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

Debt review and debt counselling Limpopo

Die nuwe Nasionale Kredietwet (No.34 van 2005) het op 1 Junie 2007 in werking getree. Die Wet stel nuwe vereistes aan kredietverskaffers, wat beslis 'n uitwerking op kredietverlening deur NWK gaan hê. In hierdie artikel word gepoog om te verduidelik hoe hierdie wetgewing die NWK-klant raak. Die Nasionale Kredietwet vervang die Wet op Kredietooreenkomste en die Woekerwet.
Die hoofdoelstellings van die Wet is die volgende:
Verhoed roekelose kredietverlening;
voorkom oormatige skuldlas by landsburgers;
verseker volle openbaarmaking van inligting aan kredietopnemers;
bied beskerming aan kredietopnemers teen onregverdige optrede of wanpraktyke deur kredietgewers en kredietburo's;
verskaf riglyne met die daarstelling van alternatiewe vir dispuutoplossings; en
stel prosedures daar om skuldhersiening en skuldherstrukturering te fasiliteer.
Watter transaksies val onder die Wet?

Bykans alle armlengte-krediettransaksies val onder die Wet, insluitend huurkope. Sommige van die belangriker uitsonderings is die volgende:
Insidentele krediet ('n voorbeeld hiervan is 'n maandrekening waar die rekening dertig dae na staat betaal word sonder dat rente gehef word).
Skuld wat ontstaan as gevolg van 'n tjek wat vir betaling aangebied en deur die bank gedishonoreer word.
Wie val onder die Wet?

Alle entiteite wat krediet opneem val onder die Wet, met die uitsluiting van:
beslote korporasies;
trusts met drie of meer trustees;
maatskappye;
vennootskappe; en
verenigings.
'n Voorwaarde is egter dat die voormelde entiteite (in die Wet word verwys na regspersone) 'n batewaarde of omset van R1 000 000 of meer het. Privaatpersone val dus almal onder die werking van die Wet. Indien die regspersone 'n batewaarde of omset van minder as R1 000 000 het, maar 'n kredietooreenkoms aangaan van R250 000 of meer, val die transaksie ook buite die Wet. Indien 'n persoon borg teken vir 'n kredietopnemer wat onder die Wet val, word die borg hanteer asof hy die hoofskuldenaar is en val hy ook onder die Wet. Die borg se finansiële posisie moet dus ook in terme van die Wet geëvalueer word.
Kredietooreenkomste

Die ooreenkoms tussen die partye is onderworpe aan streng voorskrifte. Die belangrikste hiervan is die volgende:
Die ooreenkoms moet in verstaanbare taal geskryf wees.
Misleidende voorwaardes word verbied.
Voorwaardes waar gemeenregtelike regte van die kredietopnemer weggeneem of beperk word, is ongeldig.
Regte wat weggeneem word van die kredietopnemer wat deur die Wet daargestel word, is ongeldig.
Rentekoerse, fooie en kredietversekering moet duidelik aangetoon word.
Differensiasie tussen rente op lopende en agterstallige bedrae in dieselfde ooreenkoms word verbied. 'n Nuwe ooreenkoms moet in elke geval gesluit word. 'n Voorbeeld hiervan is agterstallige paaiemente by huurkope.
Wysiging van kredietooreenkomste

Verlaging van kredietlimiete kan deur beide partye gedoen word. Tydelike verhogings kan op aanvraag deur die kredietopnemer gedoen word, op voorwaarde dat die kredietlimiet weer binne 'n ooreengekome tyd herstel word na waar dit was. Alle ander verhogings van kredietlimiete mag slegs gedoen word nadat 'n nuwe evaluering van die kredietopnemer se finansiële posisie gedoen is. Wysigings kan slegs deur die klant self aangevra word.
Kwotasie

Die kredietgewer moet 'n voorooreenkomsstaat of kwotasie aan die kredietopnemer verskaf waarin rentekoerse, koste, fooie en kredietversekering uiteengesit word. Die kredietgewer is vir vyf dae daaraan verbind waarbinne die kredietopnemer die kwotasie kan aanvaar. Die kredietopnemer kan egter ook die kwotasie onmiddellik aanvaar indien hy/sy dit so verkies.
Groter deursigtigheid dra dus by tot 'n meer ingeligte besluit deur die kredietopnemer.
Regte van kredietopnemers

