to completing our forms and make an appointment to see one of your friendly and professional advisors.

How long will I have to remain under Debt Counselling?
You will not have to sign any lengthy contracts and will be free to terminate our services at any point. However, your status with the credit bureaus will state that you are still under debt review until all your debt has been cleared and/or paid up to date

I’ve been summoned to court, does debt counselling cover this?
No, however it is our experience that attorneys and creditors will respond favourably to the debt review programme and agree to have this included in the debt review process.

Can a debt counsellor help me if I had loans or credit agreements prior to 1 June 2007?
Yes! It is your financial situation TODAY that is taken into account.

Once I’ve cleared all my debt will you remove my name from the credit bureau?
YES we will.

More Frequently Asked Questions

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 – http://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)

Debt-Counselling-Services

If you have any questions we have not answered here then Kindly Contact Us and we will assist and answer where possible.

http://www.helpwithdebt.co.za

debt counselling Gauteng

Debt review and debt counselling Pretoria

Help with debt assist clients in Alphen Park, Arcadia ,Constantia    Park,DieWilgers,Eastmead,Eastwood,Elarduspark,Equestria,Erasmuskloof,Erasmusrand,Faerie Glen,Garsfontein,Groonkloof,Grootfontein,Hatfield,Hazelwood,Hillcrest,La Montagne, Lynnwood Park, Lynnwood Glen, Lynnwood Manor, Meyerspark, Mooikloof, Monument Park,Moreletapark,Murrayfield,Newlands,Rietvalleirand,Riviera,Rietondale,Silver Lakes, Sterrewag, Wapadrand, Waterkloof, Waterkloof Glen, Waterkloof Park, Wingate Park,Woodhill,Woodlands,Annlin,Montana,Erasmia,Clubview,Claudius,Laudium,Valhalla,Booysens,Daspoort,Elandspoort,Hermanstad,Kirkney,Kwaggasrand,Phillip Nel Park, Pretoria Gardens, Rosslyn, Salvokop, Suiderberg, The Orchards, Theresapark, Mountain View, Weskopies, Wespark

and the rest of South Africa

Before a debt management company such as Help with Debt can assist any client with their debt problems, the process of debt review needs to be undertaken. Debt review assists the debt management company in identifying the debt problem at hand, and finding the suitable solution.

Help with Debt performs a thorough debt review process on all their clients, ensuring that all needs are identified, and an accurate solution created.

Help with Debt offers the following to their clients who are searching to undergo debt review:

• No upfront fees
• No additional loans
• One very affordable monthly payment to creditors
• No interviews unless you want to have a free consultation

Contact Help with Debt today, and let them assist you through their debt review services.

Contact Details:

