Once your debt review was approved by court then no creditor can change anything or ask you for more money. Should any creditor harass you you can lay a complaint against that creditor at the NCR. The Payment Distribution Agent does take 5% of your monthly repayment amount for distribution costs. This is not interest and approved by NCR. This includes payment over to your creditors and proof of payment sent to your creditors and all other administration costs related to distribution.

To cancel your debt review you can just write a one sentenced letter to your debt counsellor stating that you wish to withdraw your application. It is advised that you first consult with your debt counsellor and creditors before withdrawing your application as there is certain aspects to be aware off. If you still wish to withdraw please ensure that your debt counsellor supplies you with a copy of your Form 17.4 Notice which is proof of withdrawal.

Regards
DebtSafe

I’m a concerned consumer who have been under debt review for the last 2 and a half years.
My debt review was approved by the court – even though I still receive threatning phone calls from creditors to date! One creditor continuely “harresses” me – asking for payment.
Therefore I requested my Payment Distribution details from my counsellor.
To my shocking surprise, I noticed on PDA that I’m being billed for interest EVERY MONTH!

I don’t understand how I can be charged with interest – especially after my court order was approved. I’ve sent numerous emails to my councellor, but I don’t receive any feedback.

How do I get out of this review program? It’s frustrating! I’m paying, but I’m not getting anywhere.

Thank you

If you get married ANC then your debt won’t affect him and vise versa. Once you debt is repaid you can change your married status to COP at home affairs. Please note that one of the requirements to qualify for debt consolidation is you need to own a fixed property for more than 10 years. Herewith a comparison between debt review and debt consolidation:

There are a lot of different options available to the over-indebted consumer, and it may become difficult to get a clear picture of which is the best solution for your particular circumstances.
The lengthy discussions about debt consolidation versus debt review makes it even harder to decide which one is best. They are often mentioned in the same breath, but in reality the only way in which they are similar is that you have no access to new debt during the period of repayment.

Essentially the two processes differ significantly, as it’s set out in the comparison table below:

Debt Review
All types of debt are included, and you don’t need fixed property to be eligible.
One instalment is payable on the collective of your debt, and can be reduced by up to 50% of the combined total.
Immediate relief with regards to payments: reduced instalments are paid in month one already.
You are protected against legal action from creditors during the first 60 working days after application.
You are protected against blacklisting, as defined in the national credit protection act.
The process is voluntary and you may cancel at any time, should you feel that you are now in a position to repay your debt on standard terms and conditions of creditors.
Interest rates remain the same and may also be reduced in some cases.

Debt Consolidation
You will need fixed property to apply for this process.
Your debt is combined into a single loan, with one collective instalment payable, as calculated on the total amount.
Can take up to 3 months to register before reduced payments come into effect.
You are not protected against legal action from creditors at any stage during the process.
You are not protected against blacklisting.
It is a credit agreement and therefore the only way to cancel the loan is to complete payment thereof in full.
This is a very expensive type of loan with a high interest rate.

Please feel free to contact us at info@debtsafe.co.za or on 0861 100 999 for more information and assistance.

Regards DebtSafe

I’m not sure what you mean with “the counselling”. Herewith more information regarding debt review that we offer:

For your convenience, we’ve compiled a quick reference guide pertaining to the debt counseling process. If there is anything which you feel we have not covered sufficiently in the document, you are very welcome to contact us at our call centre for further assistance: 086 110 0999
How can the debt review process help you?
• It protects your assets.
• It protects your credibility because you’re still doing the right thing, i.e. repaying your debt.
• It diminishes your debt related stress because you’re actively targeting your credit issues.
• You gain control of your finances – it no longer controls you.
• You are now able to make ends meet every month, which further reduces stress.
• You are on a journey towards true financial freedom – just keep up with those reduced payments and in time your debt is settled, your name is cleared and the stressful times are a distant memory.

The debt review process
Here’s how it works, in a nutshell:
• We assess your debt situation
• We suggest a payment solution
• We negotiate the plan with creditors
• We obtain legal confirmation of the plan
• You continue with the payment plan in the meantime
• On final settlement your record is cleansed
• If you default on payments, you will however not be allowed onto a debt review program again, regardless of the Debt Cousellor you approach.
• As the idea is to become debt free, you also cannot incur further debt during this program.

And here’s the timeline we work on….
• Response to contact form – 2 business hours
• Submission of your detail – (1 day)
• We confirm acceptance – 24 hours later
• YOU ARE NOW PROTECTED
• Payment breather (if advised)
• Notify credit providers – (5 days)
• Credit provider certificates – (25 days)
• Submit Payment Proposal (30 days)
• Payments starts (From the first month of when the application form is handed in)

What you need to know about your credit providers
• Debt review is a legal process that will protect you against aggressive creditor action because in essence debt review has been designed to help you recover from financial setbacks. Therefore such creditor actions are in contravention of the law and thus illegal.
• However, a creditor must be paid what he has loaned to you in good faith. Debt counseling is a process that allows you to honor your commitments by paying all that is due, but over a longer period.
• Should a creditor decide to take any legal action against you whilst under debt review, they need to contact us first, which mostly allows us the opportunity to address the issue before it goes to court – think of us as your umbrella on a rainy day.
• By law your creditors cannot repossess any of your assets while under debt review, provided that they have not commence with legal action prior to your application for review.
• Consider debt review the moment that you start to fall behind with your payments, or if you anticipate that you are about to fall behind. Creditors are quick to institute legal action against clients, and once they do we cannot help you because the process is irreversible.

What you need to know about your credit record

Debt review is a temporary situation, and all the details of your case is kept confidential. We only contact the persons related to your debt. Remember that you cannot get a permanent ‘bad’ record when under debt review. In fact, your record is completely cleared upon final settlement.

Please let us know should you need more information or feel free to email us at info@debtsafe.co.za