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 person may exit debt review.
Previously you could exit debt review only once you had paid all your re-arranged debts in full and had received a clearance certificate. This also included your home loan, if it had formed part of the debt review application.
A significant change is that you can now exit debt review even if your mortgage is not fully settled, although you would have to demonstrate that you have the financial ability to meet those future mortgage repayments – or any other long-term agreement. There must also be no outstanding payments on the mortgage and all your other outstanding debt must have been settled. This includes vehicle finance, which is not considered a long-term credit agreement and if it forms part of the debt counselling re-arrangement order, it has to be paid up in full before a clearance certificate is issued.
You can also apply to exit debt review if you have had a significant change in your income. If your financial situation has improved to the extent that you are able to meet your financial obligations as they were prior to debt review, and if you have not fallen behind on your debt review payments, you can apply to the courts to consider your withdrawal from debt review.
How to withdraw
It’s important to note that a debt counsellor does not have statutory powers to terminate or withdraw the debt review process. The consumer has to go to court to obtain this permission.
You would have to approach the court to rescind the order or to apply for an order which declares that you are no longer over-indebted. Once the order has been issued, you must receive a clearance certificate from the debt counsellor within seven days. Upon receipt of the order, a debt counsellor will notify the credit providers of the withdrawal by means of Form 17W.
Making direct payments to creditors
Some consumers who are considering debt review are concerned about how to ensure that the payments they make are correctly paid to the creditors. The good news is that in terms of the NCAA, a consumer has the right to make direct payments to credit providers and not make use of the services of a Payment Distribution Agent (PDA). According to the National Credit Regulator, if a consumer chooses to make direct payments to credit providers, this cannot be construed as non co-operation and should not be used as a reason for suspension of debt counselling services.
When you apply for debt review, you would need to sign Form 16 in order to apply for direct payment.
- You remain responsible to make all payments as re-arranged, in full and on time.
- You would have to provide proof-of-payment to the debt counsellor on a monthly basis for record keeping and to enable provision of aftercare service, as a consumer cannot be under debt review without a debt counsellor.
- If you miss a payment or pay late, you will still risk termination of the debt review by the credit providers
- Debt counselling fees are payable to a debt counsellor for services rendered and this includes payment of aftercare fees.
- For a debt counsellor to issue a clearance certificate, all after care fees must be up to date. Where the debt counsellor has suspended provision of service, a consumer must provide proof of settlement letters from credit providers for a debt counsellor to issue a clearance certificate.
Good day, I’m currently under debt review. I discovered that two of the accounts was said to be paid up, later on I received a call from the two creditors claiming that I’m still owing. I just ignored that but few months down the line I decided to go to the two creditors to find out. Yes i was still owing and I decided to pay up the accounts. Then I managed to pay the other four creditors on my own and withdrew from debt review. Now I’m left with 1 account, what must I do to remove the under debt review status in my name.
This article provides some guidelines https://mayaonmoney.co.za/2019/10/when-can-you-exit-debt-review/
Hi Maya
I have recently paid off my car and some credit I had however I still have 4 left and my salary has increased with 50% of what I was getting before I go on debt review. Will exit be possible because I can now afford to pay my remaining debts.
This article explains the process https://mayaonmoney.co.za/2019/10/when-can-you-exit-debt-review/
hi maya i was under debt review but remove my myself fill in a letter sent it back to debtsafe pay all outstanding debts direct to creditors finiancial stable fultime job sent all revelant documents to them but struggle to get the debtreview remove from my name almost a year check my rating on clearscore and transnion nothing but only debtreview but have no debts my bond is up to date please help
I have written an updated article which should assist https://mayaonmoney.co.za/2019/10/when-can-you-exit-debt-review/
What can I do if I want to withdraw to dept and pay direct to creditors
This article has all the information https://mayaonmoney.co.za/2019/10/when-can-you-exit-debt-review/
Good day Maya
I would like to know. If could not afford repaying my debt amount on a monthly basis, ask my creditor to lower my installments, they refuse. I seek help in debt review, then creditor sends me 2 registered letters one for the consolidation and private loan. I was called in, then they threatened me with a garnishee order if I don’t resign from debt review and sign voluntary judgement judgement.
