Prevent property and vehicle repossession Pretoria

My car or property is about to be repossessed...what now?

When you are in arrears with your accounts the two most important assets you will want to protect is your car and your house. If you allow these assets to be repossessed by the bank, those cars and assets will be sold on auction. The reality of auction repossession sales is that there will always be a shortfall. This means that you as the account holder will still be liable for the amount in shortfall.

Lets say your property has a bond valued at R850 000 and this property only gets a bid of R500 000 on auction, you will still be liable for that shortfall of R350 000. The same goes for vehicles and other loose assets. Let me be very honest with you guys. If you don’t have the money to pay for your property or vehicle and it gets repossessed, where will you get the money to pay the shortfall? Worst of all you will still have to pay for something that you no longer own.

What can we do to help you prevent repossession of vehicles and property?

Help with Debt is registered with the NCR to be debt counsellors. We are able to stop all legal action against you and prevent the repossession of vehicles and property. Should you apply for debt counselling and debt review, we will lower your current payments on all your debt so that you can afford to pay it and keep all your assets.

You don’t need property to apply for debt counselling and debt review in South Africa. All you need is to be able to show income and have debt. Most importantly, you must have the desire to pay off all your debt as per the restructuring proposal that the debt counsellor will provide you with.

If you face vehicle or property repossession, please contact us as soon as possible and allow us the opportunity to give you free advice on how you can prevent the repossession.

Looking forward to hear from you.

How long to wait for debt counselling

We often get the following scenarios that can have the result that debt counselling and debt review actually outs you off much worse than your current situation. What happens if consumers wait too long after they realise that they are in financial distress before they apply for debt counselling and debt review. The answer is very simple yet there is a complex reasoning behind the answer.

If you leave your accounts to get so far in arrears and then apply for debt counselling, Help with debt, debt counsellors cannot guarantee that we will be able to lower that specific repayment. The reason being is that your creditors are forced to first bring your arrears amount up to date before they can start paying off your capital. Furthermore, the National Credit Act only allows consumers under debt counselling and debt review to extend certain agreements for a maximum period. This is also dependant on the age of the agreement. For instance, if you have only a few months left on your original contract term but you are in arrears with almost half the agreed amount, the period cannot be extended so much that you will benefit from debt counselling. I had a new client today that was more that 22 months in arrears with a finance agreement that only had 8 months (original) contract term left. The result was that the restructured payment for that account was almost R200 more than his original instalment.

This brings me to my next example. Normally if I get clients that are not in arrears with accounts but foresee a difficult financial future, I am almost guaranteed to more than halve their payments.

Bottom line. The sooner you make a plan to sort out a dismal financial situation, the better. Banks and other credit providers respect clients that are precaution and make arrangements through debt counselling and debt review sooner than later. If the credit providers have to phone trace and keep on asking you for money they will view you as a risk.

If you feel that you need some more information on the process of debt counselling and debt review, please do not hesitate to contact us.

Help with debt!

Quick debt counselling process explained

The debt counselling and review company of Help with debt offers a debt counselling and debt review services to all South Africans, where we offer HELP to clients struggling to meet their full monthly debt repayments and as a result struggle to survive. As a part of our debt counselling and debt review services, we help over-indebted clients restructure their total debt obligations in a way which is affordable to them, as assessed by the HELP WITH DEBT, debt counsellor in charge of the application. The Application for debt review and debt counselling will be conducted in terms of the National Credit Act no 34 of 2005, as well as governance by the National Credit regulator (NCR).
The HELP WITH DEBT, debt counsellor will:
• perform the debt review process,
• prepare a restructured payment plan for client
• and then propose this to their credit providers for acceptance.
Our well-organized admin team will notify all your credit providers that you have applied for debt review and debt counselling, and then negotiate a restructuring new payment plan with all your credit providers. The objective of this process is to obtain a consent order from the court to start paying debts as agreed by all parties involved. If credit provider disagrees with the restructure plan, and cannot propose a reasonable counter-offer, then the case will be referred to a magistrate’s/tribunal court and our attorneys’ will defend your matter in court.
We look forward to help you in creating a better cash flow for your living conditions to better.

How debt counselling can help you today!

