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Debt Mess, Please Help

Questions & AnswersCategory: Credit ReportDebt Mess, Please Help
Brendan asked 7 months ago

Hi, a bit of background: We moved to Cape Town about 8 years ago, my plans fell apart and I did not have a permanent job for about 7 months and fell behind with my Nedbank credit card. Soon after I could not afford to pay anything. Years later, I made contact with their attorneys and paid a small amount every week for a couple of months. They said the amount is too little so eventually, I stopped paying. Recently I contacted them again and now they want a MINIMUM of about R1600 per month, no way I can afford this. This is hampering me from buying a car of 34k because a guy drove into me in January and wrecked my car, neither has insurance. The total outstanding balance is about 12500, but on my credit report they have the total balance filled in by monthly instalment and therefore I cant get vehicle finance, its been 3 months without a car already and we battling.
Any ideas?

1 Answers
Carien Kruger Staff answered 7 months ago

Good day,

Thank you for getting in touch.

DebtSafe is a South African debt review/debt counselling company. We specialise in helping over-indebted South Africans to restore their finances and get their debt back under control.

How debt review works:

Debt review is the program that reworks your debt payments into an affordable, consolidated repayment plan. Your repayment plan is formulated in such a way that it enables you to pay for essential living costs, giving you immediate breathing space. Your repayment plan is agreed upon by your creditors (we negotiate with them on your behalf), regulated by the National Credit Act and authorised through a court order. This means that the debt review program legally protects you, and your assets, against creditors who want to take legal action against you.

Once your debt review program is successfully completed you will receive a clearance certificate. This is sent to your creditors and the credit bureaus – they are then required by law to remove all the info on your credit report about your debt and the debt review program. Meaning your financial slate is wiped clean, your debt worries are in the past, and you can start living your new beginning.

What to consider before applying for debt review:

The National Credit Act prohibits you from incurring any further credit while you are under debt review.  Which makes sense since credit is what caused most of our clients’ debt.

The reason for this is that whilst under debt review your budget is calculated and precisely allocated to your current debt obligations and other living expenses. If you manage to get credit while you are under debt review it will most definitely be interpreted as reckless credit. But once you have completed the program you will be able to apply for credit again.

If you would like more information regarding debt review, or request a free debt evaluation (no obligation required), you are welcome to fill out our contact form on this page. 

Once submitted our contact centre will get in touch with you soonest.

Have a great day.