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  • FAQs

    FAQs

    We have the answers for you.

  • FAQs

    FAQs

    We have the answers for you.

Frequently Asked Questions

Here we provide answers to frequently asked questions that we receive from existing and new clients.  If you have any questions, please feel free to reach us and ask.


WHAT IS DEBT REVIEW?

Debt review is a formal legal process that helps over-indebted consumers who are struggling to meet their monthly debt obligations. A debt counsellor approaches your credit providers on your behalf with a manageable monthly amount for a maximum period of 60 months.

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WHAT IS A DEBT REVIEW CLEARANCE CERTIFICATE?

A debt review clearance certificate is a certificate that verifies that a consumer has satisfied all obligations under every credit agreement that was subject to debt review court order or debt review repayment agreement (excerpt mortgage loan).

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WHAT ARE THE ADVANTAGES AND DISADVANTAGES OF DEBT COUNSELLING?

The National Credit Act (NCA) of 2005 introduced debt counselling as a measure to assist consumer struggling to service their debt. Debt Sage has been helping many consumers become debt free through taking advantage of debt counselling. There are numerous advantages for debt counselling and we discuss them here.

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WHY DO OUTSTANDING BALANCES ON THE STATEMENT FROM MY PDA AND CREDITORS DIFFER?

Balances on statements that the PDA are estimates. First and foremost, the account information that the debt counsellor (DC) captures on the PDA system has to be correct.


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What is the National Credit Act?

The National Credit Act (NCA) introduced debt counselling as a formal debt relief measure whereby a debt counsellor determines whether a consumer is or unable to satisfy in a timely manner all the obligations under all the credit agreements to which the consumer is a party.

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WHAT IS THE NATIONAL CREDIT REGULATOR?

The National Credit Regulator (NCR) is a statutory entity that was established following the enactment into law of the National Credit Act (NCA) 34 of 2005 with the main aim of regulating the credit industry. The National Credit Regulator is independent from the government.

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When to apply for debt review?

You can apply for debt review / debt counselling under the following circumstances

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WILL THERE BE PERMANENT RECORD OF HAVING APPLIED FOR DEBT REVIEW?

This is one of the questions that I am constantly asked by consumers who are faced with the decision to place themselves under debt review.

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WILL THERE BE EARLY SETTLEMENT PENALTIES UNDER DEBT REVIEW?

When you are under debt review and say you win the lotto or run into some money and you want to pay off your debt, there are no penalties for early settlement. It is in fact quite the opposite.

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WHAT IS A CREDIT BUREAU?

In terms of Section 70 of the National Credit Act (NCA), a credit bureau is an entity that collects, compiles and report consumer credit information filed from any credit provider for the purposes of credit scoring or credit assessment.

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WHICH OF MY DEBTS ARE COVERED UNDER DEBT REVIEW?

We will include home loans, vehicle finance, credit cards, store cards, overdrafts, personal loans, and micro-loans except for doctors’ fees, insurance premiums. It is important to disclose fully all your debts. Insufficient information may result in your creditors not accepting you on the program.

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WILL CREDIT BUREAUS BE NOTIFIED?

We send your details to all credit reporting agencies advising them of your credit counselling status.

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HOW DO YOU DETERMINE WHAT MY MONTHLY PAYMENT WILL BE?

We will look at your monthly income and consider your living expenses. A recommendation is then made on the amount you can reasonably afford to pay each month. One of our consultants takes you through your budget and advises your monthly payment.

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WHEN IS MY FIRST PAYMENT DUE?

You can pick the payment date that is best for you but you must choose a payment date within 30 days of enrolment, for your first payment.

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WHAT HAPPENS IF I MISS MY MONTHLY REPAYMENTS?

If you miss a monthly payment, credit providers will terminate the plan and institute legal proceedings. To avoid this, it is important that you disclose your complete situation so that we work out a more affordable debt repayment plan. Should there be any change in circumstance notify your consultant.

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WHAT HAPPENS IF CREDIT PROVIDERS DO NOT ACCEPT THE PROPOSED DEBT PLAN?

Credit providers can either accept or reject the debt plan. Should they reject the repayment plan, our legal team refers the matter to a Magistrate’s Court, for a final ruling.

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CAN I APPLY FOR MORE CREDIT WHILE UNDER DEBT REVIEW?

In terms of section 88(1) of the National Credit Act No. 34 of 2005, you must not incur any further charges under a credit facility whilst under debt review. This will result in you being rejected from the debt review. Legal proceedings from your credit providers will be instituted.

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WHAT INFORMATION IS REQUIRED TO GET STARTED?

You will need all your creditors names, account numbers, total balances and minimum monthly repayments for each account. You will need to collect your most recent statements.

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How long will I stay on debt review?

The number of years one will stay on debt review depends on a number of factors and key among the factors is the monthly contribution amount and total outstanding debt.

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WILL THE COLLECTION ACTIVITY FROM MY CREDITORS CONTINUE? I.E. PHONE CALLS AND COLLECTION LETTERS

Most creditors will stop once they receive the first payment. Should they continue you must advise them that you are under debt review with Debt Sage and provide them with a copy of the Form 17.2 or request that they contact us on 010 005 5350.

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