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The ProcessThe National Credit Act 34 of 2005 (NCA) provides a debt relief procedure known as debt counselling. The process starts with your debt review application during which DebtSafe, our debt-counselling partner, will assess your financial situation to determine if you are over indebted. If you are found to be over indebted, you will be able to enter the debt-counselling programme.First off this will mean filling out an application form. Once that is done and signed by you, a 60 work day protection period commences. During this time, the law prohibits creditors to lay claim to any of your possessions, or continue with any other legal procedures against you. This window period allows for the processing of your application form, as well for the negotiation and construction of your new, consolidated and reduced payment plan with all your creditors. This process is undertaken in its entirety by your debt counsellor. This is not always an easy task and can take time. In the interim you must keep paying your creditors as much as possible. In rare cases, despite much effort your creditors will not agree to the proposals and application will have to be made for a court to consider your financial circumstances and possibly force your creditors to accept less than they want. The Magistrate's court where you work or live has jurisdiction/competence to hear the application for a debt re-arrangement order and your debt counsellor must bring an application to get such an order as soon as reasonably possible. The court order is required even where all your creditors have agreed to the payment arrangement as it means they cannot renege on or otherwise back out of the reduced payment arrangement. |
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| This site has been accredited by DebtSafe. |
This means that you can expect:
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Free Call Back |
Call Centre: 0861 100 999 SMS DEBT to 31022 Email: info@debtsafe.co.za |
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