Verskeie regte word aan kredietopnemers gegee, waarvan die volgende enkele voorbeelde is:
Die reg om aansoek te doen vir krediet, welke aansoek ooreenkomstig die kredietgewer se normale beleid oorweeg moet word.
Gebruik van die taal van jou keuse.
Die reg om te weet hoekom 'n aansoek afgekeur is.
Die reg om onder sekere omstandighede aansoek te doen vir skuldhersiening en herstrukturering van die skuldlas.
Die reg tot 'n afkoelperiode van vyf dae by huurkope indien die transaksie nie by die kredietgewer se geregistreerde besigheidsplek plaasgevind het nie.
Die reg om huurkoopitems vrywillig terug te gee.
Die reg tot verkryging van volledige inligting aangaande die krediettransaksie, relevante dokumentasie en state.
Die reg om inligting van kredietburo' s se swartlys te laat verwyder sodra die skuld betaal is.
Beskerming teen onreëlmatige bemarking.
Die reg tot vertroulikheid insake inligting.
Oormatige skuldlas

'n Kredietopnemer het 'n oormatige skuldlas indien hy nie sy skuld kan betaal in terme van sy kredietooreenkomste nie. Prosedures kan in so 'n geval deur die kredietopnemer gevolg word vir skuldhersiening en strukturering.
Roekelose krediet

'n Kredietverskaffer is skuldig aan roekelose kredietverskaffing indien hy onder die volgende omstandighede krediet sou toestaan:
'n Behoorlike ondersoek aangaande die kredietopnemer se finansiële posisie is nie gedoen nie.
Die kredietopnemer het nie die algemene risiko's, koste of verpligtinge van die ooreenkoms verstaan nie.
Die aangaan van die ooreenkoms laat die kredietopnemer met 'n oormatige skuldlas.
'n Groter verpligting word op kredietgewers geplaas rakende die insameling en verifiëring van inligting en die evaluasie daarvan. Groter beskerming word sodoende aan skuldopnemers gebied.
Afdwing van ooreenkomste

Die Wet maak voorsiening vir ander metodes van dispuutoplossing behalwe die normale skuldinvordering. Voorsiening word gemaak vir liggame en partye soos :
die Nasionale Verbruikerstribunaal;
skuldberaders;
'n ombudsman;
verbruikershowe; en
alternatiewe dispuutoplossings-agente.
Die gevolg van die nuwe Kredietwet is dat die normale prosedures van skuldinvordering drasties verander. Dit verg derhalwe meer omvangryke administrasie en ook meer van die aansoeker se tyd. Met die tandekrypyne van die eerste aansoekseisoen na die bekragtiging van die Wet grootliks agter die rug, beywer NWK hom om sy relevante prosesse voortdurend te monitor en waar nodig te verfyn. Indien veranderings aan die Wet in die toekoms sou plaasvind, sal NWK se kredietklante beslis daaroor ingelig word.
http;//www.helpwithdebt.co.za

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credit card Fraud tips and advice

You are well advised to hang on to your credit card tightly this festive season, not only because of the implications of too much spending for your budget but also to guard against fraud.

Kalyani Pillay, the chief executive of the South African Banking Risk Information Centre, says the banking industry's losses as a result of South African-issued credit cards used fraudulently anywhere in the world increased by five percent, to R443 million, between July last year and June this year.

In June last year, credit card fraud had increased by 30 percent from the previous year.

"Most bank fraud losses with South African-issued credit cards occurred inside the country, and 89 percent of the losses occurred in Gauteng, KwaZulu-Natal and the Western Cape," Pillay says.

Pillay says, however, that overall losses due to card fraud occurring within South Africa decreased by six percent in the reporting period to June. She attributes the decrease to the impact of chip and PIN technology, as well as a higher awareness among consumers of card fraud.

Counterfeit card fraud - which increased by 22 percent this year, to R144 million - accounted for most of the banking industry's losses to card fraud.

"You have to be aware of potential crime and not let your credit card out of your sight when you make a transaction. You also should not accept unsolicited assistance when you are making an ATM transaction.

"The skimming of credit cards via hand-held skimming devices remains the main modus operandi to obtain the information required to manufacture counterfeit cards," Pillay says.

Card skimming refers to the use of a card reader to copy the encoded information on the magnetic strip of a legitimate card. The data are then used to create counterfeit credit cards.

She says losses due to fraudulent credit card transactions performed over the phone, by mail order or online increased by 45 percent in the year to June, while fraud committed using credit cards that did not reach the intended recipients increased by 35 percent.



Pillay says fraud as a result of criminals opening credit card accounts with fraudulent identity documents decreased by 54 percent. "The decrease in this type of fraud shows that the internal security systems of banks are proving a deterrent to criminals."