Debt counselling and debt review is expected to offer people who are over-indebted a way to negotiate a more affordable repayment plan with their creditors. The process of debt counselling is provided for in the National Credit Act (NCA), , and applies to credit agreements entered into before and after that date.

If you are struggling to pay your debts, facing legal action or you are about to have your vehicle and/or property repossessed, you can approach a Help with debt, debt counsellor and ask him or her to review your situation.

Alternatively, a credit provider, such as your bank or a retailer, may refer you to a Help with debt, debt counsellor if you fail to meet your repayment obligations.

There are no restrictions on who can use Debt counselling and debt review trough Help with debt, - anyone from any income group and who owes any amount of debt can apply for debt counselling. Through Help with debt

Help with debt, Debt counsellors are entitled to charge you an upfront fee of R50 plus VAT for an application to have your debt reviewed. A Retainer of R300 will be kept as early cancellation fee. This R300 will be deducted off the Rehabilitation fee payable

Most also charge you substantially more for an initial review of your debts, and Help with debt may offer to review your debts on an ongoing basis, for which they will also charge a fee. But as yet there are no set amounts that Help with debt, debt counsellors may or may not charge for initial and ongoing reviews.

The National Credit Regulator (NCR) plans to help lower-income earners by paying their Help with debt, debt counsellors' fees.

Before determining whether or not to accept your application to review your debt, a Help with debt, debt counsellor must consider your debts and financial obligations to determine whether you are over-indebted. The NCA describes over-indebtedness as a situation in which you are or will be unable to meet all your debt obligations timeously.

A Help with debt, debt counsellor will investigate your existing income and your income-earning prospects, and all your current financial obligations.

Once a Help with debt, debt counsellor has accepted your application, he or she will inform all your creditors and every registered credit bureau that you have applied for debt counselling. You will not be able to access any further credit until your debts have been repaid. You will even have to cut up your credit and store cards.

The Help with debt, debt counsellor will then consider your debts and financial obligations to determine what you can afford to repay each month, and will enter into negotiations with your creditors to restructure your debt.

If your creditors agree to the repayment proposal put forward by the Help with debt, debt counsellor, the counsellor will apply to the National Consumer Tribunal for a consent order for the repayment plan.


If your all creditors do not agree to the plan, the Help with debt, debt counsellor will take the plan to a magistrate's court, and the court will have to decide what is a fair repayment plan. In this case you could face further charges for the cost of hiring lawyers to represent your case in court.

Reckless lending
If a Help with debt, debt counsellor suspects that you were given credit recklessly because you could not afford it, he or she can ask a court to decide if this was indeed the case and if so to suspend the agreement or set it aside.

Once your repayment plan is agreed, you will make payments to a distribution agency registered with the NCR and it will distribute what you pay to your creditors. The agency will be paid by way of a fee from the creditors.

debt counselling and debt review

DEBT REVIEW PROCESS

The consumer applies for debt review with the help of a Help with debt ,debt counsellor or consultant. The counsellor will explain what debt review is.
The consumer completes and signs a debt counselling application form. The form is called a Form 16. Form 16 together with supporting credit documents is handed over to the debt counsellor.

Credit history details on form 16 are captured immediately. Within 5 working days (or sooner) all creditors are notified on form 17.1. that the consumer is applying for debt counselling or debt review. The debt review application is now in progress. No legal action from a creditor is now possible.

The debt review process takes 60 working days. Creditors have 5 working days to provide credit information on consumers. This credit history is checked against the credit information given to the Help with debt ,debt counsellor by the consumer. After 5 days the creditor is reminded to give credit information feedback. Another 10 days grace is given to the consumer who wants to get out of debt.

If the Help with debt, debt counsellor does not receive credit information or credit history from creditors, he may presume the credit information or credit history provided by the consumer is correct. The Help with debt, debt counsellor will now determine if the consumer is over indebted.

If the Help with debt, debt counsellor finds the consumer is not over indebted, he will advise the consumer and the creditors in writing, and may proceed to recover their outstanding monies.

