Must all credit providers register?
Must all credit providers register? A question that often comes up is, “My mom lent me quite a large sum of money. Can I include
Notice: South African Debt Advisors will be operating during this National Lockdown. For assistance please email us info@sadebtadvisors.co.za or send us a WhatsApp 084 088 5014. To get more information on Covid-19, visit the South African government portal by click on the Covid-19 here on our homepage.
Debt Review (often referred to as Debt Counselling) is a legal process every over-indebted South African qualifies for. Unfortunately, not too many people know this lifeline exists and as a result continue to struggle to keep their heads above water.
It’s estimated that as many as 10-million South Africans are behind with their repayments to creditors and many are on the brink of financial disaster!
Once you are in the Debt Review process you are protected from creditors and you can commit to a brand-new debt repayment plan which suits your budget and provides you with some room to breathe again.
You qualify for the Debt Review process if you are legally over-indebted. But what does it mean to be over-indebted?
“Over-indebtedness occurs when a consumer or household is unable to meet their financial responsibilities or pay their accounts on time according to their credit agreements.”
And that’s exactly what it means. But in order to prove over-indebtedness, the National Credit Act has a specific formula to work out if consumers qualify.
We’ve developed a quick calculator that you can use to do the calculation yourself.
There are fees associated with entering the Debt Review process, and these fees are payable directly to a registered Debt Counsellor for the work it takes to get you through the process (and keep you in the process). We want to be 100% transparent about this upfront because that’s the fair thing to do.
The fees a Debt Counsellor can chare are regulated by the National Credit Regulator which is good news for consumers.
Every Debt Counsellor must work within parameters which are capped.
Let’s have a quick look at these fees:
Your first restructured debt repayment will be paid directly to the debt counsellor
and it is not money you will need to pay out of your own pocket.
Are you pressed for time? Looking to get a quick high-level overview of the Debt Review process in less than 2-minutes? We’ve created a cool animated clip that we feel covers everything you need to know about Debt Review process and how you enter it. Watch our 2-minute video.
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Do you have any questions about Debt Review? We know you can only make an informed decision about entering the Debt Review process if you have the right information. We have a dedicated FAQs page on our website which we update on a regular basis. If you have a question, please email us at info@sadebtadvisors.co.za. We urge you to also sign up to our blog so that we can send you relevant and informative information every week.
South African Debt Advisors (Pty) Ltd
Registration number: 2019 / 351876 / 07
National Credit Regulator Registration: NCRDC3580
Info@sadebtadvisors.co.za
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