How to protect yourself
Kalyani Pillay, the chief executive of the South African Banking Risk Information Centre, says you should do the following to protect yourself against theft and fraud involving credit and ATM cards:

When you make a payment with your credit card, check that the card you receive back from the cashier is, in fact, your card and has not been substituted with a dud card;
Never lend your credit card to anyone;
Never give your credit card details to unsolicited callers who offer to sell you something over the telephone;
Report a lost or stolen card to your bank immediately;
Store the number of your bank's lost and stolen cards hotline on your cellphone, so that you can contact your bank if your card is lost or stolen while you are away from home;
Respond quickly to requests from your bank to collect new or replaced cards;
If a replaced card does not reach you within the specified time, report this to your bank immediately;
Protect your internet banking profile at all times and never give your password to anyone;
Do not allow websites to remember your password - always press "no" when you are presented with this option;
Check your monthly bank statements thoroughly and report any irregularities to your bank;
Dispose of your bank statements in a way that ensures they cannot be read;
Never force your card into an ATM's card slot - use a different machine if you experience difficulties with an ATM;
Make sure that no one is watching you when you enter your PIN - shield the ATM keypad with your free hand; and
Always choose an ATM that is in a well-lit and safe area.

debt counselling and debt review in south africa, prevent property and vehicle repossession in south africa

You may be aware that all creditors fall under the National Credit Act (NCA), but did you know that if you deal with a pawnbroker you are also protected?

Pawnbrokers fall under the NCA because they are in the business of providing credit, Peter Setou, the senior manager of education and strategy at the National Credit Regulator (NCR), says.

"Pawnbrokers that have at least 100 agreements on their books, or a total outstanding debt of more than R500 000 owed to them under pawn agreements, must register with the NCR," Setou says.

However, those that do not meet the conditions for registering with the NCR still fall under the Act, and their clients also enjoy its protection.

Setou says although pawnbrokers are exempt from having to conduct an affordability assessment before they grant you a loan, they must comply with a number of other NCA requirements, such as:

The credit agreement must state an end date;
The safekeeping of property given to the pawnbroker is the pawnbroker's responsibility;
The pawnbroker must return your property once you have met your obligations;
If the pawnbroker fails to return your property on the termination of the agreement, you can lodge a complaint with the NCR or the Provincial Consumer Affairs Office;
If your property is lost due to circumstances beyond the control of the pawnbroker, such as in a fire, you are entitled to be refunded an amount equal to its fair market value less any outstanding amount you owe;
If the failure to return your property is due to a reason within the control of the pawnbroker (for example, the item was sold), you are entitled to double its fair market value less any outstanding amount you owe; and

debt counselling and debt review

In a bid to help thousands of over-indebted consumers sooner rather than later, a debt review task team appointed by the National Credit Regulator (NCR) has come up with ways to streamline the debt counselling process.

The task team, established late last year and headed by former banking ombudsman Neville Melville, released an interim report last week showing that the number of consumers who have applied for debt counselling has more than doubled - from 80 000 in July last year to more than 160 000 currently. The monthly repayments made by consumers under debt counselling was R167.9 million for March alone.

The task team identified the following problem areas:
• Efficiency and compliance by Help with debt, debt counsellors. Counsellors have been accepting cases from clients who do not qualify for debt counselling and then submitting unreasonable repayment plans to creditors.
• A lack of capacity and administrative delays among credit providers. Many credit providers, including the major banks, cannot provide accurate balance statements to Help with debt, debt counsellors on time.
• The distribution and receipt of payments by consumers. For example, creditors forward incorrect account numbers to Help with debt, debt counsellors, and payments made by consumers are transferred to the wrong account.

Previous delays in the debt counselling process were attributed to uncertainty in the magistrate's courts on how to interpret the National Credit Act.

Magistrates were not sure whether they had jurisdiction to hear cases that related to amounts of more than R100 000, and there was also confusion over which regional court had jurisdiction to hear a case that involved creditors based in different parts of the country.

A High Court ruling in August last year resolved these issues. The court ruled that there are no monetary limits on debt counselling cases heard in a magistrate's court, and that a case should be heard in the court that has jurisdiction over the area in which a consumer lives. For example, if you live in Cape Town and you have three creditors, with head offices in Cape Town, Johannesburg and Durban, your case will be heard in a magistrate's court in Cape Town.

Magauta Mphahlele, the chief executive of the National Debt Mediation Association, says although more debt counselling cases have been finalised since the High Court ruling, there is still a huge backlog of cases, with some Help with debt, debt counsellors being given court dates for 2012.

Suggestions by the task team to pave the way for a smoother debt counselling process are:
• Help with debt, debt counsellors should accept consumers for debt counselling only where debt rehabilitation is realistically feasible. Counsellors should ensure that you adhere to your repayment plan and that the budget they draw up allows you to keep paying your insurance premiums so that your policies do not lapse, leaving you without cover.
• Banks and other credit providers should establish dedicated units to deal with debt counselling agreements.
• All major credit providers should implement clear acceptance and termination policies to accommodate consumers who are making reasonable payments and to terminate debt counselling when consumers do not meet their repayment obligations.
• Banks and other major credit providers should issue accurate certificates of statement balances promptly.
• The possible introduction of dedicated bank accounts for debt counselling payments.
• Creditors should ensure that pre-existing debit orders are cancelled so that debit orders that relate to debt counselling can be processed successfully.