If the consumer is over indebted, the Help with debt, debt, counsellor will now prepare a debt repayment or debt solution proposal to the creditors. The debt repayment proposal must be sent 25 days from the date of application. All creditors have 10 days to respond. If there is no response, the creditor will get a reminder and another 5 days to respond

If the debt repayment proposals are accepted by all creditors, the approved proposal will be sent to all the credit providers, credit bureaus and to a payment distribution agent (PDA) who will commence distribution of payments’.

All approved debt repayment proposals must be submitted to either a Magistrate’s Court or The NCR Tribunal in order to obtain a consent order.

Upon all the consumers’ debt being fully repaid, the Help with debt, debt counsellor must issue a certificate to that effect and notify all credit bureaus, and creditors or a national credit regulator hearing decision and the National Credit Regulator.

http://www.helpwithdebt.co.za

Debt counselling and debt review Questions

Debt-Counselling-Services F.A.Q.
Debt Counselling | Frequently Asked Questions


Is this like a loan?
No, this is a full process in which your current debts are re-structured in such a way that you can afford to pay it back within your financial means.


Will I be listed on the Credit Bureau by Help with Debt?
Yes, once you have completed your application and paid your initial R50 application fee, you will be listed onto the system. This also means that all your credit providers will be notified that you are undergoing the debt review process and that they may not lay a claim to your assets.


What do you mean by the payment pro rata basis?
The pro rata basis means that the creditor that you make the largest monthly instalment to, receives the larger portion of your monthly payment.


Can I become part of the debt counselling process if I already have judgement against me?
Yes, But Please ensure we know your complete situation when you contact us.


Does it make difference if I own my home or not?
No, it makes no difference.


Will the re-calculated payment plan by Help with Debt cover all my debt?
Yes, we will deal with all your unsecured and secured loans. When we look at your finances, we will make appropriate allowance for you to be able to afford your
day-to-day expenses before we calculate how much you can afford to pay your creditors.


How long does it take for my situation to improve? Immediately?
Yes! You will immediately benefit from a realistic budget which will allow your creditors to be paid at a rate which is affordable to you.


Will I have to attend an interview?
No. We treat all our clients with trust and respect. No one from our office will visit you at your work and we will only contact you when it is necessary.


Will my employer and work colleagues find out taht I am under debt counselling?
No, we never contact clients at work unless asked to do so. Your affairs will be dealt with in the strictest confidence.


Can I still use my credit and store account cards?
Once we enter into negotiations on your behalf all credit and store cards will have to be destroyed and returned to the companies concerned, this shows your commitment that you are serious about sorting out your debt and freeing yourself of this burden.


Can creditors refuse to accept lower payments under the debt counselling proposal?
Creditors do not have to accept any offers of repayment below the contracted minimum.
However, it is our experience that they are prepared to accept reduced payment offers where we are able to demonstrate that the offer is reasonable and that you are committed to repay your debt through the debt counselling process.


Will I still receive a default notices?
By lowering your monthly payments to your creditors, you will be in default of your original agreements with your creditors and as a result may be issued a default notice. Creditors send out Default Notices in order to protect their legal position.


Will creditors continue pursuing and harassing me for payments?
Your creditors are obliged, according to the National Credit Act, to stop pursuing you when you've been placed under the debt review process.
Let them know that we are your debt counsellors and that we will be acting on your behalf. You should forward any letters and queries to us to deal with it on your behalf.


When can I start on the Debt Counselling plan by Help with Debt?
You may join the plan immediately subject to completing our forms and make an appointment to see one of your friendly and professional advisors.


How long will I have to remain under Debt Counselling?
You will not have to sign any lengthy contracts and will be free to terminate our services at any point. However, your status with the credit bureaus will state that you are still under debt review until all your debt has been cleared and/or paid up to date


I've been summoned to court, does debt counselling cover this?
No, however it is our experience that attorneys and creditors will respond favourably to the debt review programme and agree to have this included in the debt review process.


Can a debt counsellor help me if I had loans or credit agreements prior to 1 June 2007?
Yes! It is your financial situation TODAY that is taken into account.


Once I've cleared all my debt will you remove my name from the credit bureau?
YES we will.


More Frequently Asked Questions


WHAT IS THE NATIONAL CREDIT ACT?


It promotes and advances social and economic welfare, promotes fair and accessible credit market and protects consumers.


