Frequently Asked Questions on Debt Review
Because of a lot of recurring questions from clients, we decided to make a list of the most frequent asked questions asked. We hope this will assist you as well.
Below you will find the questions with answers below it:
1. May or will creditors still contact me when I am under debt review?
All credit providers will be notified within a few days that your will be placed under debt review. From then the credit providers must communicate with your appointed debt counsellor. If they fail, you can merely direct them back to the debt counsellor.
2. Will I be able to rent a property while under debt review?
Yes, will be able to. Most estate agents will require a letter from the debt counsellor to confirm that you do have the specific amount available for rent on monthly basis.
3. Is there a chance for me to lose any assets, like my property or vehicle?
The biggest aim of debt review is for you to go on with your life without too much disruption. Your home, vehicles and other assets will be safe, but you need to co-operate with the debt counsellor. It is important to apply for debt review a quick a possible. Do not wait for your creditors to issue a Section 129 letter or a summons. Make sure to act fast.
4. Can I be placed under debt review if unemployed?
To be able to apply to be placed under debt review you need to have a monthly income. You need to be able to distribute a monthly amount to your various credit providers.
5. Can creditors still blacklist me while under debt review?
No, you are protected by the National Credit Act (NCR). Any listings before you were placed under debt review will however remain there until being paid in full. We hope that the above assisted you with some of your questions and worries. Please complete to enquiry form below and we will be in contact with you.