FAQ

Frequently Asked Questions
WHAT IS DEBT REVIEW

The Debt Review process was introduced in 2007 with the National Credit Act(NCA). Where the Debt Counselor Consults with Credit Providers on the client’s behalf and assists the client by negotiating an affordable monthly repayment plan for the client, at the same time protecting client’s against repossession and being placed under blacklisting

WHAT ARE THE COST FOR DEBT REVIEW?

The purpose of debt review is to provide you with a financial relief, Debt Counselling fees are restructured in your monthly debt repayment plan.

WHAT IS THE MAXIMUM YEARS A PERSON CAN BE UNDER DEBT COUNSELLING

The maximum amount of years a client can be under debt review is 5 years however your debt review period depends on how much debt you have, how much you are able to repay per a month and based on this information we will be able to determine how long you will be under debt review. If you have secured debt(Vehicle Finance, Bonds) that still isn’t paid up, we are still able to issue you a clearance certificate once all your unsecured debt(Credit Cards, Personal Loans, Clothing Accounts) are paid up.

WHEN I AM UNDER DEBT REVIEW, WILL MY OUTSTANDING DEBT KEEP GROWING?

According to Debt Counselling Rules System(DCRS) that was implemented in 2011, your Outstanding debt will not continue to grow

CAN CREDITORS CHANGE THEIR MIND AFTER THE DEBT COUNSELLING PROPOSAL HAS BEEN AGREED UPON?

No, Once Creditors has accepted an agreed repayment structure, they cannot change their mind.

WHAT SHOULD I DO IF CREDITORS KEEP HARASSING ME WHILE I’M UNDER DEBT REVIEW?

Tell the creditor that you are under debt review in terms of section 86 of the National Credit Act. If the Creditor Ask for proof you may supply them with a receipt which will be issued to you on a monthly basis from Financial Debt Advisors.

CAN I EXCLUDE MY BOND OR VEHICLE FINANCE FROM DEBT REVIEW?

Yes you can, if you feel that you can manage your secured debt(Bond or Vehicle finance) then you may request to exclude those accounts from being under debt review

CAN FINANCIAL DEBT ADVISORS HELP ME IF I’M BASED IN CAPE TOWN

Most Definitely, We are able to assist anyone living in South Africa that has a valid South African Identity Document.

DO I HAVE TO COME TO YOUR OFFICE?

Certainly Not, We are able to assist you Via email, and over the phone.

CAN CREDITORS BLACKLIST ME WHILE I’M UNDER DEBT REVIEW?

No by law they are not allowed to blacklist you, however if you have been blacklisted before being under the debt review program those listing will remain on your credit record.

CAN I CANCEL THE DEBT REVIEW SERVICE?

Yes , If you feel that you can manage with your debt then you can contact us. However Financial Debt Advisors would always recommend that the client stays under Debt Review until all the client’s unsecured debt is paid up

CAN I APPLY FOR DEBT REVIEW IF I’M UNEMPLOYED?

Unfortunately not, Client’s are required to have a basic salary in order for Financial Debt Advisors to negotiate with their creditors.

CAN DEBT REVIEW AFFECT MY JOB OPPORTUNITIES?

Certainly not, there is no reason as to why debt review should affect an employer’s decision to hire you.

WHAT IS SECTION 129 NOTICE?

Section 129 Notice is a formal notification in accordance with the National Credit Act No.34 of 2005, In which Financial Debt Advisors makes you aware of your rights under the act

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