Here are some questions frequently asked by clients entering Debt Review / Debt Counselling.
I was under debt review before but left before completing the course, can I sign up again?
Lawfully yes, if you had undergone debt review before, the law does make provision for an over indebted individual to enter debt review again, but one’s creditors are likely to be far less trusting a second time round and will very likely oppose any advance to have a client’s debt re-negotiated. None the less, it is possible to convince some debtors. If you have undergone debt review before, paid your debts and have again fallen into trouble and wish to enter the process with essentially different debt, it is very likely that one’s creditors will oblige and accept a renegotiated repayment schedule.
How long does the debt review or debt counselling take?
Although each customer’s situation is different, typically consumers are able to exit the process after 36 -60 months. Within this time, they have paid their smaller and credit card debts and only have their mortgage. It is normally at this point that most customers exit and continue to pay their creditors directly. Sometimes a customer is under debt review for a very short period such during maternity leave or while they await the sale of an asset, the proceeds of which they intend to use to pay down their debt obligations.
How should I pay the debt counsellor? Directly or via bank transfer
Please be very wary of a debt counsellor who says they handle cash on your behalf. If they do, be sure that are permitted to do so by the National Credit Regulator (NCR) or the National Credit Tribunal. It is advisable to use a third party payment distribution agency who is audited regularly to ensure that your money is safe.
Will I need to go to court?
It is very likely that you may need to go to court to sign the restructured debt court order. Debt-911 and it’s lawyers will act on your behalf so the only thing our clients will need to do is wait around which is not very exciting.
Running out of debt payment options? If so contact us to explore your options
If you are not meeting your debt obligations, simply call us on the number alongside, SMS Help to 40935 or complete and submit the form alongside and a trained, registered Debt-911 counsellor will contact you to discuss your personal financial situation and give you a free consultation.