I earned that time less then R6k, Loans were for R577 and one for R800, besides water, electricity, food, school children etc.
I’ve been paying since 2004,can you help?
Debt review is a legal protection and you cannot exit from it anyway. If this is a non-bank creditor you should definitely contact the Credit Ombud and lodge a complaint https://www.creditombud.org.za/.
Hi Maya,
I have recently completed my debt review process and was promised my clearance certificate. The DC ignores my calls, and emails – when she does communicate back, she always changes the date for issuing the clearance. I am sick and tired of this process. She issued me with a screenshot of the DHS system being updated and a draft of a clearance certificate, not signed, not certified.
How long should it take to receive a clearance certificate.
It sounds like she is giving you the run around and you need to start pushing her. This is what the Act says:
This is what the Act says:
If a debt counsellor decides not to issue or fails to issue a clearance certificate the consumer may apply to the Tribunal to review that decision. If the Tribunal is satisfied that the consumer is entitled to the certificate in terms of subsection (1), the Tribunal may order the debt counsellor to issue a clearance certificate to the consumer.
A debt counsellor must within seven days after the issuance of the clearance certificate, file a certified copy of the certificate with the national register established in terms of the section 69 of this Act and all registered credit bureau.
If the debt counsellor fails to file a certified copy of the clearance certificate the consumer may file a certified copy of such a certificate with the National Credit Regulator and lodge a complaint against such a debt counsellor with the National Credit Regulator.
Thank you Maya.
Morning Maya,
Can I manage my own repayments? The Debt Counselor I work with, never pays my creditors on time, resulting in added interests on my accounts. They do not communicate not send me the distribution statements every month.
If I am allowed to do this, what do I need to do to be able to manage my own payments?
Your advice will be appreciated.
Unfortunately the rules require you to have a debt counselor. I recommend you move to one that is more reputable and does a proper job
Hi Maya please help i was tricked into debt review by sa credit assessors today, I asked them to remove me because i never had a problem with paying for my debts. I am so stressed now. What do i need to do.?
If you have not signed any documents with them you have not entered debt review. Just tell them to stop and sign nothing
Hi Maya,
I just wanted to find out from you regarding court case which was heard at Pretoria High Court end July ,allowing a DC to remove you from debt counselling if you can prove affordability and do not yet have a court order. How did it go?
We are still waiting for the ruling but it is very important to understand the following. IF any changes are made, it would apply only for debt review applications that have not yet had court approval. It usually takes about 3 – 6 months between entering debt review and actually having the court order in place. IF your circumstances have changed or IF the debt counselor was a bit overzealous in putting you in debt review and IF you can prove you can afford to meet all your repayment as per the original credit agreement – then the expectation from this court hearing is that your debt counselor will be allowed to exit you from debt review. However, if the court order is already in place, then you have to go to court.
PS – I have no Car to pay its paid up and I have no home loans, i rent
Dear Maya. I have recently entered into debt review. My account is still waiting for a court order. I am expecting a lumpsum of money that will help me clearly one of my many debts. I would like to withdraw from debt review process and pay creditors directly since my financial position has improved. Would the fact that I was once in the process of debt review and withdrew affect my near future prospects of obtaining credit or credit worthiness
There was a hearing the High Courts to resolve this issue – we are waiting for the final decision. It usually takes about 3 – 6 months between entering debt review and actually having the court order in place. IF your circumstances have changed or IF the debt counselor was a bit overzealous in putting you in debt review and IF you can prove you can afford to meet all your repayment as per the original credit agreement – then the expectation from this court hearing is that your debt counselor will be allowed to exit you from debt review. However, if the court order is already in place, then you have to go to court. My recommendation is to not go ahead with the court order and wait for this ruling to be made.
Hi Maya
Any feedback from the court meeting on exiting debt review? do we still need lawyers or is there another process now?
Thanks
see previous comments – we are still waiting.
hi I have just recently been provided with a form 17.w to advise that i am exiting debt review, I am not sure what the process is for this, my debt counsellor requested a cancellation fee and provided me with this form which has a list of credit providers which i have never used. how long should it take for the debt review flag be removed from my record.
