Debt Restructuring Costs:
As with all debt counsellors, Debt-911 charges an application fee, which is recovered directly from consumers upon receiving an application for debt review, limited to R 50, as prescribed by the NCR Act.
A rejection fee will be levied from consumers whose applications have been rejected in terms of section 86(7) (a).
We charge a restructuring fee equivalent to the lesser of the first instalment of the debt re-organisation schedule which is capped at R 3 000 (excluding Vat), where a consumer whose application has been accepted in terms of sections 86(7) (b) or 86(7) (c).
We then have 60 days within which to submit proposals to client’s creditors or refer the case to a Tribunal or a Magistrate Court, failing which we will refund 100% percent of the fee paid by the consumer.
An after-care fee of 5% (excluding VAT) of the monthly instalment of the re-organised schedule amount up to a maximum of R 300 (excluding VAT) for a period of 24 months will be charged, thereafter reducing to 3% (excluding Vat) of the monthly instalment, up to a maximum of R300 (excluding Vat), for the remaining period of the debt re-arrangement plan.
Where consumers withdraw from the debt restructuring process after a Debt-911 counselor has concluded the restructuring negotiations, a fee equal to 75% of the restructuring fee indicated above is payable by the consumer;
If and when legal fees occur, these will be recovered from the consumer.
Debt-911 discloses all fees upfront.
Debt-911 counsellors will disclose all debt restructuring fees upfront to consumers before they are accepted for debt counselling.
Debt-911 will ensure that clients are provided with a copy of the debt restructuring agreement, setting out fees for future reference.
Any consumer who feels aggrieved is welcome to contact the National Credit Regulator for additional information.
Get on the path to Financial Freedom
Should you feel that you are over-indebted and wish to receive a free, no obligation consultation, please feel free to fill out the form alongside and a trained Debt-911 debt counsellor will contact you to assess your financial situation.
Discretion is of the utmost importance for Debt-911.