Debt Review Removal Misconceptions

Exiting debt review in South Africa can seem like a quick fix, but there’s a lot of misinformation out there. Here are some common misconceptions that could land you in hot water;

Myth #1: The Debt Review Removal Process is Easy.

Exiting debt review isn’t a simple process. It requires following specific legal procedures based on each client situation.

Myth #2: There are No Consequences.

Not complying with a debt review court order can lead to serious penalties under Section 160 of the National Credit Act (NCA).
161. Any person convicted of an offence in terms of this Act, is liable-
(a) in the case of a contravention of section 160( I), to a fine or to imprisonment
for a period not exceeding 10 years, or to both a fine and imprisonment; or
(b) in any other case, to a fine or to imprisonment for a period not exceeding 12
months, or to both a fine and imprisonment.
(Section 161 of the National Credit Act of 2005)

Myth #3: Thinking that you will still enjoy the protection and benefits of debt counselling.

Leaving debt review means losing legal safeguards and reverting to original credit terms. Be sure you’re financially ready before taking the leap because some creditors will take legal action.

Myth #4: Lawyers Do It All (My Attorney will deal with this)

Attorneys cannot directly remove your debt review listing. Debt counsellors handle the process with attorney assistance when needed for court appearances.
Myth #5: I Can Easily Afford Debt Review Removal

While exiting debt review offers freedom, it’s important to understand the financial implications. Contrary to popular belief, debt review removal often incurs hefty fees. Legal professionals like attorneys and some debt counsellors can charge anywhere between R1500 and R12000 for the application process itself.

Here at The National Debt Review Center, we offer a transparent approach with a fixed fee of R8550, payable conveniently over 2-3 months. However, this doesn’t cover everything. You’ll still need to factor in:

Your original Debt Repayments: Exiting debt review means resuming your original debt repayments, so ensure your financial situation can handle that responsibility.
Outstanding Debt Counselling Fees: There might be outstanding debt counselling fees from your previous debt review plan.
Therefore, we strongly advise that if you are considering debt review removal, do so only if your financial situation has truly improved and you’re no longer over-indebted.

Read the full article here https://ndrc.org.za/thinking-of-exiting-debt-review-or-debt-review-removal/

#southafrica #moneymanagement #financialfreedom #personalfinance #ndrc #debtcounselling #creditrepair #debtrelief #financialtips #debtfree

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In this video, we’ll cover four easy steps you can take to get a clear picture of debt – vs – saving. Make sure you watch to the end, because we’ll also give you some important precautions you can take, which will make the whole process run more smoothly.

It can be very frustrating when you are digging in your heels and pushing HARD to pay off debt – only to be left feeling like other needs you SHOULD be saving for are going by the wayside. Yet, if you set money aside for those needs, it seems like you are just prolonging the pain of carrying that debt around.

Whether you are on the journey to becoming debt-free or you are paying off debt, you’ll find tips in this video which apply to your situation.

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There is a lot of fake news about debt counselling filled with promises of payment holidays and savings.

Don’t believe the hype! If you’re struggling to repay your debts, speak to your bank first before going to a debt counsellor.

Find out more at ncr.org or on our website: http://bit.ly/3v4x1jD

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The financial system requires ever-increasing levels of debt. The stock market require more and more debt. The average person needs it as well. There has never been a time in history where this much debt has been punishing the structure that they’ve created. There’s no way this ends well.
#money #finance #invest

We had our first Zoom mediation the other day, and we wanted to share our experience with anyone who may be considering these types of meetings in their case.

Overall, mediation over Zoom went well.

We’re still in the early days of this, so there are some things that we would do differently/better in the future.

We recommend that you use Zoom on your computer, and that you have a back up device for Zoom whether it’s a phone, iPad, tablet, etc.

This is looking like the “new normal” for cases whether we like it or not, but there are some great pros that make this transition easier. Can share documents. Much better than a phone mediation (those often occur in appealed cases).

Thanks for watching!

John G. Watts
Watts & Herring, LLC
Representing consumers across Alabama
205-879-2447
https://www.alabamaconsumer.com/
https://www.alabamaconsumer.com/contact-us/ (to send us a message)

“No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.”

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First Direct Mediation Inc. is one of the top companies in the industry for debt consolidation and credit solutions. We can help you get a hold on your finances and lower your monthly payments or interest rates. We also specialize in debt investigations. If someone owes you money, we can easily and quickly track them down. Our investigation division is highly trained to deal with bad check cases of all magnitudes in the United States as well as internationally. Call First Direct Mediation Inc. today to find out more about our services.

Credit Counselling Society – The First Phone Call