WHAT ARE MY RIGHTS AS A CONSUMER?


• right to confidentiality
• right to protection against discrimination
• right to reasons why credit has been refused
• right to plain, understandable language
• right to receive documents
• right to apply for debt review and rearrangement of obligations
• right to cooling-off
• right to statements of accounts


HOW DOES THE ACT PROTECT ME AS A CONSUMERS?


• The Act regulates the way credit will be granted, and protect consumers from reckless credit granting and over-indebtedness. A creditor may not grant you any credit if you cannot afford more credit. A creditor must do an investigation at the credit bureau before granting any credit to you.
• If you are over-indebted the Act provides a new debt relief measure called ‘debt counselling’.
• The Act prescribes fixed interest rates and fees on credit.


HOW DOES DEBT COUNSELLING WORK?


• If a person cannot pay all his/her instalments timeously and has enough money left over to pay for necessary living expenses, he/she is most probably over-indebted.
• Such a consumer can be referred by the Court or may apply to a debt counsellor to be declared over-indebted.
• The debt counsellor must notify all credit providers and credit bureaus of the application then evaluate the consumers indebtedness.
• If the debt counsellor determines that the consumer is over-indebted, the counsellor may recommend to the Magistrate’s Court that one or more agreements be declare reckless and/or that the consumers repayments be rearranged by extending the contract and make the payments smaller. If the creditors all agree, this procedure can be voluntary and no court order is necessary.
• A creditor who receives notice of court proceedings for over-indebtedness or notice from a debt counsellor of debt review, MAY NOT ENFORCE the agreement until a determination by the court or debt counsellor has been made.
• A consumer may not make any further debts until all debts have been paid in full in terms of the rearrangement or the debt counsellor or Court decided that the consumer is not over-indebted.


WHAT KIND OF DEBT CAN BE PLACED UNDER REVIEW?


Nearly every credit agreement, BUT
• contracts such as stokvel, insurance policies, leases, immovable property, dishonoured cheques
AND
• where a credit provider has already proceeded with enforcement on ground of default (e.g. judgements, emolument attachment order, etc.)


WILL INTEREST STOP WHEN I AM UNDER DEBT REVIEW?


NO!! Interest and costs can still be added on your accounts by creditors, unless they agree otherwise.


WILL I BE LISTED AT THE CREDIT BUREAU IF I AM UNDER ‘DEBT REVIEW’?


YES!!! But your name will be cleared as soon as all the debt under review is settled in full and the debt counsellor issues you a clearance certificate.


HOW LONG WILL I BE UNDER DEBT COUNSELLING FOR?


It will all depend on the repayment amount as rearranged with creditors. The higher your outstanding debt and the lower your repayment monthly – the longer it will take to satisfy all obligations. if your payment monthly to the creditors is less than the monthly interest, you be under debt review for a very long period.


HOW WOULD I BE CERTAIN MY DEBT COUNSELLOR IS REGISTERED?


• a registered debt counsellor must display the certificate in their premises where they provide their debt counselling services from
• it must reflect the registered status and number
• the information can also be verified on the NCR website – www.ncr.org.za


CAN I BORROW MONEY FROM MY DEBT COUNSELLOR?


• NO!! Your debt counsellor may not borrow you any money. It is prohibited in terms of the Act. If your debt counsellor does lend money to you, he/she can be deregistered.


WILL I ONLY PAY R50,00 TO MY DEBT COUNSELLOR?


• NO!! The Act provides that the debt counsellor may require you to pay R50 BEFORE accepting your application for debt review, other fees or costs are not yet prescribed and must be agreed between you and your debt counsellor.


NB!!


ASK YOUR DEBT COUNSELLOR EXACTLY what his/her charges are BEFORE you sign any documentation and ask for a copy of charges as explained to you.


DO I HAVE TO MAKE PAYMENTS TO MY CREDITORS WHEN I REGISTER FOR DEBT REVIEW AND THE DEBT COUNSELLOR IS STILL IN THE PROCESS OF NEGOTIATION WITH CREDITORS AND NO ORDER WAS MADE?