Mphahlele says the relationship between Help with debt, debt counsellors and creditors needs to improve drastically so that cases can be resolved quickly and efficiently.

"If a debt restructuring proposal is contested by a creditor and goes to court, the costs can escalate by as much as R4 500 or R6 000. It simply does not make sense when you are dealing with an over-indebted consumer," Mphahlele says.

Melville says an over-riding requirement for the successful implementation of the debt counselling process is for consumers to stop using debt counselling as an excuse not to meet their payment obligations.


"It is not the intention of the [National Credit] Act to protect such individuals, and unfortunately this behaviour is prevalent, even among high-income consumers," he says.


How debt counselling works
When you apply for debt counselling, a debt counsellor will assess your finances to determine whether or not you are over-indebted. If you are, the counsellor will notify all your creditors that you are undergoing debt counselling and will draw up a repayment plan for you. If you and your creditors agree to the repayment plan, your debt counsellor will present the plan to the National Consumer Tribunal for approval. If any creditors disagree with the plan, the counsellor must ask a magistrate's court to rule on whether or not it is acceptable.

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

Debt review and debt counselling Limpopo

Debt review and debt counselling Limpopo
Help with debt assist clients in Polokwane (Pietersburg), Tzaneen, Phalaborwa, Hoedspruit, Ellisras, Makhado (Louis Trichard), Mokopane(Potgietersrus), Mookgopong (Naboomspruit), Bela-Bela (Warmbaths) Modimolle (Nylstroom) 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

Save

If you believe that every cent counts, First National Bank (FNB) has come up with a way for you to start saving your small change with its new savings feature, Bank Your Change.

Bank Your Change works by allowing you to save your "left over" cents each time you use your FNB cheque or debit card to pay for a transaction. French says FNB came up with the concept as a means to start reviving a savings culture in South Africa.

In three months, more than 12 000 customers have signed up for Bank Your Change, which is available on FNB's personal cheque accounts.

Shane French, FNB's head of consumer products, says: "The take up of Bank Your Change shows that there is appetite among South African households to save, provided there is a cheap and easily accessible tool to do so."

As a percentage of disposable income, household savings has fallen from around 5.4 percent in the 1980s to a negative 0.1 percent in 2009. This means that the average South African is not saving any money at all.



How it works
Whenever you make a purchase using your FNB cheque or debit card, the amount is rounded up to the next rand. The difference between the purchase price and the rounded-up amount is then transferred into a linked "savings pocket", at no additional cost to you.

For example, if you buy something for R32.50, the amount will be rounded up to R33 and 50 cents will be transferred.

If you want to save more, you can select an additional amount of R2, R5, R10 or R20 to be deposited in the savings pocket.

Transfers between your cheque account and the savings pocket are free, and you earn interest on your savings on a tiered basis.

http://www.helpwithdebt.co.za

r

Nearly half of the 18.07 million consumers with credit in South Africa are struggling to meet their debt obligations, Gabriel Davel, the chief executive of the National Credit Regulator, says.

Davel says that, according to credit statistics to the end of December last year, 10.16 million credit accounts had been in arrears for more than three months.

Over-indebted consumers may be able to have a credit agreement set aside if it is found that they have been granted credit recklessly in terms of the National Credit Act. If you have been granted credit recklessly, it generally means you have been lent more than you can afford to repay.

Earlier this month, a Port Elizabeth magistrate's court ruled that Absa was guilty of reckless lending (See below).

To prove reckless lending you must be able to prove that you were not able to afford the loan when you made the credit application. If a debt counsellor suspects a case of reckless lending, he or she will refer you to an attorney who can take the case to court. The attorney's costs could be for your account.

However, reckless lending cases are rare and, as a consumer, you also have a responsibility to truthfully disclose your finances when making a credit application. If you lie to a creditor about your finances or expenses, your case may not be regarded as reckless lending.

At the same time, creditors are expected to review your financial history where possible and to check your finance application against that history.

The banking ombudsman, Clive Pillay, says his office receives about 50 complaints related to reckless lending each month, mainly against the four big banks - Absa, First National Bank, Standard Bank and Nedbank.

He says a number of the cases are related to loans taken out about two years ago, before the recession and retrenchments left many unable to meet their repayments.

Pillay says the overwhelming majority of the complaints are without substance - if you were able to afford the loan when it was granted and your circumstances have since changed (for example, you have been retrenched or interest rates have rocketed) then it is not considered reckless lending but simply over-indebtedness. (See "What to do if you are over-indebted").

