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Debt review, also known as debt counselling, is a debt relief measure in South Africa that helps over-indebted consumers get out of debt. The National Credit Act (NCA) introduced the process in 2007 to prevent consumers from being blacklisted and having to deal with the consequences thereof. The process is ideal for South Africans with
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How long it will take to pay off your debt will depend on a few factors, such as how much debt you have and how much money you have available to pay towards debt. A lot of people pay off their debt quicker under debt review. To understand exactly how long does debt review last,
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Debt Review is a process introduced by the National Credit Act (NCA) to help over-indebted South Africans become debt-free. Only consumers who have successfully registered with a National Credit Regulator (NCR) approved debt counsellor, such as Debt Rescue, are placed under Debt Review. Find out more about what Debt Review is here. I have
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What is the National Credit Regulator (NCR)? The National Credit Regulator (NCR) was established by The National Credit Act, 2005 (Act No. 34 of 2005). The NCR is responsible for the regulation of the South African credit industry. The NCA requires the NCR to promote the development of an accessible credit market and to ensure
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Knowing what happens once you’ve completed the process is important. In case you were wondering, there is life after debt review! And, we can safely say that you will be way better off financially once you’ve paid off all of your debt.
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Now that you’ve completed the debt review process, how do you remove your name from debt review? To understand what happens once you’ve completed the process, you need to understand what happens while you’re under debt review.
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No, it should not have a negative impact when you apply for another job in the future. In our opinion, if a new employer does a credit check on you and picks up that you are under Debt Review, it will obtain you respect, as the employer will realise that you did the responsible thing
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Not at all. Provision is made in your debt repayment plan for all your insurance policies. In fact, if you, for example, have vehicle finance, you will be compelled to have insurance on the vehicle.
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The determining factor will be reasonableness. If you can prove that you were not in a position to pay because you were in hospital, for instance, we can send a notification to your Credit Providers. In all probability, you will be excused and your Debt Review will continue. It is very important to note that
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Our fees are regulated by the National Credit Regulator and are very reasonable, as the idea is to get you out of debt. The fees will be explained to you in detail once you contact us. The important thing to remember here is that our fees and disbursements are included in your affordable debt repayment
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No. We never contact clients at work unless asked to do so.
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In order to be placed under Debt Review, you have to have a monthly income that puts you in a position to make a reasonable offer to your Credit Providers. Therefore, if you are unemployed and you do not receive any other income, like rental income or pension, Debt Review is not the ideal solution
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As soon as you apply for Debt Review at Debt Rescue, we will notify all your Credit Providers that you are under Debt Review within 5 days (usually less than 48 hours) and the they must, by law, communicate with your Debt Counsellor and not with you directly. Unfortunately, from time to time, some Credit
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Debt Counselling evolved a great deal since it was launched by the NCA in June 2007. As is the case with the implementation of almost all new legislation, all the grey areas in the Act had to be found and tested in court in order for the Act to run smoothly. We are convinced that
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If Debt Counselling is not the best option for your particular circumstances, we will refer you to one of our preferred service providers to assist you with the most appropriate process, whether it is sequestration or perhaps selling your property.
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In terms of the National Credit Act, as Debt Counsellors, we are allowed to lower your monthly payments by extending your repayment periods and, in some cases, lowering your current interest rate.
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No. The whole process can be finalised telephonically and by email. Therefore, you can contact us no matter where you stay in South Africa.
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The mere fact that you are reading this means that you will most probably benefit from Debt Counselling. The golden rule is: do not wait too long before contacting us! The earlier you come to us, the easier it will be for us to find a solution for you. You can only benefit from contacting
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Unfortunately, this would be a big problem with regards to your Debt Review, as you must make your monthly payments in respect of your debt repayment plan. If this happens and you do not get another income to satisfy your monthly instalment in terms of your debt repayment plan immediately, contact us right away, so
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No. The idea is to get you debt free. Therefore, you will not be allowed to incur further debt while you are under Debt Review. Once your obligations towards your Credit Providers have been satisfied, we will issue you with a clearance certificate and you will be able to apply for credit again.
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You can still contact us. There might be other means of assisting you. The sooner you contact us, the better our chances are of finding a workable solution for you.
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You can still contact us. There might be other means of assisting you. The sooner you contact us, the better our chances are of finding a workable solution for you.
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While you are under Debt Review, a flag indicating that you are under Debt Review will be present behind your name at the Credit Bureaux. Once you have satisfied your debt obligations, we will instruct the Credit Bureaux to remove the flag and there will be no indication that you have ever been under Debt
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No, while you are under Debt Review, your Credit Providers cannot “blacklist” you. However, if the “blacklisting” takes place before you apply for Debt Review, it will reflect on your credit record. This is another reason why you should rather apply earlier than later for Debt Review.
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No, you do not have to appear in Court as your Debt Counsellor will be the applicant and you will be a respondent. As soon as our attorneys notify us of the outcome, we will notify you of the same immediately. In the unlikely event that the magistrate requests your presence, it will most likely
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It is different for everybody as every situation is unique. In order to lower your monthly instalments, we have to extend your repayment periods. In some cases we manage to convince Credit Providers to lower their interest rates, which means that your repayment period will not be stretched out too much. Your debt repayment plan
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No. In fact, Debt Review however save your home and vehicle. However, this will depend on your unique circumstances. Factors that will determine this includes:
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You will experience the relief that Debt Review offers immediately. We will work out an affordable provisional repayment plan for you within the first 5 days. In terms of the provisional repayment plan, you will make a single monthly payment to a Payment Distribution Agency (PDA). The PDA will distribute the money according to your
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Debt Counselling was formally introduced by the National Credit Act to help over-indebted consumers, especially in our current economic crisis. The goal of Debt Counselling is to develop a repayment plan which is affordable to you, as well as acceptable to all your credit providers. It is there to help you, so why not make
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