Your debt counselor should issue you with a certified clearance certificate. They should be sending it to the credit bureaus to remove all flags from the credit providers. It is concerning that they do not have the correct creditors. Ask them to correct it ASAP or report them to the NCR
I also received the 17w form from Ezdebt Solutions and I want to go out of debt review. Where can I send the form or please advise what steps should I take.
Hi
Under debt review 4yrs now. My money situation has gotten worse spoke to the debt councillor and she says there is nothing they can do. Why cant they re-negotiate with the institutions so i can pay less. Please assist.
It sounds like your debt counselor didn’t get a great deal for you. unfortunately once the court order has been approved you cannot change it. My only suggestion is that you increase your repayments to accelerate the repayment. Also consider switching to another debt counselor for better advice. Someone like https://www.meerkat.co.za/
Hi,
I have been under debt review since 2017 and early last year I was able to pay all my short term credits but I still have my vehicle finance. I have acquired a Form 17. W from my debt counselor that my V. F installment should be reinstated and run directly from my account. I would love to completely get the debt review flag be removed so I can apply for another V. Financing. How can I go about it? My issue I won’t be able to afford attorneys is it possible I can apply for court order myself without an attorney? And what is the process to apply for this order?
It depends on the bank who financed the vehicle. Some allow you to lift the flag and others not
Hi Maya
I am one year away from settling my debt review in full, today I received a call from a company informing me even after I have got my clearance reports I will stil be flagged as some one with a poor record and will have a influence on my credit record and will struggle to get car loans home loans. Is this true? and if is what can you advice me to do to protect my credibility.
Best Regards
Jannie
That is totally untrue. Once you have exited debt review all flags are lifted. Also, if you have been making your debt review repayments regularly even your 24 payment history will show that you are a good payer and actually improve your credit record. sounds like an unscrupulous operator!
Good day
I’m currently under debt revue and I have paid up all my accounts. Unfortunately I don’t have a debt counselor, I terminated their services a while back cause they were messing up my payment schedule, subsequently I made arrangement with creditors myself and now all my accounts are paid up. How do I go about getting a debt clearance certificate
Unfortunately under the Act you have to have a debt counselor. You can transfer to another counselor who can then arrange your debt clearance certificates
m under debt review but i dont want it now,i will on my own what can i do?
There is a court case being heard on 30 July which will give some guidance hopefully – they expect the ruling end August. At this stage you have to go via a court application.
Hi. My husband entered into debt review 2 months ago. We have not signed a court order yet. Can he exit the review process.
Currently not, but there is a court case being heard at the end of July that may change this. I will be updating on the website – but they are hoping that the courts will agree that if a court order has not yet been signed, then if he can show the debt counselor he is not longer over-indebted, the debt counselor can remove him from the debt review process
Hi Maya. I was paying my accounts through a debt counsellor and I have settled them in full. I have received letters of settlements and clearance certificate. What will be the next step now?
Good day, a few years back a went under debt review. how do i get my name clear as i can’t remember who the debt counsellor was
You can ask the National Credit Regulator to check their system to see who your debt counselor was. Alternatively you can ask a new debt counselor to take over your case and help you exit
I have paid off all my debt and left with my car and my salary has doubled since I went into debt review. Please, can you recommend any lawyer that can assist with this?
Staniland Attorneys – costs between R4000 – R6000. Compare that to whether it makes sense to just stay in debt review and accelerate your car repayments so that your car is paid off and there is no cost to exit
Hi..I have obtained a court order to rescind the debt review but my debt counsellor is refusing to update the DHS system with NCR even after I provided them with the court order. It has been two months now. I complained to the NCR since the beginning of May but nothing is happening. On enquiry they just tell me they are assessing. I think it’s unfairly a long time. What ca I do
Please drop me an email maya@mayaonmoney.co.za – I will send to NCR as I have raised the issue of their poor turn around with them
Please assist.
