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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Hi,

In this video I discuss debt review in South Africa. Debt review is a legal process that assists over indebted consumers with resolving their debt problems.
Process of debt review is:
To start the process, you would contact a qualified debt counselor, preferably a registered one with the National Credit Regulator. They would assess your financial situation, your income and your debts to determine if you truly are over-indebted. Over indebtedness means that you are not able to afford your obligations every month.
If positive, they would work with you to come up with an effective debt payment plan tailored to you. This includes giving your creditors a payment proposal, and if they accept, you’ll make one monthly payment to the debt counselor. The counselor will then pay your creditors on your behalf. This means that you don’t have to interact with creditors directly anymore.
Advantages of debt review:
1.If you have applied for debt review before any legal action was taken against you, then your assets (the things you own) are safe from repossession.
2. From the moment you are placed under debt review, you no longer need to deal with intimidating debt collectors who continuously harass you. When they call or contact you in any way — just tell them to contact your debt counsellor.
3. Your interest rates on your unsecured debt can be lowered down to as little as 1% — and your repayment terms can be lengthened.
With lower monthly interest rates and longer terms, your monthly repayments on your debt will be less.
4. All your payments will be consolidated into one monthly installment.
5. Your debt is consolidated without an expensive loan.
6. Since you pay less on your monthly debt, you have more money available for your essential living expenses like food, electricity and transport.
7. A good debt counsellor will go through all of your accounts and be able to assess whether you are the victim of reckless lending by your creditors. If this is the case, that debt could be entirely written off.
Disadvantages of debt review:
1. After your initial assessment with a debt counselling company, you may be informed that your current situation does not qualify you to go under debt review.
2. Some of your accounts, especially those which have been subjected to legal action, may be excluded.
3. Your debt may take longer to repay.
4. You may have to give up on a few luxuries in your life, but once you 5. become become debt free, it will undoubtedly be worth it.
5. You will be “flagged” at the credit bureaus — but you will not be “blacklisted”.
6. You will not be able to use any of your retail store cards or credit cards.
You will not be able to apply for new credit.
8. Its important to note that you have to continue to pay as per your agreement.
Process of debt review:
When you contact a reputable debt counsellor you will be given a free debt assessment to determine your level of debt and whether debt counselling is a potential solution for you.

If the assessment determines you are over-indebted and could benefit from debt counselling, you then decide whether to formally apply.

the debt counsellor will do most of the heavy lifting by informing all your creditors and the credit bureaus that you have applied for and are undergoing debt counselling

As part of the process the debt counsellor negotiates reduced monthly payments on all credit agreements that fall under the National Credit Act

Once more affordable repayment terms are negotiated, your rearranged debt is approved at a court or the National Consumer Tribunal to ensure the renegotiated rates are fixed for the duration of the debt counselling.
The magistrate’s court needs to make a finding that you are over-indebted and accept the payment proposal before it can be made a court order. 
This means creditors cannot change the terms or demand higher payments.

You will make one affordable payment each month, which is distributed to creditors included in the debt counselling for the duration of the plan.

Debt counselling usually lasts for between three and five years, depending on the amount of debt, the arrangements the debt counsellor is able to negotiate with creditors and what you can afford to repay each month.

Conclusion: Please do research and make an informed decision. This video is for information only

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According to the Debt Index by DebtBusters, the number of people seeking help from debt counsellors grew 40% year-on-year in the first quarter. The data also showed that consumers spent close to two-thirds of their net income to pay off debt. Companies Reporter for Business Day, Nico Gous joins Business Day TV to unpack how high inflation and interest-rate hikes squeeze disposable income and hamper consumers’ ability to repay liabilities.

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Calculator used in examples:
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Have you ever asked yourself the question: What do I do when I receive threatening phone calls from debt collectors while being under the debt review program?

National Debt Advisors is the #1 debt counselling company in South Africa. We offer you debt counselling, debt solutions and expert advice. If you are struggling with your debt or need financial assistance, contact us today!
CALL US on 021 003 8733 or visit our website: https://nationaldebtadvisors.co.za/

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