Frequently Asked Questions and Answers

  Debt Reviews:

Q: Do I qualify for a debt review?

A: The debt counsellor must find you over indebted in order for him to proceed with the review,
By means of Monthly income VS Monthly basic necessary expenses and Monthly debt
repayments.

You must have a monthly income.

Q: Who can assist me with a debt review application?

A: Only a Debt Counsellor registered with the National Credit Regulator may assist you in the
debt review process.

Q: Can a debt review assist me with my Bond and Vehicle repayments?

A: Yes, the debt counselor will calculate the amount available and submit a proposal forward
to all relevant creditors.

Q: May I make further debt?

A: No, the debt counselor will inform the National credit regulator of your application and all
major Credit Bureaus of your debt review application, to prevent further over indebtness.

Q: Are my Credit Agreements lawful?

A: The debt counsellor assess all your credit agreements to ensure that there were no unlawful
Credit agreements or Reckless lending which caused your over indebtness.

  Administration Orders:

Q: Do I qualify for Admin?

A: Your debt listed on your admin orders creditors list must be in arrears, and not exceed
R50 000 , provisions for rescheduling certain creditors can be made by excluding them from the order and creditor must adhere to the reduced monthly installment payment calculated on your income and expenses section of your administration application.

Q: Do I qualify for Admin?

A: You must be permanently employed with a fixed monthly income.


Q: Can I make further debt?

A: Yes, but you must inform the creditor that your Estate is under administration and
the decision then to grant your credit application is under discretion of that creditor,
and affordability has been taken into consideration, but we do not promote further
credit agreements.

Q: How long will I be under administration?

A: The time period is not predetermined, your circumstances when you applied only allowed
a payment that you can afford at that period of time, so it is in the best interest of the client
to review their finances on a regular basis, increasing there one payment when affordability
is reached, in order for the duration to be shortened, generally the court frowns on
applications that exceed ten year repayments.

Q: How am I protected?

A: The court grants a court order in favour of the applicant and all creditors listed must adhere
to the court order, the administrator enforces the court order and payments to the creditors.

Q: Can my Garnishees be removed?

A: Yes, the creditor who took judgment against you forms part of the creditors list and will
be paid from the one amount available, your wage clerk has authority to remove the
Garnishee/s once the administration order had been granted.

Q: Can my Bond or Vehicle finance form part of the administration?

A: No, your bond and vehicle finance is excluded from the application but provision is made
in your expenses for the payment

Q: Do I have to attend court?

A: Yes, you are the applicant in the matter and you are requesting the order to be granted, the
Magistrate will ensure that all documents are correct and your understanding of the
application is known to you, usually takes 5 min in court, if you are married in community
of property then you and your spouse must appear in court, anti nuptial agreements only
the applicant needs to appear.
 

 
 

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