The following represent some frequently asked questions posed by over-indebted consumers.
At what point can I exit the debt review process.
Clients that have paid off their unsecured debt and are only left with their bond and or vehicle repayment can exit the debt review process as they should then be able to afford their monthly commitments.
Why should I pay debt review fees to Debt-911 counsellors?
Debt Counselling is an official process governed by the National Credit Act and overseen by the National Credit Regulator. Your revised monthly repayments are very specifically calculated to suit your particular personal financial situation and our counsellors will negotiate with your creditors on your behalf.
Will I have to go to court
Depending on your personal situation it is possible that clients may be required to be present in court. All debt review cases must be referred to either the local magistrate’s court or the National Credit Tribunal in order to be authorised by the National Credit Regulator
Am I able to rent property while under debt review?
Yes, debt review is not a credit agreement so being under the debt review process will have no effect on your ability to rent property.
Is the debt review process better than declaring bankruptcy?
Debt review is by far the lesser of the two evils. The major benefit of debt review is that consumers are afforded legal protection, thus minimising the possibility that their possessions may be seized. This is of course providing that consumers continue to make regular monthly repayments are per the new repayment schedule. Another major benefit is that if followed as it was intended, over-indebted consumers are able to exit the debt review process with their credit records intact and with no long term effects on their future lending ability.