1. What is Debt Counselling

 

Debt Counselling is a legal process that provides for a consumer to be declared over-indebted and for the Debt Counsellor to negotiate a restructured payment plan and to obtain a court order confirming the new repayment plan.

The Debt Counsellor must be registered with the National Credit Regulator and have a NCRDC number.   

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2. Can I still rent a property when under debt review?

It is not a credit agreement and therefore you will be able to rent while under debt review. In most cases you might need a letter from your debt counsellor to confirm the amount which is available from your surplus.

3. How long before I receive relief from my debt?

You will receive immediate relieve from the creditors. During the first 60 working days of the application creditors may not take any actions against you. In this period of time your debt counsellor will prepare the final repayment plan to all creditor providers.

4. Will my location be of concern?

No, the whole application can be done via email and per telephone

5. When under Debt review, may my creditors still contact me?

No, as soon as you are under debt review your debt counsellor will inform all creditors that you are under debt review. From that point your creditors must, by law, work with your appointed debt counsellor. When they do contact you, refer them back to your debt counsellor.

6. Can I apply for Debt review when unemployed?

No, you need to earn a monthly income that a debt counsellor can use to distribute between all your creditors.