My debt review payment are being returned to PDA. Standard bank stated that my account had being written off in Jan 2017. However, payments to this account have only being returned to hyghen PDA since march 2018. My credit councillor refuses to answer my calls and emails.
You can lodge a complaint with the National Credit Regulator, although they are not great at responding. Also contact the Debt Counselling Association – if the counselor is a member they could assist. You could also transfer to another debt counsellor
Hi Maya i entered debt review in 2015 and over the years I’ve been climbing the corporate ladder and I’ve been getting promotion with a better salary and I’m only left with my two personal loans in my debt review process and i want to withdraw because i want to buy a house now please help
I am in the process of writing up an article. basically you must get the court order from your debt counselor and approach a lawyer who can get it rescinded in court. It costs about R9000. It would be much cheaper to accelerate your debt repayments in debt review and just finish debt review sooner
Good day,i put myself on debt review in 2017. Firstly i was paying well but based on my debt review statement my accounts were not going down. I have not been paying through debt review for more than a year now. I would like to be removed from debt review. What is the process of getting out of debt review because it is not working for me. I need a lawyer or someone who can assist me get out of debt review.
Unless your affordability has improved it is impossible to get out. I would suggest you meet with your debt counsellor to understand why this is happening and if you are not happy to transfer to another debt counsellor
Hi
My husband is currently under debt review with a debt counsellor.
He was taken in under the current salary that he had when he signed up. As he travels a lot, the company used to give him a rental to use, but that amounts to a lot of money that the company is paying. They decided to pay him extra an extra set amount of money every month to buy a car on his name, which is obviously not possible. Is there a way that he can come out under debt review to do this, or to still be under debt review and buy the car? Your help will be appreciated a lot.
Hi, I entered into a telephonically agreement of debt review and now they have sent me documents which I must sign and they will then take these documents to court. The thing is I recently found out that one of my accounts that I had is in arrears and with that I feel I shouldn’t withdraw from debt review because previously it was not in arrear, I have not signed any documents yet. can I still come out?
IF a court has not granted the debt review, then you can still exit. You just need to prove affordability
Hi,
My mom was put in debt review without her permission she has been given the run around and she has made two payments to these people that keep giving her thr run around and still she has not recieved any help and still under this cloud.
The scammers are Credit Cure, Debt Partners which are the same company on the NCR website registered to a Martin Mbah Njah – another company is Good Hope Mediation.
What advise do you have for us?
Hi m under dept review but just terminated it last week they send me email wth documents that i have to fill and sign now the thing is just got a better paying job hence i want to pay creditors directly. I just started working at this company i dnt have payslip yet what should i provide
You could provide your new employment contract which will show your salary
Hi Maya
I have been under debt review now for almost 5yrs, it was supposed to be shorter as by August 2018 they said i was finished with the payments. Then in December i received a notification that i have not paid my accounts…so contacted the debt council only to then tell me that one account didn’t agree (PLEASE NOTE THEY ALSO ADMITTED THAT THEY UPGRADED SYSTEMS AND LOST ALL MY INFO?!?) So i have now carried on making payment but i am very concerned that this is maybe just a way they taking more money from me.
I went under voluntary debt review in 2009 and lost my job in 2010. I have recently gotten a job but when i apply for credit – it shows that i am under debt review – what should i do and what happened to the credit i had previously?
You have to get a letter to say that you are no longer under debt review. Which means going back to the debt counsellor
I can assist you. I am a registered debt counsellor . I have access to the NCR System .
I can first transfer you to my profile and the withdraw you from debt review at a minimal cost.
Hi Noxolo
Can you assist me, i am under debt review and will be taken to court in June but I want to withdraw from it and pay creditors directly.
Can you please help me I was tricked into a debt review. I never used the services and I now want to withdraw they sent me a form but I want this entry to be remove from my name and credit file. Please help.
I am working on an article about exiting debt review – the NCR has taken the position that if it has not been approved by the courts or National Consumer Tribunal then you can exit. It is best to contact the NCR
0860 627 627 (call centre) or +27 (11) 554 2700 (switchboard)
Fax +27(11)805 4905
E-mail complaints@ncr.org.za
Good day
I have been put under debt review by msa consultant two years ago as they contacted me telephonically which I didn’t agree first two months they deducted money which I reversed it pays my creditors directly even now I am paying directly since that that but my home loan payment is less by 1000rands since I wanna and my bank talled me I am reflecting debt review which I don’t want I am not filling to pay my credits, what must I do to be removed from debt review and pay my home loan like I used to before?
