A recent court ruling provided clarity around exactly how and when an individual may exit debt review, but there is still a lot of confusion around the debt review process. I have recently paid off my car and some credit I had, but I still have...
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When can you exit debt review?
Many consumers commit themselves to debt review only to get cold feet several months later. For some, finding themselves cut off from credit lines is just too stressful, while others find their financial situation may have already improved. A...
What happens to your joint mortgage when your partner is placed under debt review?
Your joint mortgage may form part of your partner’s debt review without your consent. If you are married in community of property and your spouse is placed under debt review, so will you, because you share a joint estate which includes all debt....
Why you shouldn’t be holding out for debt forgiveness
There is a misconception that debt intervention proposals currently being considered could mean that some debts are likely to be written off. The high levels of indebtedness in South Africa have led to parliamentary hearings, held by the portfolio...
A debt review success story
Four months ago, City Press reader Oscar wrote to us asking for help in finding a debt counsellor as, in his words, he was “broke because of debt.” After doing some research we found RD Debt Counselling and Oscar met with debt counsellor Russell...
Why save for a holiday when you can borrow?
We’ve lost the plot when it comes to borrowing and saving Recently I had a conversation with a young woman who, along with her husband, is under debt review. She told me that they had just let their lifestyle get ahead of them – they bought a...
The truth about debt review
Debt review is not as simple as handing over your bills to a debt counsellor – you have to keep track of your credit provider statements Three years ago Linda (not her real name) and her husband went under debt review. Like so many young couples,...
Voluntary withdrawal from debt review
You can withdraw from debt review if your financial situation has changed significantly or you only have your mortgage left to pay. Earlier this year new guidelines were issued as part of the National Credit Amendment Act (NCAA) around when a...
What to do when you fall behind on repayments
Lindi wrote to me looking for advice regarding her car repayments. She had fallen behind on her repayments to BMW Finance as her business was in financial difficulty. She wanted to find out if she could hand back the car to the financial...
Become your own debt reviewer
By Wikus Olivier, debt expert at DebtSafe Debt is an issue that most South Africans unfortunately find themselves facing for most of their adult lives. Every individual deals with different forms and scales of debt, but for some, their debt spirals...
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How to get out of debt review
If you can prove that you are able to start making regular payments, you can request to end your debt review. When Joseph Masemola's debt began to spin out of control in 2010, he applied for debt review via a debt counsellor. Since then, he has managed to settle and...
Overwhelmed by debt? Call the debt hotline
The National Debt Mediation Association (NDMA) was created as a non-profit centre where consumers can lodge complaints about credit providers as well as issues with the debt counseling process. However, Magauta Mphahlele, CEO of the NDMA, says they were receiving many...