Debt Review Johannesburg
Debt Review Johannesburg
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We keep your information private and protected. We are here for you and happy to answer any of the questions you may have about our debt review solutions. Reach out to us and we’ll respond as soon as we can. Feel free to contact us with the method that suits you best.
Have questions about debt review?
How much will I have to pay to the credit providers each month?
How much will I have to pay to the credit providers each month?
Can I exclude bonds (home loans) from debt review?
The National Credit Act implemented the inclusion of your home-loan in the debt review process, to assist consumers with keeping their homes. The NCA requires that all debt agreements are included in the debt review. In addition to including your home loan under debt counselling, the following tips should be taken into account and will assist with making sure you are able to pay off your debt in no time.
Reducing interest rates on all current debt repayments, as well as other debt expenses, with the process of debt counselling is a beneficial solution until you have paid off all of your unsecured debts and therefore, it will allow you to go back to your normal home loan repayments.
When under debt counselling it is best to include your home loan as a defined debt repayment on your home loan with being included in the debt review. The debt repayment should either be equal to or approximately 80% of the contractual repayment. This would extend the repayment terms by 20%, making the monthly debt repayment an affordable amount.
Debt counsellors will assess your credit agreements and determine whether you have been a victim of reckless lending. In the event that credit has been recklessly lent to a consumer, a court can be approached in order to declare the debt as reckless and the repayment of that debt will be written off. This will ensure that the client is placed in a better financial position and increase the affordability of their debt.
Debt counsellors will efficiently review your living expenses and financial situation by drawing up an affordable monthly budget and making sure that you have made the maximum amount of your funds available for debt review. This will give credit providers peace of mind, as they will know that a debt counsellor is contributing the consumer’s maximum amount towards settling their debt. Stop searching for Debt Review Johannesburg and contact us now.
Why do credit providers not reduce interest rates in all cases?
As per the National Credit Act (NCA) credit providers do not have to reduce interest rates.
The good news is that many credit providers are willing to reduce interest rates so that a consumer can get out of debt in a reasonable period of time.
If the debt is to be settled in 60 months or under (for unsecured debts such as personal loans, store cards and credit cards) than most credit providers will accept the new payment plan. If the proposed new payment plan is over an excessive period of time, then many creditors will reject the proposal and there will be no reduction in interest rate.
How long does blacklisting last in South Africa?
However once the debt is paid in full, then the company that blacklisted you on ITC needs to send a letter to them informing them the debt has been paid & to give permission to remove it.
For the quickest and safest way to remove your blacklisting status in South Africa, enter the debt review process with ezDebt and take your first steps to clearing your name.
Do I have to attend an interview in order to apply for a debt solution?
Signing up for one of ezDebt effective and trustworthy debt solutions is done over the telephone and via email. This ensures that process is conducted as quickly and conveniently as possible, to save you time and money.
ezDebt application process is 100% safe and reliable, as one of ezDebt expert financial consultants will assist you every step of the way. All personal and financial information is kept confidential and the appropriate steps are made by the company to make sure the client is protected.
On a daily basis, ezDebt financial consultants and client services team are available to discuss financial queries and service related topics at any time, thus enabling you to stay on top of your debt situation.
ezDebt also ensures that all employees follow the company values; service excellence, pride, growing people, forward thinking, integrity and accountability in order to conduct business in the most effective and ethical way. Stop searching for Debt Review Johannesburg and contact us now.
What if I a credit provider tries to make a new arrangement directly with me?
Why use a debt review solution
ezDebt can assure you that we offer excellent service. If you are under debt review with us we would have already negotiated with your creditors on an affordable repayment plan.
To date, ezDebt has helped more than thousands of clients and are currently achieving a 90+% success rate.
If a credit provider or debt collector contacts you, the best option would be to contact ezDebt straight away and we will advise you on the best debt solution for your needs.
Never make any arrangements with a credit provider without discussing it with us first, as this can have a negative impact on your entire repayment plan with the other credit providers.
Be warned by debt collectors
Unfortunately, certain debt collectors will use dishonest and illegal tactics in order to trick you into defaulting on your debt review payments in order to pay them instead.
Be aware as debt collectors may pretend that you are not under debt review or that they have terminated your debt review. They are by no means allowed to take this sort of action.
Therefore, if you are at all concerned or confused at any time whilst under debt review, it is vital that you contact ezDebt. Stop searching for Debt Review Johannesburg and contact us now.