"In the odd one or two cases, we refer complaints to the National Credit Regulator for further investigation. Making a ruling on reckless lending is not within our jurisdiction," he says.

Pillay says there was a ruling of reckless lending against a bank in April last year and this case sheds light on what checks and assessments credit providers need to do to ensure that they are not granting credit to you recklessly.

Loans set aside
In last year's case, the Johannesburg magistrate's court ruled that African Bank was guilty of reckless lending and set aside a consumer's three loan agreements for a total amount of R14 000.

The consumer, an employee of Nampak, had five dependants - a wife and four children. His basic salary was R6 790, but his salary fluctuated depending on overtime worked and, for example, in August 2008 his salary was R9 638.

He had been granted loans from African Bank of R4 000 in July 2007, R11 000 in January 2008, R1 500 in April 2008 and R1 500 in May 2008.

He was also granted a loan of R21 500 by Capitec Bank in September 2007, but the ruling notes that this loan was obtained to pay off debts with African Bank and, in fact, it was the three loans granted by African Bank that amounted to reckless lending.

The NCA obliges creditors to fulfil certain criteria before lending you money, and the ruling points out where African Bank failed in its duty:

Credit providers have to adequately assess the information they are presented with. "A brief consideration of the applicant's bank statement shows that he is every month left with a very small amount or nothing ... it is reasonable to assume that if the loan consultants employed by African Bank conducted a credit bureau inquiry, they would also access African Bank's own records to consider the applicant's previous accounts and applications for loans. Voluminous documents attached ... attest to this information being accessible and reasonably available to African Bank's loan consultants";
Credit providers should not simply go through the motions of conducting a financial assessment. "In conducting an assessment, [a] credit provider should not merely apply the principles and the purpose of the NCA in a mechanical fashion. A credit provider should actively engage with the consumer to do a proper assessment;
Discrepancies in the loan applications should have been glaringly obvious to the loan consultants. For example, the applicant's expenses for food and groceries decreased between July 2007 and May 2008, although his dependants remained the same.

"Two of the children are in their early teens. The needs of children - especially teenagers - tend to increase as they become older and a decrease of the applicant's expenses should have prompted African Bank to caution."



The importance of consumers being able to understand their rights and obligations under a credit agreement. "The home language of the applicant is Zulu, as is clear from the fact that he requested the service of a Zulu interpreter in court. The contents of the agreements are, however, drafted in English. There are no indications that the (legally complex) contents was translated or even interpreted into Zulu to the applicant."

The ruling goes on to say that "African Bank perhaps relied on the applicant's propensity to easily accept loans and kept on enticing the applicant to take further loans". According to the ruling, this is supported by the fact that the applicant stated that "African Bank call you all the time and give you money".

The ruling says that this conduct by African Bank had an adverse effect on the applicant's financial circumstances and "as this practice does not encourage responsible borrowing, the fair order would be to set aside all the applicant's rights and obligations under all the agreements entered since January 30, 2008".

Tami Sokuto, an executive director of African Bank, says the bank believed the judgment was wrong but decided not to appeal or take the matter further as this would be unfair to the consumer.

Absa found guilty of reckless lending
A magistrate's court ruling on reckless lending earlier this month resulted in a Port Elizabeth pensioner having his mortgage bond with Absa set aside.

According to a Bloomberg report, about 20 months ago Absa agreed to lend the 81-year-old pensioner R350 000 so he could help his daughter's business. He applied for the loan against his unbonded property, which was worth R1.5 million.

Louis von Zeuner, the deputy chief executive of Absa, told Bloomberg that the daughter stood surety for and was a guarantor of the loan.

However, attorney Pierre Kitching, who represented the pensioner in the magistrate's court, says there appears to have been no assessment relating to his daughter's finances, and there is no mention of her income being included in the assessment criteria on the loan application.

The loan repayments were R4 200 a month. The pensioner's monthly income was R3 700 and his household expenditure was R2 472 a month.

When he defaulted on his repayments, the bank threatened to repossess the property, at which point he sought assistance from debt counsellors Debt Smart.

Barry Pinnock, the debt counsellor who referred the case to Kitching, says the pensioner had applications for similar loan amounts turned down by Standard Bank and First National Bank.

Happy Ntshingila, the chief marketing and communications executive of Absa, told Personal Finance that, after it has studied the judgment, Absa might contest the ruling, because the bank adheres to the lending criteria set out in the National Credit Act.