Contact Number: 072 642 6641

Fax Number: 086 519 4004

Email:info@helpwithdebt.co.za

Website:http://www.helpwithdebt.co.za

Help with debt logo

Debt counselling Limpopo

  • Skuldberading Limpopo

Help with debt logo

  • Die nuwe Nasionale Kredietwet (No.34 van 2005) het op 1 Junie 2007 in werking getree. Die Wet stel nuwe vereistes aan kredietverskaffers, wat beslis ‘n uitwerking op kredietverlening deur NWK gaan hê. In hierdie artikel word gepoog om te verduidelik hoe hierdie wetgewing die NWK-klant raak. Die Nasionale Kredietwet vervang die Wet op Kredietooreenkomste en die Woekerwet.Die hoofdoelstellings van die Wet is die volgende:
  • Verhoed roekelose kredietverlening;
  • voorkom oormatige skuldlas by landsburgers;
  • verseker volle openbaarmaking van inligting aan kredietopnemers;
  • bied beskerming aan kredietopnemers teen onregverdige optrede of wanpraktyke deur kredietgewers en kredietburo’s;
  • verskaf riglyne met die daarstelling van alternatiewe vir dispuutoplossings; en
  • stel prosedures daar om skuldhersiening en skuldherstrukturering te fasiliteer.Watter transaksies val onder die Wet?Bykans alle armlengte-krediettransaksies val onder die Wet, insluitend huurkope. Sommige van die belangriker uitsonderings is die volgende:
  • Insidentele krediet (‘n voorbeeld hiervan is ‘n maandrekening waar die rekening dertig dae na staat betaal word sonder dat rente gehef word).
  • Skuld wat ontstaan as gevolg van ‘n tjek wat vir betaling aangebied en deur die bank gedishonoreer word.Wie val onder die Wet?Alle entiteite wat krediet opneem val onder die Wet, met die uitsluiting van:
  • beslote korporasies;
  • trusts met drie of meer trustees;
  • maatskappye;
  • vennootskappe; en
  • verenigings.’n Voorwaarde is egter dat die voormelde entiteite (in die Wet word verwys na regspersone) ‘n batewaarde of omset van R1 000 000 of meer het. Privaatpersone val dus almal onder die werking van die Wet. Indien die regspersone ‘n batewaarde of omset van minder as R1 000 000 het, maar ‘n kredietooreenkoms aangaan van R250 000 of meer, val die transaksie ook buite die Wet. Indien ‘n persoon borg teken vir ‘n kredietopnemer wat onder die Wet val, word die borg hanteer asof hy die hoofskuldenaar is en val hy ook onder die Wet. Die borg se finansi&eumlle posisie moet dus ook in terme van die Wet ge&eumlvalueer word.Kredietooreenkomste Die ooreenkoms tussen die partye is onderworpe aan streng voorskrifte. Die belangrikste hiervan is die volgende:
  • Die ooreenkoms moet in verstaanbare taal geskryf wees.
  • Misleidende voorwaardes word verbied.
  • Voorwaardes waar gemeenregtelike regte van die kredietopnemer weggeneem of beperk word, is ongeldig.
  • Regte wat weggeneem word van die kredietopnemer wat deur die Wet daargestel word, is ongeldig.
  • Rentekoerse, fooie en kredietversekering moet duidelik aangetoon word.
  • Differensiasie tussen rente op lopende en agterstallige bedrae in dieselfde ooreenkoms word verbied. ‘n Nuwe ooreenkoms moet in elke geval gesluit word. ‘n Voorbeeld hiervan is agterstallige paaiemente by huurkope.Wysiging van kredietooreenkomste Verlaging van kredietlimiete kan deur beide partye gedoen word. Tydelike verhogings kan op aanvraag deur die kredietopnemer gedoen word, op voorwaarde dat die kredietlimiet weer binne ‘n ooreengekome tyd herstel word na waar dit was. Alle ander verhogings van kredietlimiete mag slegs gedoen word nadat ‘n nuwe evaluering van die kredietopnemer se finansi&eumlle posisie gedoen is. Wysigings kan slegs deur die klant self aangevra word.Kwotasie

    Die kredietgewer moet ‘n voorooreenkomsstaat of kwotasie aan die kredietopnemer verskaf waarin rentekoerse, koste, fooie en kredietversekering uiteengesit word. Die kredietgewer is vir vyf dae daaraan verbind waarbinne die kredietopnemer die kwotasie kan aanvaar. Die kredietopnemer kan egter ook die kwotasie onmiddellik aanvaar indien hy/sy dit so verkies.

    Groter deursigtigheid dra dus by tot ‘n meer ingeligte besluit deur die kredietopnemer.

    Regte van kredietopnemers

    Verskeie regte word aan kredietopnemers gegee, waarvan die volgende enkele voorbeelde is:

  • Die reg om aansoek te doen vir krediet, welke aansoek ooreenkomstig die kredietgewer se normale beleid oorweeg moet word.
  • Gebruik van die taal van jou keuse.
  • Die reg om te weet hoekom ‘n aansoek afgekeur is.
  • Die reg om onder sekere omstandighede aansoek te doen vir skuldhersiening en herstrukturering van die skuldlas.
  • Die reg tot ‘n afkoelperiode van vyf dae by huurkope indien die transaksie nie by die kredietgewer se geregistreerde besigheidsplek plaasgevind het nie.
  • Die reg om huurkoopitems vrywillig terug te gee.
  • Die reg tot verkryging van volledige inligting aangaande die krediettransaksie, relevante dokumentasie en state.
  • Die reg om inligting van kredietburo’ s se swartlys te laat verwyder sodra die skuld betaal is.
  • Beskerming teen onre&eumllmatige bemarking.
  • Die reg tot vertroulikheid insake inligting.Oormatige skuldlas ‘n Kredietopnemer het ‘n oormatige skuldlas indien hy nie sy skuld kan betaal in terme van sy kredietooreenkomste nie. Prosedures kan in so ‘n geval deur die kredietopnemer gevolg word vir skuldhersiening en strukturering.Roekelose krediet

    ‘n Kredietverskaffer is skuldig aan roekelose kredietverskaffing indien hy onder die volgende omstandighede krediet sou toestaan:

  • ‘n Behoorlike ondersoek aangaande die kredietopnemer se finansi&eumlle posisie is nie gedoen nie.
  • Die kredietopnemer het nie die algemene risiko’s, koste of verpligtinge van die ooreenkoms verstaan nie.
  • Die aangaan van die ooreenkoms laat die kredietopnemer met ‘n oormatige skuldlas.’n Groter verpligting word op kredietgewers geplaas rakende die insameling en verifi&eumlring van inligting en die evaluasie daarvan. Groter beskerming word sodoende aan skuldopnemers gebied.Afdwing van ooreenkomste Die Wet maak voorsiening vir ander metodes van dispuutoplossing behalwe die normale skuldinvordering. Voorsiening word gemaak vir liggame en partye soos :
  • die Nasionale Verbruikerstribunaal;
  • skuldberaders;
  • ‘n ombudsman;
  • verbruikershowe; en
  • alternatiewe dispuutoplossings-agente.Die gevolg van die nuwe Kredietwet is dat die normale prosedures van skuldinvordering drasties verander. Dit verg derhalwe meer omvangryke administrasie en ook meer van die aansoeker se tyd. Met die tandekrypyne van die eerste aansoekseisoen na die bekragtiging van die Wet grootliks agter die rug, beywer NWK hom om sy relevante prosesse voortdurend te monitor en waar nodig te verfyn. Indien veranderings aan die Wet in die toekoms sou plaasvind, sal NWK se kredietklante beslis daaroor ingelig word.

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You may be aware that all creditors fall under the National Credit Act (NCA), but did you know that if you deal with a pawnbroker you are also protected?

Pawnbrokers fall under the NCA because they are in the business of providing credit, Peter Setou, the senior manager of education and strategy at the National Credit Regulator (NCR), says.

“Pawnbrokers that have at least 100 agreements on their books, or a total outstanding debt of more than R500 000 owed to them under pawn agreements, must register with the NCR,” Setou says.

However, those that do not meet the conditions for registering with the NCR still fall under the Act, and their clients also enjoy its protection.

Setou says although pawnbrokers are exempt from having to conduct an affordability assessment before they grant you a loan, they must comply with a number of other NCA requirements, such as:

  • The credit agreement must state an end date;
  • The safekeeping of property given to the pawnbroker is the pawnbroker’s responsibility;
  • The pawnbroker must return your property once you have met your obligations;
  • If the pawnbroker fails to return your property on the termination of the agreement, you can lodge a complaint with the NCR or the Provincial Consumer Affairs Office;
  • If your property is lost due to circumstances beyond the control of the pawnbroker, such as in a fire, you are entitled to be refunded an amount equal to its fair market value less any outstanding amount you owe;
  • If the failure to return your property is due to a reason within the control of the pawnbroker (for example, the item was sold), you are entitled to double its fair market value less any outstanding amount you owe;

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Debt review in Pretoria

Debt review and debt counselling Pretoria

Help with debt assist clients in Alphen Park, Arcadia ,Constantia    Park,DieWilgers,Eastmead,Eastwood,Elarduspark,Equestria,Erasmuskloof,Erasmusrand,Faerie Glen,Garsfontein,Groonkloof,Grootfontein,Hatfield,Hazelwood,Hillcrest,La Montagne, Lynnwood Park, Lynnwood Glen, Lynnwood Manor, Meyerspark, Mooikloof, Monument Park,Moreletapark,Murrayfield,Newlands,Rietvalleirand,Riviera,Rietondale,Silver Lakes, Sterrewag, Wapadrand, Waterkloof, Waterkloof Glen, Waterkloof Park, Wingate Park,Woodhill,Woodlands,Annlin,Montana,Erasmia,Clubview,Claudius,Laudium,Valhalla,Booysens,Daspoort,Elandspoort,Hermanstad,Kirkney,Kwaggasrand,Phillip Nel Park, Pretoria Gardens, Rosslyn, Salvokop, Suiderberg, The Orchards, Theresapark, Mountain View, Weskopies, Wespark

and the rest of South Africa

Before a debt management company such as Help with Debt can assist any client with their debt problems, the process of debt review needs to be undertaken. Debt review assists the debt management company in identifying the debt problem at hand, and finding the suitable solution.

Help with Debt performs a thorough debt review process on all their clients, ensuring that all needs are identified, and an accurate solution created.

Help with Debt offers the following to their clients who are searching to undergo debt review:

• No upfront fees
• No additional loans
• One very affordable monthly payment to creditors
• No interviews unless you want to have a free consultation

Contact Help with Debt today, and let them assist you through their debt review services.

Contact Details:

Contact Number: 072 642 6641

Fax Number: 086 519 4004

Email:info@helpwithdebt.co.za

Website:http://www.helpwithdebt.co.za

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