If I am under debt counselling, can I get a job overseas?
If I am under debt counselling, can I get a job overseas?
What is a credit report?
Credit report information:
Credit reports display both positive and negative information based on the actions you have taken with regards to your credit. The following information may be present on your credit report:
A persistent default will show up on your credit report if you have not paid an account for three or four months or if you are regularly late in paying your accounts. A persistent default will be displayed on your account before a judgement is taken and will show up on your credit record for up to two years.
A judgement is listed on your credit report for the duration of five years. If you default on payment, a credit provider will obtain a judgement against you. Once this has been done, a court will authorise an order that permits money to be to be deducted from your salary. As an alternative, your positions, such as your house will be repossessed.
3. Administration orders:
Administration orders are a form of insolvency. A court will appoint an administrator to distribute a set monthly amount to all of your creditors, on your behalf, in order to ensure that your debt repayments are made. An administration order will appear on a credit record for up to 10 years unless it has been rescinded.
Sequestration is a legal process whereby you surrender your estate as you are deemed insolvent by court order. A sequestration is an option for an individual who has exhausted all their other options of resolution and therefore the court will appoint a trustee to sell the consumers assets and then proceed by distributing all the proceeds according to the Insolvency Act. The sequestration process is implemented in order to write off all your debts, however, once you enter into the process you are no longer able to access any further credit. Unless sequestration enables you to rehabilitate your financial situation and pay all your creditors, the fact that you have been sequestrated will stay on your credit record for 10 years. However, if your creditors have been repaid after going through the process of sequestration, all information that led to your sequestration will be removed from your credit report, however, for a period of five years your credit report will state that you have been rehabilitated.
5. Debt Counselling:
If you go under debt counselling, the information related to the debt counselling process will be displayed on your credit record. The debt counselling process fundamentally consists of a debt counsellor negotiating with your credit providers on your behalf, in order to find an agreed budget whereby your interest rates are reduced and the payment terms are extended in order to ensure that all your debts will be paid off over a maximum period of 60 months. When under debt counselling, you are no longer able to access further credit until your debts have been paid off and you have received a clearance certificate. If your home loan has been included in the debt counselling process, the repayment terms are extended to 20 years, this stating that you will not be able to access any further credit until your home loan has been paid off.
When a credit provider requests to review your credit report in order to establish whether or not to grant you credit, it will be listed on your credit report. Enquiries will be displayed on your credit report for period of two years. According to the National credit Act (NCA) credit reports are confidential and can only be viewed if given permission and by those who have a prescribed purpose or are prospective employers associated with an occupation that requires immense trust and honesty, whereby the handling of money is involved. Thus, it is important for enquiries to be listed on your credit report in order for you to know who has viewed it.
How to read your TransUnion Credit Report?
A credit report is something that is extremely difficult to understand, as well as get useful information from if you have never seen one before. However, in writing, it is difficult to explain how to read a credit report and thus, the best thing to do would be to contact TransUnion and request their assistance in helping you read your credit report.
Stop searching for Debt Review Johannesburg and contact us now.
What is the credit process?
The credit process differs according to the type of credit you wish you apply for.
The following steps map out the process involved with purchasing an item on credit, applying for a loan, or extending the credit limit on your store card and the actions taken by credit providers and credit bureaus.
Steps of the credit process
- A consumer will apply for credit from a credit provider.
- The credit provider will begin to process the consumer’s application, which will consist of sending an enquiry to various credit bureaus.
- The credit bureau will respond to the enquiry and will issue a report to the credit provider.
- The credit provider will assess the report and decide whether the application is risk-free and if it should be accepted or declined.
- In the event that the credit provider decides to grant the consumer credit, the consumer credit provider will be used in order to determine the interest rate the consume qualifies for and the deposit that needs to be put down in order to borrow the credit, if any.
- The credit provider will notify the consumer of the terms of business. If the credit provider declines the consumer’s application they may imply that the credit bureau advised not to take on the agreement, instead of stating the real reason which may be that the credit provider considered the consumer as a bad risk candidate. However, another credit provider may think differently and grant the consumer the credit they need.
- The Ombud will ensure that both the credit provides and the consumers play fair.
For more assistance with the credit process or any questions with regards to sorting out your financial situation, specifically solving your debt contact ezDebt. Stop searching for Debt Review Johannesburg and contact us now.
Can ezDebt help me if I am not in Cape Town?