• ‘YES’ because of the fact that your registration for debt review does not stop interest it be in your best interest to make payments as far as possible, even if it is not the whole instalment.
• ‘NO’ the Act does not prescribe or require you to make payments during the first 60 day’s after your credit provider received notice by the debt counsellor or Court of the application for debt review. BUT penalty interest will be added to your account.


DO I FIRST HAVE TO NEGOTIATE WITH MY CREDITORS BEFORE I GO TO A DEBT COUNSELLOR?


NO!! You may negotiate with your creditors yourself BUT you cannot be forced to negotiate with them. You have got the right to go to a registered debt counsellor to assist you.


WILL THE ‘HIRE PURCHASE’ CREDIT PROVIDER SUCH AS A FURNITURE STORE REPOSSESS THE GOODS IF THE GET NOTICE OF THE DEBT REVIEW FROM MY DEBT COUNSELLOR?


NO!! As soon as a credit provider receives notice from the debt counsellor ‘debt freezing’ starts, thus they are prohibited to take legal Action until a determination was made by the debt counsellor or Court, UNLESS, they had already taking legal action before you registered for debt review.


IF I GET A SALARY INCREASE OR MY FINANCIAL CIRCUMSTANCES CHANGE FOR THE BETTER, MY I PAY HIGHER INSTALMENTS TO MY CREDITORS AS NEGOTIATED ORDERED BY COURT IN THE DEBT REVIEW?


YES!! The higher payments you make the sooner you will finish your debts and get your clearance certificate from the debt counsellor and the sooner your certificate, the sooner your record will be expunged from the credit bureau.


WHY MUST I OPEN A SAVINGS ACCOUNT WHEN I GO UNDER DEBT REVIEW?


Sometimes Credit Cards or Cheque Accounts are frozen by Banks, or money grabs done on salaries for arrear accounts.


WHAT HAPPENS TO MY DEBT ORDERS GOING OFF OF MY ACCOUNT?


You need to stop all debt orders going off your account in writing at the bank as well as with the companies that you have them with. You need to arrange new debit orders to be deducted from the new account. (i.e. for insurances, medical aid, etc. – NOT FOR DEBT)


Debt-Counselling-Services
If you have any questions we have not answered here then Kindly Contact Us and we will assist and answer where possible.

http://www.helpwithdebt.co.za

Debt review and debt counselling Pretoria

Debt review and debt counselling Pretoria
Help with debt assist clients in Alphen Park, Arcadia ,Constantia Park,DieWilgers,Eastmead,Eastwood,Elarduspark,Equestria,Erasmuskloof,Erasmusrand,Faerie Glen,Garsfontein,Groonkloof,Grootfontein,Hatfield,Hazelwood,Hillcrest,La Montagne, Lynnwood Park, Lynnwood Glen, Lynnwood Manor, Meyerspark, Mooikloof, Monument Park,Moreletapark,Murrayfield,Newlands,Rietvalleirand,Riviera,Rietondale,Silver Lakes, Sterrewag, Wapadrand, Waterkloof, Waterkloof Glen, Waterkloof Park, Wingate Park,Woodhill,Woodlands,Annlin,Montana,Erasmia,Clubview,Claudius,Laudium,Valhalla,Booysens,Daspoort,Elandspoort,Hermanstad,Kirkney,Kwaggasrand,Phillip Nel Park, Pretoria Gardens, Rosslyn, Salvokop, Suiderberg, The Orchards, Theresapark, Mountain View, Weskopies, Wespark
and the rest of South Africa
Before a debt management company such as Help with Debt can assist any client with their debt problems, the process of debt review needs to be undertaken. Debt review assists the debt management company in identifying the debt problem at hand, and finding the suitable solution.
Help with Debt performs a thorough debt review process on all their clients, ensuring that all needs are identified, and an accurate solution created.
Help with Debt offers the following to their clients who are searching to undergo debt review:
• No upfront fees
• No additional loans
• One very affordable monthly payment to creditors
• No interviews unless you want to have a free consultation
Contact Help with Debt today, and let them assist you through their debt review services.
Contact Details:
Contact Number: 072 642 6641
Fax Number: 086 519 4004
Email:info@helpwithdebt.co.za
Website:http://www.helpwithdebt.co.za