Reg no. NCRDC2142
Mon - Fri: 8:30 - 16:00
Sat-Sun Closed

FAQs

Frequently Asked Questions

What is debt review / debt counselling?

Debt review or debt counselling was brought into effect by the national credit regulator to assist over-indebted consumers with their debt repayments.

A registered debt counsellor will reduce all your debt repayments to the creditors and draw up an acceptable payment plan also giving you legal protection from losing any assets.

How do I know if I’m over-indebted?
How long will it take to experience relief?
Do i need to open a savings account with another bank?

FAQs

What does it cost, what are the fees?

All the fees are inclusive of the restructured payment we have worked out for you. You do not pay anything extra than prescribed by the National Credit Act.

Here is a quick breakdown:

  • An application fee of R300 as prescribed in terms of Schedule 2 (2) of the Act, recoverable from the first month’s instalment
  • A restructuring fee equal to your first installment but not more than R8000 for a single application and 9000 for a joint application (excluding VAT)
  • 100% of the fee is payable and comes from your first payment
  • Should a Debt Counsellor fail to submit proposals to Credit Providers the Debt Counsellor has to refund 100% of the fee paid by the consumer (excluding the application fee)
  • A monthly after-care fee of 5% (excluding VAT) of the monthly instalment of the debt rearrangement plan up to a maximum of R400 (excluding VAT), for the period of the debt review.
  • Legal fees equal to your restructuring fee, but not more than R8000 for single app and 9000 for joint app will be paid out of your second payment as per the National Credit Act guidelines
  • R50 credit report fee
What if I have an overdraft?
Is Debt Medic SA registered?
Can I pay my debt off quicker?

FAQs

Why is debt review better than a debt consolidation loan?
Debt consolidation loan replaces many small debts by one larger debt with still a high interest rate. 

With Debt review your payments are still consolidated but the interest rate is drastically reduced. This means that your debt review payment is mainly applied to your outstanding balance and not so much to interest.
Debt review can offer legal protection for accounts in arrears.
How long till you start paying my debt?
Will I go to court?
Does this mean I will be blacklisted?
bottom-logo.png
We create web products for the help and
growth of your business.
536 Virginia Dr. Metairie, LA 70001
+012 345 678910
SUPPORT@FINANCE.COM
Copyright © 2019 All Rights Reserved by Web Partner - Service You Can Trust