We operate nationwide, from a central office in Parow as common practice, as all banks operate from central offices. Operating from one place helps ezDebt better control business processes and develops them when the need arises.
However, ezDebt have attorneys in every jurisdiction of South Africa. Thus, there is no need for ezDebt to meet with clients in person and all that is needed is the client’s documentation, which we will be used to liaise directly with the banks.
What is the difference between debt review, administration and sequestration?
Debt review, Administration and Sequestration are viable debt solutions, offered by ezDebt to South African consumers struggling to make their debt repayments are faced with financial difficulty. All debt solutions are implemented through ezDebt systematic business processes, however, they have several differentiating factors.
Administration is a debt solution implemented by ezDebt whereby the client’s current debt instalments are reduced and the credit providers receive a debt repayment once every three months. It is a legal process whereby the debt repayment terms are extended, but the downfall lies with the fact that the process is lengthy and takes much longer than debt counselling.
- Interest rates are only reduced to 15.5%
- The terms of the repayments are extended indefinitely
- Payments are only distributed every 3 months (interest adds up)
- Is only applicable for debts that total less than R50 000
- The fees are 12.5% + VAT + distribution costs per month
- Clients payment often becomes a salary deduction, so your employers will find out
Sequestration is another debt solution but is not offered by ezDebt. The process entails selling an individual’s current assets in order to pay off or lessen their current debt. In addition to this, the court will appoint someone to manage the client’s money and thus, it is an expensive process.
- Clients are forced to sell all their personal assets eg. home, car, furniture, valuables.
- The process will cost clients at least R20 000 in legal fees
- Sequestration is not an option unless it is in the credit providers’ best interests, thus the client needs to offer at least 15% of what they owe
- Rehabilitation is only possible after a period of five years.
Debt review is a debt management solution implemented in order to assist South African consumers with solving their debt problems. The process of debt review will ensure that the client’s debt repayment plan is extended and their current interest rates are reduced, as a professional ezDebt financial consultant will negotiate with the client’s credit providers. The following information sums up the debt review process:
- ezDebt will restructure your debt after assessing your financial situation
- ezDebt will negotiate your debt repayments with credit providers
- Debt repayments are consolidated into one affordable monthly repayment, paid to an NCR regulated payment distribution agency
- Debt repayment terms are extended
- Once debt repayments have been made, credit bureaus will be notified and credit records will be adjusted.
- Banking fees are reduced and costs are cut, saving you money.
Debt review, administration and sequestration are all solutions targeted at solving the debt problems South African consumers currently face.
What if I am under debt counselling and I am sent legal documents?
ezDebt expert debt consultants will be able to assist you in taking the right course of action.The documents may be a S129 letter informing the client that legal action has started, or a summons has been submitted. Either way, credit providers cannot start legal action if the client has applied for debt review before they send the S129 letter. Stop searching for Debt Review Johannesburg and contact us now.
What do I do if a credit provider phones or harasses me?
If the credit providers ask for proof, you will be able to show them the ezDebt receipt. Clients should also request that the credit providers contact ezDebt. If the credit providers do not desist in this practice, please send a complaint through to www.ncr.org.za.
On many occasions, credit providers sell their books of debt and thus, clients can be harassed by another debt collector. Debt collectors still have to follow the national credit act, therefore allowing clients the right to threaten to report them. Stop searching for Debt Review Johannesburg and contact us now.
5 Steps To Debt Freedom
1: Fill in your application form
2: Your creditors are notified
3: Debt repayment plan prepared
4: Negotiated with creditors
5: Application for repayment plan to be made court order
Let’s Hear From Our Clients
I have the most refreshing experiences dealing with the Receptionist at ezDebt Solutions. She has the most polite telephone voice. She bares extensive knowledge of all departments and always assists without an escalation when required. Thank you Ncebakazi for making my experience as a client of ezDebt pleasurable in these trying financial times.
ezDebt helped me breathe when I found myself drowning in financial debt. Aaqela is a consultant who exercises empathy towards her clients. Debt review has been the best decision I have made this year. Thank you so much Aaqela, I am grateful for your personal touch.
The Debt Counsellor at ezDebt negotiated so well with the companies I owed money to. To go under Debt counselling has honestly been the best decision I have made this year. Thank you so much ezDebt
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Our team is here to help you with any queries you may have. Leave your details on the form or contact us directly on the opttions below:
200 Voortrekker Road, Parow, Western Cape, 7500
021 180 4554