Find out if your debt review is actually court approved. If it is you would have to go to court to show that you are no longer over-indebted. This requires an attorney and costs between R4000 – R6000.
If not, there is a court ruling taking place at the end of the month that may allow a debt counsellor to remove you without applying to court – keep an eye on this website for updates
Hi Maya. I was paying my accounts through a debt counsellor and I have settled them in full. I have received letters of settlements and clearance certificate. What will be the next step now?
your debt counselor will follow the process and issue a form that removes you from debt review.
Hi. I still under debit review. It’s been 12 years now. Clearscore says my profile is clear but still under debit review. I want to remove myself. My councilors closed down many years ago
Hi i need assistance i enquired about debt review over the phone 2007 but never joined recently i find out my name is under debt review. there was no payment of sumsort to debt councilors as well please help how can i get my name out
You can lodge a complaint with the National Credit Regulator
Do you have National Credit Regulators contact details?
https://www.thedti.gov.za/agencies/ncr.jsp
Hi Zandile. Just checking if you did come right with lodging your complaint with the NCR.
Hi Noxolo
How do you assist in removing a person from debt review?
If your debt review has not yet been approved by the court, you can apply to exit
Trying to cancel my debt review, no court order has been made yet.
According to my debt counsellor….to my request for cancellation.
She states in her email…
“Please find attached withdrawal guidelines(2015 issued by the NCR, we have not received any updated guidelines to date.
Further she states….
Yes you can exit the program if you can prove that you are able to afford to pay your debt outside of debt review, the document you will need to obtain is a declaration order from the magistrate but without the order, once your 17.2 has been sent you are then declared over-indebted and may not exit the process, this can also be found on the NCR guidelines.”
Just who exactly declares that you are over-indebted. She says I am
but No court order exist and I can prove that I can afford it, I am not sure what game NDA is playing but I suspect they don’t want to cooperate because I pay +R400 to them for after care fees each month.
I’d rather spend that money to distribute towards my debt.
I have spent the last two weeks trying to figure this out! The bottom line is that technically you should be able to exit debt review before a court order if you can prove affordability. BUT this is up for interpretation and according to the NCR a debt counselor cannot remove anyone at this stage without going to court. HOWEVER there is a court case being heard at Pretoria High Court end July that should clarify all this and hopefully allow a DC to remove you from debt counselling if you can prove affordability and do not yet have a court order…
Nxolo can you contact me I want to exit debt review have payment plans in place with creditors as the debt review company took me for a ride
Email marlene.naidoo1@gmail.com
Thank you
At this stage you cannot exit debt review even if the court order has not been issued without going to court. This is according to the National Credit Regulator and lawyers I spoke to. However there is a court hearing in Joburg High Court which will hopefully change this rule. We expect to hear by end August. We expect that they will find that if a court order has not been issued a debt counselor can remove you from debt review
Could you please assist as I want my name to be removed under debt review. I was taken for a ride by NDA and I’ve been making direct payments to my creditors for the past 7 months and I cancelled debt review but my name is not cleared yet.
If you have paid off your creditors in full then you need to get a clearance certificate from the creditors. Only then can you be removed from debt review. If you are not happy with your debt counselor then you can transfer to another one. Please note that a debt counselor may NOT remove you from debt review unless you have been to court and been found to no longer be over-indebted.
Omg good luck with lodging a complaint with the NCR. We lodges 2 complaonts and it toom them 6 months to just acknowledge receipt and issue a case number. Now we getting no feedback from them, we send follow up emails and call but no replies and answers.
The debt councellor are not intimidating us to withdraw the matter.
Thanks for the feedback – another option is to try the Debt Counselling Association of SA
Hi,
I was under debt Review and lost my job. I paid up all my creditors except for vehicle but now i can’t get clearance certificate from my debt counselor. they wanted me to provide them with proof of payment on accounts which were paid up by them (PDA).