What to do if you are over-indebted
If you feel your debt is unbearable, you should contact a debt counsellor who can then assess your finances to determine whether or not you are over-indebted. If you are, the counsellor will notify all your creditors that you are undergoing debt counselling and will draw up a repayment plan for you. If you and your creditors agree to the repayment plan, your debt counsellor will present the plan to the National Consumer Tribunal for approval. If any creditors disagree with the plan, the counsellor must ask a magistrate's court to rule on whether or not it is acceptable.

You can find a debt counsellor in your area on the National Credit Regulator's website: www.ncr.org.za (Click on "Debt Counselling" on the left of the screen, then click on "Search for debt counsellors").

How is reckless lending defined?
According to the National Credit Act, a credit agreement is reckless if, at the time that the agreement is made, the credit provider either:

Failed to conduct a financial assessment, regardless of the outcome that such an assessment might have had at the time; or
Having conducted a financial assessment, entered into a credit agreement despite information showing that the consumer did not generally understand or appreciate their risks, costs or obligations under the agreement or that entering into the agreement would make the consumer over-indebted.

You are considered to be over-indebted if your living expenses and your debt repayments together exceed your income. When credit providers assess your ability to repay a loan, they should be deducting your living expenses from your income first and then using the balance of your income to make an assessment.

Visit http://www.helpwithdebt.co.za for debt counselling and debt review

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debt counselling and debt review

If your want a quick, painless fix to your debt worries, look further than debt counselling.

A big surge in debt counselling applications is expected in January as struggling households face up to December excesses, but experts caution that a debt review is no panacea.

Since debt counselling was established in 2007, you can contact a counsellor if you can't afford debt repayments. The counsellor will go through your affairs and decide whether you are over-indebted. This means your expenses are more than your income.

The counsellor will then work out a repayment plan - proposing smaller instalments over a longer period or postponing repayments - that will be submitted to your creditors. If they don't agree to the plan, the counsellor can go to the Magistrate's Court and force them to accept it.

More than 140 000 people have already applied for debt counselling, out of the estimated 8 million South Africans who have debt problems.

The debt counselling process has had some teething problems, particularly due to a shortage of counsellors as well as legal uncertainties (only a fraction have gone through the court process).

But it also has big benefits for those under siege from creditors. If you go under debt review, your creditors cannot start any legal proceedings against you for 60 days. Your counsellor takes over dealings with your creditors and will negotiate a repayment plan with them.

Once under debt review, you only make one monthly payment - to a payment distribution agency - that in turn pays all your creditors.

And, compared to other more hard-core options - like sequestration - your credit record can be salvaged fairly quickly. When all your debts are paid off, your record is cleared as part of the debt review repayment plan.

There are some drawbacks:

Debts will take longer to pay off: "The debt counselling process is a serious matter and although it allows consumers who qualify to repay their debt at reduced monthly instalments, it will take them much longer to pay off all their original debt," warned George Nyabadza, general manager: marketing at WesBank.

Your debt counsellor will usually arrange to decrease your payments, but the payback period will be extended; for short-term debts that can be up to seven years.

More interest: Because the repayment period is longer, you may end up paying more interest on your debt.

"The overall interest bill will increase due to the extension of the term; however, many creditors are now reducing their interest rates to help the over-indebted consumer," said Luke Hirst of debt management firm DebtBusters.

Cost: Debt counselling will cost you 100% of the monthly amount you will pay back as part of your debt repayment plan - up to a maximum of R3 420 for a single applicant and R4 560 for a joint application inclusive of VAT. Debt counsellors are also entitled to 5.7% of the monthly payment up to an amount of R342.

It's hard work: The most common mistaken belief is that a debt review is a get-out-of-jail-free card, said Rudi Visser of DebtBusters. In truth, you will have to demonstrate to the court a willingness to curb your spending and make lifestyle changes - like giving up pay television and other luxuries.

Debt counsellor incompetence: Nyabadza said WesBank receives daily complaints from consumers who have suffered losses due to negligence and mismanagement of their affairs by debt counsellors.

"Another general complaint is that debt counsellors, after receiving their fees, do not always complete the debt review process as their fees are paid upfront; the consumer's problem is therefore not resolved," Nyabadza said.

He said a common mistake made by consumers under debt review is to entrust their debt counsellor with the distribution of their funds among their various creditors, instead of insisting that a payment distribution agent be appointed for the purpose.

"This has too often resulted in consumers losing money," Nyabadza said.

Hirst agrees that many debt counsellors in the market are poorly equipped to assist over-indebted consumers.

"That is why you need to use an established debt counsellor who has well-trained consultants, and a back office that can help clients throughout the process. The consumer should always ask the debt counsellor what payment distribution agency (PDA) is used to distribute the client's funds, and whether this PDA is registered with the National Credit Regulator."

No more debt: During the debt review, you are not allowed to take on any more debt, including a home loan. Failure to adhere to this will mean the whole plan will be cancelled and your creditors can take action.

