Through the debt counselling process you can be guided to financial wellness

Financial health and wellness can be defined as being healthy, happy and free from any financial worries and stress - being able to live for the rest of your life without financial anxiety or fear.

Financial stability can bring a sense of security, peace of mind, economic freedom and enable options that help a person seek and achieve a lifestyle that promotes life-wellness.

We are NCR registered debt counsellors with a combined experience of over 8 years in debt counselling. Although our head office is situated in Bloemfontein, we assist clients throughout South Africa and you can contact us by phone, email, fax or live chat.

We recognize that everyone’s situation is unique and therefore you will be able to communicate directly with an experienced debt counsellor from the start. Your application will be treated in strictest confidence and with respect.

What is Debt Counselling/ Debt Review?

This is a process whereby a debt counsellor assesses a consumer’s outstanding debts, consults with credit providers on the consumer’s behalf and assists the consumer to establish an affordable monthly payment plan taking into account monthly income and living expenses.

Why Use A Debt Counsellor?

Debt counselling is only offered by registered NCR debt counsellors.

Before registration, debt counsellors have to successfully complete a debt counselling course, satisfy prescribed education, experience and competency requirements and display an ability to manage their own finances.

  • Completing the application form.
  • Become registered with NCR Debt Help System
  • Arrive at the disposable income
  • Restructure your debts, proposal to creditors
  • Consent order, and on to Magistrate court for ruling
  • If granted: order to consumer and all credit providers

Frequently Asked Questions

1What Happens When My Debts Have Been Paid-Up? Will I Be Able To Buy A House Or Car?

When a consumer is under debt review, you are flagged by the credit bureaus as under debt review, which will prevent a consumer from borrowing.

However, once a consumer’s debts have been paid-up, a clearance certificate will be sent to the credit providers, the NCR will be notified, as well as the credit bureaus and you may then apply for new credit.

2What Happens If My Unsecured Loans Are Paid-Up Under Debt Review But Not My Home Loan?

When your unsecured debt is paid-up, your vehicle finance account is settled and your home loan payments are up to date you can receive a clearance certificate.

Your credit providers must provide paid-up letters before clearance certificate can be issued.

3Will I Need To Go To Court?

Debt review applications must either go to the Magistrate’s Court or the National Consumer Tribunal in order for a debt review order to be granted. Some Magistrate’s require that consumers be present at the debt review hearing.

4How Will Debt Counselling Effect My Employment Opportunities?

Debt counselling should not have any effect on your current job or any future employment opportunities.

In the past consumers have faced difficulties with employers when under debt review, but this was due to employers not understanding the process and how it worked. Today many companies encourage over-indebted employees to seek debt counselling.

5Can I Apply For New Credit Or Use My Credit Cards Whilst Under Debt Review?

Consumers under debt review are not allowed to apply for more credit or use their credit cards.

6Can I Apply For Debt Counselling If I Am Unemployed?

If you are unemployed you will not be able to apply for debt counselling. However, if you are married in community of property and your spouse is employed, then you can apply for debt review, as a joint application only.

7What Happens If I Get Divorced Whilst Under Debt Review?

If you get divorced whilst you are under debt review and you have a debt review order in place, this will need to be rescinded and there will have to be two new single applications.

8Can I Rent Property If I Am Under Debt Review?

Debt review is not a credit agreement, therefore consumers can rent property whilst they are under debt review.

9Does My Spouse Need To Apply For Debt Counselling If We Are Married In Community Of Property?

Yes, if you are married in community of property, it is a joint estate, therefore you both have to apply for debt counselling as a joint estate.

10What Happens If I Skip A Monthly Payment Whilst I Am Under Debt Counselling?

If you miss a monthly payment, your credit providers may terminate your debt review and commence legal action.

11What Is The Maximum Time I Would Be Under Debt Counselling?

There is no maximum time period. The time period depends on how much debt you have, the interest rate and how much you can repay monthly.

12What Is Prescribed Debt?

Prescribed debt refers to debt that you are no longer obliged to repay.

Debt can prescribe if you have not in any way verbally or in writing acknowledged the existence of the debt and/or made any payment to that particular debt and/or you have not received summons with respect to that debt within a period of three years.

However judgment debt, mortgage debt and debts owing to the State and Municipalities does not prescribe within the 3 year period and will take a much longer time to prescribe.

Some general information

Your debt review payments will be made to a Payment Distribution Agency (PDA) who will then distribute your money to your credit providers, according to your debt restructure plan. Your debt counselling fees are provided for in your debt restructure plan, therefore whilst under debt counselling you will only make one monthly payment to the PDA for distribution to your credit providers and your debt counselling fees .

You will be provided with monthly after care and receive monthly statements from the PDA. When all your debts have been settled in full, you will be provided with a clearance certificate and the credit bureaus will be advised to remove the debt review flag from their records. Should you then wish to apply for credit again, you may do so.

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