I have tried to get the information and i forwarded to them but still not getting any news. DebtBusters was my counselor.
I will send your details to DebtBusters
Hi, I would like to find out if you might know an attorney that can assist with debt review withdraw.
Regards
Khanyisile
I need to compile a list of them! Something people want to know about
I would like to know I have payed up all my debt but still have only my car left. I now want to exit debt review as I am able to afford the car payment but they said that I still will have a red flag on my name as the car is not payed up, and if I want the red flag to go away I would have to sell the car I have at the moment. I want to know if my lawyer goes to court will he be able to remove the red flag as well as the debt review ?
There have been some changes since this article which has created more confusion about when you can withdrawal. It seems now you have to go to high court! I was given this attorney by a well reputed debt counsellor. Maybe ask for advice:
Staniland Attorneys
Hi, did you manage to find a more reasonable company to assist you to exit. I also have R8k which I think is too much. Thank you kindly
Not at this stage
I just need help to.understand what if you find out that some of your accounts was not payed by your debt console,or your find yourself in arrears but you pay each month your require amount to your debt councillor…what do you do
I would raise the issue with the debt counselor in writing and get a paper trail of their response. If they cannot resolve it and they are a member of the Debt Counselors of South Africa (DCASA) you can report them. Alternatively lodge a complaint with the National Credit Regulator
I was under debt review in 2011 and decided to terminate it as they were taking more money and I was left with little to pay for my basic needs and I stopped paying and it was terminated. Now all my creditors are fully paid and I am left with the vehicle instalments which are I am able to pay on a monthly and now I can afford. The problem is that some banks are still listed me under debt review but there is nothing on my credit profile. Pls advise as I need a house and cannot be approved due to that status of debt review.
You need to send your paid up letters to the credit bureaus who still show you as under debt review. I do know that FNB Housing Finance is quite good at investigating further so you could try them and show your paid up letters. I will see if we can get DCASA to comment
In terms of Section 71 of the NCA your Debt Counsellor can issue a Clearance Certificate once all your debt (including your vehicle) has been repaid in full. When you “terminated” your Debt Review you “suspended” the services of your Debt Counsellor but he/she remains your Debt Counsellor on record. The banks will not be able to lift your Debt Review status until they receive a Clearance Certificate (Form 19) and your Debt Counsellor, in terms of the NCA, can only issue a Clearance Certificate once you have repaid your vehicle debt as well. Suggest you increase your monthly vehicle repayment to enable faster repayment. You have the right to pay more every month.
I am also under debt review since 2016 and I feel like it is taking too long to finish my debts and I stopped paying the PDA and now they are threatening me that they will advice my creditors to take me to court and claim for legal fees and back dated services which must be collected within 30 days is that even allowed? I have vehicle finance
I am Zuko Shenxane and I have two personal loans on deterrent banks but I was Up to date on payments..I had reached a parsonal agreement with Edgus (Clothing shop) to pay Installments of R480 and already have Cut my Balance to R4000..i had 3 months missing my payment of R99 with Vodacom..I applied for Dert Counseling..But when I Asked what the Costs would be for the Job they Already DONE..I was told they are still NEGOTIATING but they went ahead without giving me an Option. 25/07/2018 was the START of this process. I still want OUT what must Do.?
I am currently on debt review and have been making additional payments directly to my creditors. Will I be able to get off the program without going to court and getting a lawyer if all my short term debt is paid and I have the home loan only outstanding?
As far as I understand as long as you have the paid up letters for the other debts you should be able to apply to exit if it is only your home loan outstanding
Hi Kholofelo,
Once all your short term debt are paid up and the only outstanding debt is a large credit agreement (Home Loan), you are entitled to a clearance certificate. Therefore, you don’t have to apply to court to be declared no longer over-indebted or rescind the debt review court order (if your debt review has been made an order of court)
You can contact us at 072 6681 307 / mabasalias@yahoo.com
Request to receive questions and answers regarding debt review
Best to speak to a debt counsellor – Rddebtcounselling at rddebt5@telkomsa.net or 011 421 2918
Im under debt review and PDA is paying for me. Can i be able to change to paying my creditors? As the balances from my creditors and PDA differs a lot. Balances from PDA are so high.
