In this week’s blog we at Debt Centre, found the need to write about the New BUZZ that has our phones ringing off the hook. In the light of fraudsters that daily take advantage of desperate consumers situation, let us share with you what it exactly entails to get out of Debt Review. Visit our page Meet the Team and see who we are at the Debt Centre https://www.debtcenter.co.za/the-founders/
Don’t be scammed and de-fraudsters
It is alarming to see how many unregistered companies have popped up taking advantage of unaware desperate consumers, offering their services to get out of debt review. These business owners and their agents have no success to remove these consumers from debt review. They only enrich themselves by taking money from their unaware victims under their false pretences.
We are all facing difficult times in an unstable economy in South Africa, and like many other scams going around, the big demand for consumers that want to exit debt review could be a quick money opportunity, and a very lucrative business for any dishonest person that is not registered with the NCR (National Credit Regulator).
With so many scams and fraud happening, Debt Centre think it is very important to warn and educate our readers, and the community of our country, for those who want to exit their Debt review status, of the legal steps they need to follow.
Consumers that have come to the rude awakening that they were victims to those unregistered companies, and just another statistic of the seriousness of the problem. They take advantage with their empty promises that they can get the desperate consumers out of Debt Review, which they could not see through, but still manage to cheat the consumers to pay them.
The countless cases of consumer’s complaint calls we receive at our offices for help, telling us about the money they have paid for these Debt Exit services, are enough to make any registered debt counselling practitioner sick to the stomach. Consumers are charged in the excess of R4500.00 and a further R1000.00 on every enquiry they make to follow up on the process, so desperately to exit.
Important advice to remember
You have the right to visit the official website of the National Credit Regulator (NCR) – https://www.ncr.org.za/register_of_registrants/
Make sure your debt counsellor or debt counselling company you deal with is listed and registered.
How does one exit from debt review legally?
Start by contacting Debt Centre to assist with what is your debt review status? We are a reputable debt counselling company that can assist with such an inquiry, no matter where in South Africa you are living. The High Court outcome summary of the Sutherland Judgement, applying the principles of the Van Vuuren (2019) judgement once a court order is granted the consumer can’t be declared no longer over-indebted by a debt counselor or any court no matter the jurisdiction of the client. The only exit from debt review is by means of a clearance certificate, or exit letter where the home loan is no longer in arrears once all the other debt has been paid up. The affordability of the bond going forward will for sure impact the exit of debt review. If the bond holder find it difficult to pay the bond contractual payment the debt review status will remain unchanged.
We can’t stress enough that consumers need to deal with registered practitioners only. Registered Debt Counsellors are registered with the NCR and have the legal right to help and aid clients that need to apply for debt restructuring or assist with debt review inquiries or assistance when they are not sure of their status.
The legal process you should know
When your situation changed and you have a more positive financial outlook and no longer over-indebted, there is not much the debt counsellor can do about the debt restructuring court order that has been granted. However there is an assessment that can be done by a registered debt counsellor, to determine if your financial situation affords the consumer to pay more to settle the debt in a shorter period of time, that will ultimately lead to early exit from debt review by means of the clearance certificate.
What you would need to exit from debt review is the following: (only if the matter is before the court and the order is not granted).
- Latest proof of income.
- Latest bank statement.
- Copy of your ID document
- Copy of your budget listing all household expenditure and account payments.
- Latest proof of address not older than three months.
- Proof that your account no longer is in arrears.
- Proof that the contractual payments of the original agreements is up to date.
- Creditors confirmation that accounts are not in arrears.
- Proof that your accounts are paid up, with the golden paid up letter as proof.
- Once the debt review accepted 17.2 document was submitted to creditors the consumer could perhaps exit debt review with the court finding that the consumer application can be dismissed on grounds the consumer is not over-indebted. Consumers need to be informed of the implications of going that route.
It remains the right of the Magistrate to grant the dismissal of a debt review application or decline it and refer the matter back to the debt counsellor.
Once the dismissal order is issued, the debt counsellor will then update your Consumers DHS (Debt Help System) profile with the National Credit regulator (NCR). Forward the court findings together with the exit letter to all the creditors and the Credit Bureaus. There is no easy way to sidestep the process.
