Debt Counselling in Johannesburg
What is the Debt-911 debt review process?
The process typically (although not necessarily) starts with a telephonic consultation to discuss your financial predicament.
A Debt Counselling application form is then completed and signed in accordance with the National Credit Act (NCA) 34 of 2005. This can be done electronically, telephonically or in person.
The following documentation is then required:
- Copy of Identity Document
- A copy of all your latest accounts (all debts – including your vehicle finance statement and home loan statements)
- A copy of your latest payslip
These details are then captured and within 5 days all your creditors are informed that you are applying for debt counselling. Once they receive this notification, your creditors may not take action against you for at least 60 days.
This process then informs the primary credit bureaus that you have entered into a debt counselling process, resulting in your being unable to enter into new credit arrangements until such time as you have exited the process which will be confirmed through the issuing by Debt-911 of an official debt clearance certificate. Upon receipt of this certificate, credit bureaus are obliged to remove your details from their listings. This listing can also be removed under the following circumstances:
- If you cancel your debt review application
- If your application is rejected by your Debt-911 counsellor
- If you fail to abide by your revised Debt-911 negotiated agreement through non payment.
You are protected by the National Credit Act of 2005.
Whist your application is under consideration, your credit providers are required to send Debt-911 information regarding your accounts including outstanding balances, interest rates and monthly repayments.
Your Debt-911 counsellor will conduct an assessment to determine whether you are indeed legally over indebted, i.e. whether after settling your monthly debt obligations and living expenses you are left with a shortfall. If this is indeed the case, Debt-911 will inform your creditors, the NCR and credit bureaus and enter into negotiations with your creditors. The process of negotiating lower monthly debt repayments typically takes around working 60 days.
A court order is obtained once the various negotiations have been concluded which then becomes the default agreement between you and your various creditors.
Please be aware that it is critical to make payments as per the granted order or your creditors could apply to have your credit review process terminated which then opens the door for standard, legal collection and attachment processes.
If you are not legally over-indebted, we will discuss various options available to you.
To reduce your monthly repayments, contact Debt-911 and get the ball rolling.
If you would like to discuss the debt relief options available to you simply complete the form alongside and a qualified Debt-911 consultant will contact you to discuss your personal financial situation and offer advice as to the way forward.