That is what I also did, payed my creditors directly instead of PDA. The PDA balances were not reducing and more to this they paid creditors on the 9th which is after interest has been added opposed to the 1st of the month. I am now done. 3,5 years later and I am sure it would have taken much longer should I not have taken matters into my own hands.
Good morning,
For you to get the correct balances you must contact your creditors directly. However, your creditor providers may refuse to provide you with the statements as you are under debt review. Should you want to make payment to your creditors directly, you firstly need to apply to court court to be declared no longer over-indebted and not under debt review. Once the court order is granted, your creditors will accept payments directly from you.
You can reach us at 072 6681 307 / mabasalias@yahoo.com
If I exit debt review and pay my creditors on my own as per initial agreement with them, after the court has declared me financially stable will the flag on my name at the credit bureau be removed as well?
hi im still on debt review but my outstanding amount is under R70 000 please can you assist me in a step forward to pay my creditors direct and be removed from debt review
I wanted to voluntarily withdraw from debt counselling but still can’t because it was done over the phone the is nothing from the coirt, what else can I do
You should have documents with the details of the debt review that you can use in court. If you feel the debt counselor has not been honest you can report them to the National Credit Regulator http://www.ncr.org.za/
Good Day
I want to voluntarily withdraw from Debt Review and need recommendation of a lawyer. I have found 1 who has quoted me R8K, I would like to know if there are cheaper ones , as you mentioned in the region of R3K – R5k
that quote may include a high court appeal if the credit provider declines the request. Find out and ask them to sharpen their pencils.
I am left with only one debt that I am paying on my own every month and want to get out of debt review I am stable now
If you have settled all your debts then you can get a letter from your debt counsellor and debt review is terminated. However, if you wish to cancel debt review before your debts are finalized, you can only do so if you are able to prove affordability and that you can meet the repayments before you went into debt review. You have to go to court to cancel debt review and that does cost money as you have to hire a lawyer which would cost in the region of R2500 to R3500. If the case is opposed and goes to the high court that could cost in the region of R9000.
I would like to withdraw from debt review. My salary has increased and my wife also got a job. Please tell me what I can do. I want to make payment arrangements directly with my creditors.
You need to show that you can go back to the original repayments and that your financial situation has improved. It requires a court order
Good morning, I am currently under the debt review and personally I feel like is not helping because for example they take R 15043 every month and when I check the way they distribute the money to the credit providers at the end of the month is too little as compared to what they take for them now I feel I have taken another loan for the next 5 years and there’s no way I will finish paying these debts in 5 years I will be still owing a lot of money. Now I think It will be better if I get a way out of this really because is delaying everything. Now please assist if you can I want the way out.
You need to discuss this with your debt counsellor. The rules require that the loans are paid off within five years
Hi Maya. You just mentioned that tbe rule requires that loans are paid off witbin five years.. I joined debt review in December 2016 and judging from the outstanding balances versus the amount am paying it wont be finished by then. And ive noticed interest is being added which makes it worse. What can i do?
Good question. Under the Debt Counselling Rules System (DCRS) the debts are calculated to be paid off over five years which usually requires a concession from the banks regarding interest. NOT ALL counselors follow the DCRS and I have come across specific counselors that rather just extend the payment term. Although technically legal, I personally believe this is wrong. I am going to do an article on it. Who is your debt counselor?
There are payments that do not reach some credit providers, can that be reason enough to terminate service of debt counselor
You can lodge a complaint with the National Credit Regulator
Good morning I’m currently under debt review and I feel that it’s not helping me at all and I’m now on a right position to pay my creditors. Do I need to go to any court to to get permission to cancel my debt review.
yes you do and you have to hire a lawyer which could cost R3k – R5k. You also lose any interest reductions which means your repayments would increase to the original amount. The court would only approve it if you could afford this.
It may be more cost effective to increase your repayments via debt review and pay off the debts faster and exit debt review that way