Through the years that debt review (or debt counselling) has been in our market, it has always been difficult for a consumer who genuinely cannot afford to pay their installment, to get assistance. When going under debt review, a court order is granted, and only the court can relax or vary the terms of the order. Even if the creditors, debt counsellor and consumer all agreed, you would still need to go to the court to change the order, otherwise, there is a default and the creditors will end up terminating.Continue reading “Under debt review and can’t afford to pay?”
SA Home Loans has put plans in place to offer assistance to consumers receiving “no pay” during the #coronavirus lockdown. Consumers affected will be able to avail themselves of this offer from April 2020 as all consumers should still be able to make full payment in March 2020.Continue reading “SA Home Loans – Arrangements for Debt Review clients”
We are constantly receiving queries from consumers under debt review asking if they can skip paying their debt review during this lockdown. This post is to try and highlight some of the aspects and to allow consumers to make an educated decision.
There is NO blanket payment holidayContinue reading “Paying your Debt Review during the Lockdown”
Debt Review is a process governed by the laws of South Africa, specifically, the National Credit Act 34 of 2005.
Your Debt Counsellor has no power to “allow” you to reduce or not pay your installment. Even with the current crisis. You MUST continue to pay your installment in order to retain the protection of the Debt Review.Continue reading “Maintaining Payment of Debt Review installments during the Coronavirus Crisis”