The debt review process overseen by the National Credit Regulator was enacted to offer indebted consumers additional options to ensure their protection from unscrupulous lenders. Consumers who feel they might be over-indebted should approach a debt counsellor registered with the National Credit Regulator, the body tasked with overseeing the issuing and regulation of credit in South Africa.
Debt-911 is a registered debt counsellor who’s experienced debt counsellors will tailor make a debt reduction solution
Clients will be required to submit full details of the their financial affairs following which one of our experienced counsellors will conduct a detailed assessment of a clients finical situation. It is important that clients are completely honest, and that they provide all relevant details of their financial commitments.
We will compile a detailed budget to assist over indebted consumers
Our counsellors will then compile an income and expense document to determine the client’s level of indebtedness.
Once it has been determined that a client is indeed over indebted, our counsellors will then discuss our fees which include an application fee, a rejection, restructuring fee if the client is indeed over-indebted and legal fees where necessary. Thereafter the debt review process will then begin.
A client’s creditors will be contacted to establish the exact debt figures and credit bureaus will also be informed. After this, the negation process begins to systematically reduce a client’s debt. A revised repayment schedule is then issued and assuming all creditors accept the new payment plan, legal consent will then be sought confirming that the terms have been agreed to and cannot be altered.
It is critical that once agreed to, that the restructured payment ne adhered to strictly. Failure to comply with the new, reduced payments will open the client up to possible legal action by their creditors.
Clients are typically under debt review for a period of 36 months, after which they emerge debt free, with assets in tact and well on their way to financial freedom.
Explore Your Debt Review Options
If you feel that you are struggling to meet your monthly repayments, simply call us, SMS Help to 40935 or complete the form alongside and a trained Debt-911 counsellor will call you to assess your personal financial situation and give you a free consultation.