PROCESS
DEBT REVIEW
Financially stressed consumers turn to the debt review process as contained in Section 86 of the National Credit Act 34 of 2005, as a solution to their over-indebtedness. The National Credit Act was designed to protect and provide a process for over-indebted consumers to pay off their debts in an affordable manner, whilst protecting their valuable possessions. Installments are reduced to about 50% of original payments, and interest rates are reduced to almost 0% on all unsecured debts.
COURT ORDER
After an agreement is reached on new installments and interest rates, a Court Order is obtained for accounts to be restructured. This process is necessary to protect the client as well as the creditors.
CLEARANCE CERTIFICATE
On settlement of all your credit agreements, we will issue a Clearance Certificate to all your Credit providers and all Credit bureaus. Once the Clearance Certificate has been issued and processed by the Credit Bureaus, your new credit report (ITC Report) should allow you to apply for new debts , if you wish to do so. According to the National Credit Act, your Debt Review history should not prejudice your application for new debt in any way.
About US
Debt counselling in the way that we practice it in South Africa, is a unique process designed to help ordinary South Africans to relieve their debt burdens while still mainting their day to day expenses. There is no other system quite like ours anywhere else in the world. The system came into effect with the inception of the NAtional Credit Act of 2006. Since the inception of the Act, great strides have been made in order to improve the process. We at Credit Matters Klerksdorp always aim to stay on top of the latest trends and changes within the industry. We do our court orders in house in order to save you money and make sure that the process runs as quickly and smoothly as possible.
Through cooperation betweem the NCR and industry players, a calculator was created which is accepted by all role players. This calculator is called DCRS and through the use of DCRS, interest rates can be lowered while terms are extended. This new way of doing debt counselling can save consumers thousands and thousands of rands in interest. It is in your best interest to make sure that your debt counsellor makes use of the DCRS calculator when negotiating your new arrangements with your creditors. By sending out DCRS proposals, your creditors are much more likely to accept. No more money spent on endless oppositions by creditors.
Here at Credit Matters Klerksdorp, we pride ourselves on providing personal and professional help to each client, no matter who they are. Contact us if you are experiencing any financial difficulty relating to high debt installments. We will help you as best as we can. We have helped over 3000 clients in the past seven years. Many of our clients have been issued with Clearance Certificates, as they are noe debt free!
Latest news
Impact of debt review on installments, loan term
A Fin24 user wants to know what the impact would be on his monthly instalments and his loan term should he decide to go under debt review. He writes: If I go under debt review, I understand that it will reduce my instalments. Does my balance also reduce without increasing my loan term? In essence,[…]
How debt review works
Pretoria – Drowning in debt? You’re not alone. Lots of South Africans are battling to meet their financial commitments.If your monthly repayments on your house, car, credit cards and accounts have risen so high you’re facing blacklisting, one option is to go into debt counselling or debt review. The debt review process was introduced in[…]
Will I qualify for credit after debt review?
A Fin24 user who has undergone debt review to rehabilitate herself of debt wants to know if she’ll qualify for credit to buy a house or a car after the debt review process ends. She writes: I have voluntarily placed myself under debt review. I am close to finishing this process and would like to[…]
Under debt review and retrenched – what now?
She writes: “I am under debt review, but was retrenched. What can I do if I cannot afford the installment? Debt counseling is only an option when the consumer has a regular income and if you are retrenched you do not have regular income. If a court order has been granted, not making payments will[…]