This category is your comprehensive guide to understanding Debt Review in South Africa. We’ll delve into the ins and outs of the process, from eligibility criteria and potential benefits to choosing a qualified counsellor and navigating the journey towards financial freedom. Learn how Debt Review can help you manage your debt, reduce your monthly payments, and achieve a sustainable debt repayment plan. We’ll equip you with the knowledge and resources to make informed decisions about your financial well-being and pave the way for a brighter financial future.
If you miss a payment under your debt review, it can have serious implications. If you find yourself in circumstances where you see you might have trouble paying your upcoming instalment amount, you should contact your debt counsellor immediately to re-negotiate and make arrangements with your creditors. Your debt counsellor can Read more…
If you find yourself unable to meet the payments under the restructured plan of your debt review, it’s important to understand the potential consequences. The debt review process is designed to help individuals manage their debts more effectively by restructuring their repayment plan based on their income and expenses. However, Read more…
No, being under debt review is not a criminal record. It’s important to understand that debt review is a legal process designed to assist individuals who are struggling with significant debt. Its primary aim is to help individuals manage their debts more effectively and avoid the severe consequences of insolvency. Read more…
Section 86(10) of the National Credit Act 34 of 2005, often referred to in the context of debt review in South Africa, provides that a credit provider may terminate a debt review in the prescribed manner where the consumer is in default with a credit agreement that is being reviewed. Read more…
A Section 129 debt review, also known as a Section 129 notice or a Letter of Demand, is a legal notice issued by a creditor to a debtor in South Africa. It is delivered in accordance with Section 129 of the National Credit Act (NCA) and informs the consumer that they Read more…
Form 17.4 is now formally known as a 17.W, also known as the Debt Review Cancellation Form, is an official document used in the debt review process. Whether cancelled voluntarily or involuntarily, completing a Debt Review Cancellation Form is required by the National Credit Act (NCA). Form 17.4, also known as Read more…
Reckless lending is generally considered to occur when a credit provider fails to conduct a detailed credit assessment as required by the National Credit Act (NCA) and still offers the consumer credit. Here are some conditions that are typically considered as reckless lending: Learn More about Reckless Lending At NDRC, Read more…
In South Africa, under the National Credit Act, only a court or the National Consumer Tribunal (NCT) has the power to declare that a credit agreement is reckless. This declaration can be made on the request of either the debt counsellor or the consumer. If a court finds a credit agreement to be reckless, it can Read more…
To prove that a credit agreement might be reckless, a consumer generally needs to show the following; Learn More about Reckless Lending At NDRC, we have experienced debt counsellors who can help you understand your rights and explore solutions if you’re facing a potentially reckless credit agreement. We offer free, Read more…
The defence of reckless credit is a provision under the National Credit Act 34 of 2005 (as amended) (the Act) in South Africa. This Act promotes responsible credit granting and prohibits reckless credit granting. Reckless credit occurs when a credit provider fails to conduct an assessment or enters into a credit Read more…