What is debt review? If you are over-indebted and falling behind with your debt repayments, debt review can protect your assets. This debt protection forms part of the National Credit Act. Credit providers cannot take legal action against you if you go under debt review. Zero Debt also consolidates all your debt into one monthly […]
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Is debt review better than a consolidation loan? You will not qualify for a consolidation loan if you are over-indebted. Not with us and not with anyone. If your current debt status is that you are over-indebted, you do not have the option of a consolidation loan. The only realistic & affordable way to prevent
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Am I over-indebted? Are you struggling to repay your debt? Have you fallen behind on your scheduled debt repayments or are you at risk of falling behind in the immediate future? These are signs that in all likelihood you are over-indebted. It is also so that the sooner that you apply for debt review, the
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Is Zero Debt registered in accordance with the National Credit Act? Zero Debt has been registered with the National Credit Regulator (NCR) since 2009. You can view our registration certificate by clicking the NCR link at the bottom of the page. All our debt consultants are registered with the NCR and have years of experience
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Can I still rent a property if I am under debt review? The debt review process as such is not classified as a credit agreement and you will therefore able to rent a property. In fact, we will make provision for your rent expense in your debt restructuring budget and can provide the agent or
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What happens with my property bond if all my debt is paid off after I have completed the debt review term? You have the option to cancel the debt review process once all your unsecured debt has been paid off. If you still cannot afford the full bond instalment, we suggest that you continue with
What costs will I incur by applying for debt review? The debt review costs that you incur consists of debt counselling fees and legal fees. The debt counselling fees that we charge are regulated by the National Credit Regulator and should be the same regardless of which registered debt counselling company you use. The precise
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Are there any accounts that do not get included? Only credit agreements as defined in the National Credit Act may be included in the debt review process. Accounts such as doctor and cell phone accounts are excluded. Also excluded are accounts in respect of which legal action has been initiated (prior to your application for
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Is debt review the same as being put under administration? No. Administration only applies to consumers whose total debt do not exceed R50,000 and normally lasts much longer and is much more costly. We aim to achieve a debt free status within 36 to 60 months. If you’re struggling with debt and unsure about the
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Will I be listed on ITC or the credit bureau? You cannot be listed on ITC when you are under debt review. When you apply for debt review, we notify the credit bureaus to merely flag your name. The flag is basically an indication to credit providers that you are under debt review. If you’re
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