These documents 17.W exit letter will be served to all the credit bureaus, that will remove all the relevant data from the consumer’s credit report, and most important, the DEBT RESTRUCTURING CONSENT ORDER STATUS or the DEBT REVIEW off your credit profile to clear your records.
Scammers cannot clear you name
When will it ever end, if your debt counsellor leaves you dangling in the system and you can’t seem to get out of debt review? Unfortunately, no unregistered person will have access to the NCR Debt Help System (DHS) to submit VERIFY, CONFIRM you NO LONGER OVER-INDEBTED or DEBT REVIEW STATUS REMOVED to clear your name.
ONLY A registered debt counsellor can update the DHS NCR Debt Help System, no unregistered parties can access this platform.
Contact the professionals (The DEBT CENTRE Dream Team)
Secure your status and list with active and registered debt counselors and their legal practitioners to assist you.
Debt Centre has five (5) registered debt counselors and a very experienced legal team – LIDDLE AND ASSOCIATES that specialise in helping all consumers NATIONALLY, together with DEBT CENTRE deal with consumers status and what is the legal way forward. Contact us directly on: firstname.lastname@example.org and one of our debt specialists will help you immediately. Our call centre agents are not trained to help consumers with this task to no their status, they can refer it one of our debt counselors.
Or Visit the website www.debtcentre.co.za, an easy guide to find us, we can contact you direct and safe you the cost of a call, we have easy to read blogs on matters with really important information to all consumers with debt problems.
Our user friendly financial calculator see below
Using our user friendly calculator is beneficial for the consumer to ensure we can assist more affectively when looking at the financial information of the consumer currently in debt review. Affordability is the key word. Take the calculator app, complete your information and submit to us https://www.debtcenter.co.za/financial-debt-calculator/
There is no law that state that you should be stuck in debt review forever! The debt review does have a expiry date when the debt excluding the home loan is paid up.
Some good advice, When you are serious to get your financial life back on track, make sure the company you deal with has a visible debt counselling certificate, with a visible expiry date of the current licence on display the premises in full view of customers. Always request the registered debt counsellor to assist you. . If those are not present, best you turn around and run…
Debt Centre can assist consumers to find out what is their status with the NCR with regard to their debt review application. We will always ensure the consumer know their rights regarding the legal workings of the way forward. We don’t like to discuss what other debt counselors have done, we only focus on the client and seeing how we can assist. We acknowledge that when the consumer applied for debt review in the past, the debt counsellor found it necessary to place the consumer under debt review as the consumer most likely was over-indebted. There was also call centre operators in the past that listed consumers under debt review and the consumers was never found to be over-indebted, neither did the debt counsellor do the assessment of the financial situation of the applicant when the inquiry was done. Today we look at the status to understand where the application was at that time and how we can assist the consumer now. A good debt counselling company can only assist when they have a brilliant legal team on board to ensure the consumers rights are protected at all times. Misleading advertising that can clear your credit record, remove debt review or clear black listing, consumers should educate themselves and share this blog with their friends and families to understand what is the correct way forward out of debt review.
So many consumers have benefited by the debt review program and still are today. Understanding when you can’t pay your creditors every month then debt review is a savings grace. These consumers embraced the 5 to 7 year program to become debt free, realising making a new loan was not helping their finances at all. When you have the right team of debt counsellor versus education programs and support, consumers value the debt review program as the best thing they could have done in their financial difficult time. Becoming debt free through the debt review program is a true gift of a brilliant piece of legislation to protect the rights of consumers when their money is no longer servicing all their expenses.
It is sad to see how desperate consumers have become, and how many fell victim to those unscrupulous and exploitative companies with their empty promises. Many consumers will just pay another company with the clinging hope that they will be helped quicker, with unsuccessful results. Just to find out that they walked into a trap, and can’t be helped. Many of those clients do not have the financial ability to find more money to pay someone again to help them. Do not become a victim and you paid money for a service that was impossible to perform in the first place. Rather call us at the debt centre for the correct advice.
Message for the author Mrs Annienne Nel
Our motto is DARE TO CARE FOR EXCELLENCE and we actively strive by it. We would like to see to your good name and credit score, rather than you being a victim of The New Buzz, unaware that you’ve been scammed. Our best wishes and blessings to you all, and May God bless your families during this difficult and tough economy. Until next time.