You qualify for debt counselling if:
Debt Counselling was established when the National Credit Act 34 of 2005 was introduced and debt counselling started in mid-2007. The Debt Counsellors' function is to assist debtors who cannot repay all their debts at the end of any given month, or who are likely to experience problems in the near future. Debt Counsellors negotiate with your creditors and work out a repayment plan for your specific debts and then refer the matter to court. The idea is that all your debt is repaid in a reasonable period and you are then debt free.
No you don’t have to attend and interview for your debt review. We are debt counsellors in Benoni and if you live near Benoni, I always prefer to sit down with clients, but if you prefer not to, or can’t, then we can use a number of methods, either by telephone or e-mail, or fax, or a combination of all of them. We need to get the information correct in the shortest time, and often we book a call when you are available and near a landline where you can have all your info with you, and we do the process in one session. If there are any other requirements, we get those later. There is some documentation that requires original signatures.
The application process can be quick if you have all your information, and send the signed application back quickly, or sign at our offices. Our back office team is experienced and capable, and get your application loaded and the 17.1 (notification to creditors) out within a few days. You are then protected.
The time taken to repay your debts depends on the type and amount of the debt. If you have car debt arrears and houses included in your debt then it will take longer to repay than if you have a few loans a credit card and a few clothing accounts. Your debt repayment is also dependent on how much you can afford to pay every month.
The National Credit Act protects you from being blacklisted while you are under debt review. If you were already listed before applying, then that will not go away. While you are still under debt review, the Credit Bureau will reflect this, but will be removed when you have paid off your debt.
If you are not able to make your monthly payments, your bills are piling up and you don’t have enough money left to live on, then you will benefit from undergoing debt counselling.
DON’T LEAVE IT TOO LONG – if your creditors start with legal action like issuing a summons, then they are allowed to refuse Debt Counselling and continue with their legal action. We obviously try to negotiate with them, but they have the final say. We are professional debt counsellors in Johannesburg and we help you become debt free in the shortest possible time! Contact us for a FREE debt review today.
The law requires that you have an income. It can be pension, commission, policy payout, or if you are married, you can apply on your spouses income, but you have to have some income, and be able to repay a reasonable amount every month.
Yes you can, we understand that people in their own businesses who are struggling have a problem with regular income. We then assess your income over about a 6 month period to determine your income.
There is a legal technicality here! If the debt is in the name of the business, eg the CC or (PTY) Ltd, then it can’t be included. Only debt in your own name or your spouse's name can be included. If you are a sole trader, then all debt can normally be included.
