Geregistreerde Skuldberadings Firma NCR 1454
Who can apply for debt counselling by Help with debt?
Any South African individual
that receives an income from any sort. Working for yourself, receiving a salary,
contractors and commission workers.
Is it debt consolidation or a loan?
No. Existing debt is re-arranged and payments
re-negotiated with current creditors.
Why use a Help with debt?
The National Credit Regulator (NCR) supports and endorses
the negotiation process between registered and accredited Help with debt, debt counsellor
s, like the friendly counsellors we have at Help with Debt, and financial institutions.
When making use of a Help with debt, debt counsellor , the creditors have to enter
into the negotiation process and consider alternative payment plans.
Is debt review what I need?
I
How can I apply?
Please visit our website or send a sms
with the word “DC” and your email address to 33903 and we will contact you.
If your income does not cover living expenses and debt re-payments Debt Review is an excellent step in the right direction. You will have the opportunity to pay your debt at a pace that you can afford AND not loose your possessions whilst recovering from your current financial situation.
Can you cover all my debts?
Not necessarily. If a summons has been issued, that account
will be excluded from the process. It is therefore important to not wait too long
to be registered and protected. However, Help with debt will negotiate with the credit
providers that have already issued summons to negotiate that those agreements be
included in the debt counselling and debt review process.
Can I apply for more credit or use my credit cards during the debt review and debt
plan?
No, we will ask you to destroy all your cards and return them to the credit
providers. If you do take out credit during the plan then there will be serious repercussions.
Remember, the objective is to become financially free! Making more debt will not
help! Once you have paid off all your debt under debt review and debt counselling,
you will be educated financially not to fall into the same trap again
What happens if my credit providers do not accept the debt plan?
Your credit providers
have the right to reject the debt plan and if this happens a magistrates order will
need to be obtained. However credit providers are likely to accept a reasonable offer
that shows you are committed to get out of debt. Furthermore, Help with debt, debt
counsellors will stay within the boundaries of the act to make sure that payment
proposals are within the prescribed manner. This will force credit providers to accept
the offers as it is what the Act allows for.
Can the credit providers change their mind after the debt plan has been agreed?
No.
As long as you maintain your obligations to the credit providers, they are not able
to take further action.
Do I have to attend an interview?
No. We have found that the
process is much better explained in conversation and you want to meet the person
that will be walking with you on your way to financial recovery. If however it is
not possible, all correspondence and processes can be done electronically.
I am in a relationship. Must my partner register as well?
If you are married, in Community of Property (COP), you and your spouse must be registered.
If you are married with an Anti-Nuptual Contract (ANC), only one partner can register,
although it is not advisable as household expenses are shared and you will be able
to pay off your debt quicker if both parties partake. If you are in a relationship,
but not married, it is similar to being married with an ANC – you can register only
one partner, but it is not advised.
How long does it take?
Once your application is
approved, you are immediately protected. Debt has to be re-arranged within 60 business
days. Thereafter payments are made according to the new payment plan. However, once
you have applied you are under debt review. This means that the effect will be immediate.