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Loan

Sharlae asked 1 year ago

I am currently under debt counselling and require a loan of approximately R7000 to assist with my new business equipment costs. Will I be able to get one anywhere?
Thank you

1 Answers
Carien Kruger Staff answered 1 year ago

Hi there,

Thank you for your question.

Once in debt review you shouldn’t be able to qualify for credit. The National Credit Act prohibits you from incurring any further credit while you are under debt review.  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. The credit provider could forfeit the loan amount, but because you were aware of your debt review and still applied you could be required to repay the loan, which will be forfeited to the State.

You’ll be putting your whole debt review at risk and all the protection it offers. If you default on your debt review credit providers are allowed to terminate the debt review and litigate without further notice. You could end up losing your house or vehicle if those were included in the debt review.

Hope this info helps