What to do?

Debt counselling should really be a last resort, said Hirst. Clients should first contact the credit provider to see if it can assist.

Nyabadza agrees. "Consumers must, regardless of their financial institution, always approach their bank first should they be in any financial difficulty, or foresee any difficulty in the future, before seeking alternative solutions."

You should only consider approaching a debt counsellor or debt management firm if you can't work things out with creditors, or if you feel you have too many credit agreements.

But make sure your counsellor is reputable, and registered with the National Credit Regulator.

In addition, registration as a member of the National Debt Mediation Association is recommended, as the counsellor will then be equipped to assist clients with budget advice, support and mediation with financial institutions and other credit providers, said Nyabadza.

If you are unsure who to use, it may be best to ask your credit provider to recommend a debt counsellor, said Hirst.

debt counselling and debt review in south africa, prevent property and vehicle repossession in south africa

Debt counselling will ensure that you enjoy the money that you earn without paying only your creditors.

We will secure a lower payment plan and make sure you have enough left over every month to ensure a better quality of living.

We will take pride in the fact that we helped you to pay off all your debt without taking any further loans and that you restore your bad credit record.
Please follow this link to apply for Debt counselling!

The prevention of property and vehicle repossession is certainly a very urgent and delicate matter. If not handled properly you stand to lose a lot and still have a shortfall to contend with.

We can help prevent vehicle repossession and ensure that you keep your vehicle and pay less on your monthly premiums every month.

We can stop all execution orders for property auctions that will be carried out by the Sheriff on behalf of the banks.

Don’t lose your assets to angry creditors! Click here!

Legal action and litigation as a result of non payment of your credit agreements can be a very serious situation.

We will ensure that all pending legal action against you is stopped and that you don’t have to fear of the dreaded “private number” collectors.

We will ensure that no extra legal fees are added to your outstanding capital that in today’s financial environment can cause serious headache

We will put you back in control of your financial situation and make sure you understand the value of a clean credit record without any bad references to collections through legal action
Please click here to get help and prevent legal action against you!
Insolvency applications and Sequestration is always our last option when assessing your current financial situation and deciding on the best way forward.

We have negotiated with a Law firm in Pretoria that will handle all the legal as well as court proceedings on your behalf.

Should you wish to apply for Insolvency n terms of the act, please first consult with us so that we can explain all the pro’s and con’s with you. We want you to have all the facts so that you can make an informed decision.

Please follow this link to email us regarding the process, cost, duration and consequences of Insolvency
Please click here for information on Rehabilitation if you are already declared Insolvent

What is debt counselling?

1. When a consumer (client) realizes that he/she is over indebted and that some arrangements have to be made to make sure all monthly repayments are met.

2. The consumer contacts a registered Debt Counsellor who supplies a regulated form 16 and assists with the completion thereof. As soon as this form is completed the consumer will have formally applied for debt review in terms of the Act.
3. All requested documentation as on the application form is supplied by the consumer within 5 days of signing the form 16.

4. With the information and supporting documents supplied by the consumer the debt counsellor now informs all the known creditors of the consumer that the said consumer has applied for debt review. This is done with the regulated form 17.1 as well as 17.2
5. A formal analysis is done by the Debt counsellor to determine if the consumer is indeed over indebted. This is a very simple calculation once all information has been taken into account. A consumer can only apply for debt counselling if his/her monthly disbursable amount (Nett income minus living expenses) is LESS than the amount required to service all obligations. AS EXAMPLE ONLY. If the consumer only has R5000 to pay his/her debt after the living expenses have been accounted for, and the total monthly debt repayments are R6000 the application would be a success.
6. If the consumer is indeed over indebted according to the above method all creditors would be informed of this for their record.

7. The restructuring process can now begin. The Debt counsellor will now restructure and renegotiate all credit agreements and present these proposed terms to all creditors. This new proposal will then restructure the consumer’s monthly commitments to be more affordable and ensure that all credit agreements get something every month.
8. The new proposal will now be sent out to all the creditors after it has been approved by the consumer. Should all creditors agree to a consent order that new arrangement will be made an order of court. If there are some creditors who don’t agree to the restructuring a court date will be allocated for the matter to be heard. At this hearing the magistrate will have no choice to grant the order if the debt counsellor acted in terms of the Act and subsequently restructured the debt accordingly.

9. A Very important consideration when applying for debt counselling will be who handles your money! Debt counsellors are not allowed to handle any money from consumers except for the application fee along with the retainer for early cancellation.
10. All disbursements of contributions will be handled by a registered Payment Distribution Agency (PDA). The PDA is regulated and governed by the Act. As soon as a restructuring proposal is agreed on by the consumer payments of the distribution amount will be paid over from the consumer directly to the PDA. The PDA in turn will disburse with the funds as per the restructuring proposals.

11. The Fee structure:

Debt counsellors are entitled to a maximum of R3000 plus VAT for single applications and R4000 plus VAT for a joint application. The application fee is R50 plus Vat and the retainer for cancellation is R300 plus Vat.
Only the application fee and retainer will be paid by the consumer to the debt counsellor.
The Act allows for the following payment of Debt counsellor fees as well as Legal fees.
The first payment made by the PDA will pay the debt counsellors fee
The second payment will pay the legal fees
The third payment will be the first payment that creditors receive. This is done so that consumers don’t have to pay any money that they might not have up front, and to make the process affordable.
12. When the payments are being made to the creditors by the PDA there will be some agreements that will be paid up before others. As soon as this happens the Debt counsellor must restructure the payments again to make sure any creditor is not paid more than he must receive and to disburse the surplus equally between the other to ensure that the process runs smoothly. For this the Debt counsellor is entitled to a 5% after care fee not exceeding R300.
13. As soon as all debt has been cleared the debt counsellor will release the consumer from debt review and issue him/her with a clearance certificate. All records will also be removed from the credit bureaus

14. Should a consumer’s situation change for the better and they are in a position to repay all monthly obligations as they were before the restructuring they will be allowed to be release from debt counselling. Although nothing is binding, any consumer can leave the process at any time for any reason

http://www.helpwithdebt.co.za
http://www.hulpmetskuld.co.za
http://www.thedebtcoach.co.za
http://www.stoprepossession.co.za
http://www.preventing-repossession.co.za
http://.www.debt-counselling-south-africa.co.za
http://www.google.com/profiles/stop.the.auction

Our forum

http://www.youforum.co.za/debtadvice

Help with debt, debt counsellors

Debt counselling or Debt review is a debt restructuring process that allows the consumer to pay less towards his/her monthly debt obligations.
Debt counselling and debt review is regulated by the National Credit Act and regulated by the National Credit regulator (NCR)

Help with debt is proud to be registered with the NCR as Debt counsellors and we pride ourselves that we adhere to the strict regulations set forth in the Act when applying for debt counselling

Should you be in a position where you cannot meet all your monthly commitments and you feel like debt is drowning you, we are here to help with application for debt counselling.

On this web site you will get all relevant info on the debt counselling, cost and duration of the process of debt counselling and debt review as well as getting answerers for frequently asked questions.

You will also be able to download the debt counselling application for for a no obligation assessment

http://www.helpwithdebt.co.za
http://www.hulpmetskuld.co.za
http://www.hedebtcoach.co.za
http://www.stoprepossession.co.za
http://www.preventing-repossession.co.za
http://.www.debt-counselling-south-africa.co.za

Help with debt, debt counsellors

Debt counselling or Debt review is a debt restructuring process that allows the consumer to pay less towards his/her monthly debt obligations.
Debt counselling and debt review is regulated by the National Credit Act and regulated by the National Credit regulator (NCR)

Help with debt is proud to be registered with the NCR as Debt counsellors and we pride ourselves that we adhere to the strict regulations set forth in the Act when applying for debt counselling

Should you be in a position where you cannot meet all your monthly commitments and you feel like debt is drowning you, we are here to help with application for debt counselling.

On this web site you will get all relevant info on the debt counselling, cost and duration of the process of debt counselling and debt review as well as getting answerers for frequently asked questions.

You will also be able to download the debt counselling application for for a no obligation assessment

http://www.helpwithdebt.co.za
http://www.hulpmetskuld.co.za
http://wwwthedebtcoach.co.za
http://www.stoprepossession.co.za
http://www.preventing-repossession.co.za
http://.www.debt-counselling-south-africa.co.za

linkedin

http://za.linkedin.com/pub/stefan-fourie/21/438/2b5

debt counselling and debt review in south africa, prevent property and vehicle repossession in south africa

We offer free debt counselling advice and application for debt review in terms of the National Credit Act. We are registered with the NCR and operate throughout South Africa. If you face property repossession or vehicle repossession and generally feel that you dont have your finances under control please visit our website.
http://www.helpwithdebt.co.za or sms DC and your email address to 33903 and we will contact you.

New websites

We are proud to announce some of our brand new websites.

Please visit http://www.stoprepossession.co.za and http://www.thedebtcoach.co.za for all the advice you will need on debt counselling and debt review in South Africa.

We offer fast and discreet service with respect to preventing vehicle and property repossession in South Africa.

If you are in arrears with your accounts, please contact us today and let us show you how we can lower your payments by up to 60%.

http://www.stoprepossession.co.za and http://www.thedebtcoach.co.za for Debt counselling, debt review and prevention of repossession in South Africa